Chinese firm invests US$500 million in tire production in Binh Phuoc
The Binh Phuoc People’s Committee on September 11 granted an investment registration certificate to China’s Shandong Haohua Tire Co. Ltd., allowing it to build a US$500-million tire manufacturing factory in the southern province.
This is the biggest ever foreign direct investment (FDI) project in Binh Phuoc.
The factory, located at Minh Hung SIKICO industrial park, is expected to be put into operation in the third quarter of 2025.
The Chinese company’s Chairman Wang Keqiang said that the factory will be capable of producing 14.4 million tire sets worth US$770 million a year.
Once operational, it is expected to contribute to increasing the proportion of the local industrial sector and create jobs for over 1,600 workers.
Chairwoman of the provincial People’s Committee Tran Tue Hien said that the project will contribute to increasing rubber industry revenue of the province – home to Vietnam’s largest rubber tree growing area with over 240,000ha, promoting economic restructuring and raising people's income.
Binh Phuoc is committed to creating the most favourable conditions for the investor, she added.
In the first eight months of this year, Binh Phuoc attracted 26 FDI projects worth US$710 million, 2.37 times higher than the yearly plan.
