Guizhou Tyre expands plant in Vietnam

Advance Tyre (Vietnam) Co. Ltd., the Vietnamese subsidiary of the Chinese company Guizho Tyre, has begun construction of the third phase of its factory in the Tien Giang province.

The factory in Vietnam became the first production site of Guizhou Tyre outside of China, and construction began in December 2019. In the first phase, the company invested $214 million, and after the completion of the new project, the total investment will increase to $615.2 million.

Initially, the enterprise was capable of producing 1.2 million truck tires, after which production of tires for agricultural and other special equipment was also established, and now the factory will be able to produce 6 million passenger car tires per year. The new project is planned to be completed next year.

Speaking at the groundbreaking ceremony, the Chairman of the People's Committee of Tien Giang province, Nguyen Van Vinh, thanked the company for working in the region and called for continued support for workers, including through initiatives in the field of corporate social responsibility. In October 2024, 1,144 people were employed at the factory.

Advance Tyre (Vietnam)'s revenue in 2023 was $174 million, and in January-October 2024, it was $205.2 million. Last year, the company paid taxes of $180,000, and in the first ten months of this year, it paid $162,000.

Photo: Ap Bac.