Binh Phuoc Province awarded the investment registration certificate for the 500-million-USD tire manufacturing project
On September 11th, the province of Binh Phuoc awarded the investment registration certificate to the Haohua Tire manufacturing factory project (Vietnam), with a total capital of 500 million USD to the investor Shandong Haohua Tire of China.
This is the foreign direct investment (FDI) project with the largest total capital in Binh Phuoc to date.
Accordingly, the Haohua tire manufacturing plant project will be implemented in the Minh Hung Sikico Industrial Park (the county of Hon Quan, Binh Phuoc).
It will produce Radial steel-belted tires and all-steel Radial tires for automobiles and other vehicles, with an expected annual capacity of 14.4 million tire sets.
The projected annual production value is 770 million USD, providing employment opportunities for approximately 1,600 local workers and 200 foreign workers.
Mrs. Tran Tue Hien, Chairwoman of the People’s Committee of Binh Phuoc province, stated that the Haohua Tire (Vietnam) tire manufacturing plant project will commence construction and operations in the third quarter of 2025.
This project has an investment rate of 11.6 million USD per hectare, which is the highest in the province among all FDI projects.
It is worth noting that the main raw materials for this project are natural rubber and synthetic rubber, with an estimated total consumption of about 120,420.7 tons per year.
Among them, the rubber consumption in Vietnam is approximately 96,506.7 tons per year.
“This is of special significance to Binh Phuoc province as it has the largest rubber plantation area in the country, with over 240,000 hectares. This project is expected to contribute to increasing the province’s rubber industry revenue, promoting economic structural transformation, and raising incomes for the people of Binh Phuoc,” emphasized Mrs. Hien.
In the first 8 months of 2023, Binh Phuoc has attracted 26 FDI projects with a registered capital of over 710.3 million USD, which is 2.37 times higher than the annual plan. For the first time, Binh Phuoc province has entered the top 10 localities in the country in terms of attracting the largest FDI in the first 6 months of 2023.
Source: Thanh Nien Newspaper
