The Bình Phước People’s Committee on Monday granted an investment registration certificate to China’s Shandong Haohua Tire Co, allowing it to build a US$500-million tyre manufacturing factory in the southern province.

This is the biggest ever foreign direct investment (FDI) project in Bình Phước.

The factory, located at Minh Hưng SIKICO Industrial Park, is expected to be put into operation in the third quarter of 2025.

The Chinese company’s Chairman Wang Keqiang said that the factory would be capable of producing 14.4 million tyre sets worth $770 million a year.

Once operational, it was expected to contribute to increasing the proportion of the local industrial sector and create jobs for over 1,600 workers.

Chairwoman of the provincial People’s Committee Trần Tuệ Hiền said that the project would contribute to increasing rubber industry revenue of the province – home to Việt Nam’s largest rubber tree growing area with over 240,000ha, promoting economic restructuring and raising people's income.

Bình Phước was committed to creating the most favourable conditions for the investor, she added.

In the first eight months of this year, Bình Phước attracted 26 FDI projects worth $710 million, 2.37 times higher than the yearly plan. — VNS