Binh Phuoc attracts USD500 million FDI project

Tuesday, 12/09/2023 16:03
On September 11, Binh Phuoc province held a ceremony to award the investment registration certificate of Haohua Tire Factory Project (Vietnam) to investor Shandong Haohua Tire, part of HAOHUA Group, with a total capital of USD500 million.
Chairwoman of the Binh Phuoc Provincial People's Committee Tran Tue Hien awards the certificate to the investor of the USD500 million FDI project. (Photo: NDO)

This was the foreign investment project with the largest total investment capital ever in Binh Phuoc province.

Haohua Tire Factory project (Vietnam) in Minh Hung Sikico Industrial Park (Dong No commune, Hon Quan district, Binh Phuoc province), is carried out on a total land lease area of 43 hectares. After completing investment preparation procedures, according to plan, the project will start construction, build factories, and install machinery and equipment for the production line system in the first quarter of 2024.

The Haohua tire factory includes semi-steel Radial tires and all-steel Radial tires for cars and other vehicles, with 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 USD770 million. When put into operation, the factory will create jobs for about 1,600 local workers and 200 foreign workers.

As planned, in the third quarter of 2025, the total expected consumption of natural rubber and synthetic rubber is about 120,420.7 tons per year, both imported from China and sourced domestically. Of which, rubber consumption in Vietnam is about 96,506 tons per year.

This is especially important when Binh Phuoc province is the locality with the largest area of rubber trees in the country, more than 240 thousand hectares. The project is expected to contribute to increasing revenue of the province's rubber industry, promoting economic restructuring and increasing income for Binh Phuoc people.

Speaking at the ceremony, Chairwoman of Binh Phuoc Provincial People's Committee Tran Tue Hien said that the province is committed to accompanying investors in the implementation process of the project, creating the most favorable conditions in terms of policy and environment so that the project can come into operation soon and achieve the highest efficiency.

She also requested relevant departments, branches and localities to promptly resolve difficulties and problems that arise to bring the project into operation on schedule./.

Compiled by BTA