Manufacturing News 25/09/2023, 09:19

Binh Phuoc Province welcomes $500 million Haohua tire factory project

The project is expected to contribute to increasing the revenue of Binh Phuoc rubber industry, promoting economic restructuring, and improving the population’s income.

Binh Phuoc Province welcomes $500 million Haohua tire factory project

Investment Registration Certificate Granting Ceremony Haohua (Vietnam) Tire Manufacturing Plant

On November 9, Chairman of Binh Phuoc Provincial People's Committee Tran Tue Hien chaired the ceremony to award the Investment Registration Certificate of the Haohua (Vietnam) Tire Factory project to the investor SHANDONG HAOHUA TIRE (Haohua Group) with a total capital of $500 million. This is a foreign investment project with the largest total investment capital ever in Binh Phuoc province.

HAOHUA (Vietnam) Tire Factory Project was implemented at Minh Hung Sikico Industrial Park (Dong No commune, Hon Quan district, Binh Phuoc province) on a total leased land area of 43 hectares. After completing the procedures, the project will start construction, build factories, and install machinery and equipment for the production line system in Q1 2024.

The project will create jobs for about 1,600 local workers and 200 foreign workers.

Production capacity of all-steel tubeless radial truck tires with an annual output of 2.4 million sets per year and semi-steel radial tires with an output of 12 million sets per year. The annual output value is expected to reach $770 million.

After going into operation, it is planned that in Q3 2025, the total expected consumption of natural rubber and synthetic rubber is approximately 120,420,7 tons per year, imported from China and Vietnam. In which, rubber consumption in Vietnam is about 96,506 tons per year.

Tran Tue Hien, Chairman of the Binh Phuoc Provincial People's Committee, made a statement during the ceremony emphasizing the political commitment and significant efforts of the province, infrastructure investors, and particularly Minh Hung Sikico Industrial Joint Stock Company-Investor of Minh Hung Sikico Industrial Park in the promotion and attraction of investment in Binh Phuoc province.

The Chairman of Binh Phuoc Provincial People's Committee hopes that the project will soon come into operation, ensuring compliance with Vietnamese law.

CAFEF/ TRANSLATOR: NGỌC ÁNH
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