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The signing ceremony took place at the CASUMINA Radial factory in Binh Duong in the presence of both companies' heads. — VNS Photo
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BINH DUONG (Biz Hub) — The Southern Rubber Industry Joint Stock Company, or CASUMINA, on January 9 signed an exclusive agreement with American partner TIREX to export CASUMINA Radial-branded steel radial truck tyres to the US.
The signing ceremony took place at the CASUMINA Radial factory in Binh Duong in the presence of both companies' heads.
The deal marks an amazing success story for Casumina, which becomes the first Vietnamese tyre maker to have its products distributed in the US market.
Immediately after the signing the two sides inked another deal for shipping eight containers of Casumina Radial tyres to the US in January.
Casumina expects to export 200,000 steel radial tyres for $57 million to the US by the end of this year.
Casumina, one of the leading Vietnamese manufacturers of tyres, has invested in technology and equipment for production of all-steel radials to meet the increasing demand for them in both the domestic and global markets.
The company, an affiliate the Viet Nam National Chemical Group (Vinachem), set up a plant to manufacture all-steel radial truck tyres at the Nam Tan Uyen Industrial Zone in the southern province of Binh Duong and began selling its products last September.
The 120,000sq.m factory, which cost VND3.38 trillion ($161 million) to build, is the most modern of its kind in Viet Nam. It has a capacity of 1 million tyres a year.
Casumina Radial tyres, which comes in three product lines - GREENSTONE, BLUESTONE and REDSTONE - are completely reliable on all kinds of terrains and road conditions, and satisfy the stringent conditions in the US in terms of safety and high-speed driving.
To enter the US market, Casumina Radial products had to meet the requirements set by the Department of Transportation.
Casumina estimates that the plant will generate annual revenues of VND5 trillion ($23.5 million) and hire 1,200 workers, helping turn the company into a leading player in Southeast Asia.— VNS