Haohua has opened a tire factory in Vietnam

After more than a year of construction, the Chinese company Shandong Haohua Tire officially launched the first phase of its new $500 million tire plant located in Vietnam's Binh Phuoc province.

In the first phase, the plant will produce 12 million passenger and 2.4 million truck tires per year, with expected revenues of $770 million. The company has already started a project to expand the facility, which will increase production to 24.4 million tires per year. The investment amount will grow to $780 million, and Haohua will become the largest tire manufacturer in Vietnam.

At the production launch ceremony, Vietnamese Deputy Prime Minister Tran Hong Ha noted that Binh Phuoc province attracts investors due to its strategic location, as it is situated between the country's Central Highlands and neighboring countries such as Cambodia, Laos, and Thailand. A number of key projects are being implemented in the region, which are turning Binh Phuoc into a center of modern industry, the official added.

Construction of the Haohua plant began in September 2023, and after reaching full capacity, it is expected to generate revenues of around $1 billion per year.

Haohua is one of China's largest tire companies and ranks 32nd in the global tire manufacturer ranking. Its portfolio includes brands such as Aplus, Compasal, Lanvigator, etc.

Other Chinese companies, such as Guizhou Tyre and Sailun, also have their own tire plants in Vietnam.

Photo: VNA/VNS.