The Da Nang Rubber Joint Stock Company officially opened a major new tyre factory in the central city's Lien Chieu Industrial Park on Saturday.—Photo vinachem

DA NANG (Biz Hub)— The Da Nang Rubber Joint Stock Company officially opened a major new tyre factory in the central city's Lien Chieu Industrial Park on Saturday.

The VND2.99 trillion (US$141 million) new plant is equipped with state of the art production lines and equipment, allowing it to produce 600,000 top quality tyres annually. It will also be the first plant in Southeast Asia to manufacture tyres for heavy goods vehicles used in the mining industry.

The factory will generate nearly 1,000 jobs for local people and is expected to contribute VND200 billion ($9.4 million) to the State budget annually.

Addressing the inauguration ceremony, Deputy Prime Minister Nguyen Xuan Phuc praised the company's efforts to bring the plant into operation.

He added that by opening the plant, the company was making the most of the country's plentiful rubber stocks.

After the ceremony, the Da Nang Rubber Joint Stock Company signed a contract to provide 10,000 tyres a month to Singapore based Stamyord Tyres International. — VNS