HÀ NỘI — After over a year of construction, the US$500-million tyre factory owned by Haohua (Việt Nam) Co Ltd, spanning 43 hectares in the Minh Hưng-Sikico Industrial Park in Bình Phước Province, officially began its first phase of operations.

At the inauguration ceremony, Deputy Prime Minister Trần Hồng Hà emphasised that Bình Phước has attracted investors thanks to its strategic position as a gateway connecting the region to the Central Highlands and neighbouring countries, including Cambodia, Laos and Thailand. Key projects, including the Minh Hưng Industrial Park, Becamex and VSIP are gradually transforming Bình Phước into a modern industrial province.

Commending Haohua for completing the project on schedule, Hà encouraged further investment expansion in the region.

Construction on Haohua’s tyre factory started in September 2023. It will boast an annual production capacity of 14.4 million tyres. 

Haohua's tyre manufacturing facility will produce semi-steel Radial tyres and all-steel Radial tyres for cars and other vehicles. The annual output value is expected to reach $770 million.

Following the completion of the first phase in November, Haohua Group will invest an additional $280 million to expand the factory by 31 hectares. This expansion is expected to achieve a production capacity of 10 million tyres annually, generating an estimated revenue of $322 million.

Once both phases are completed, the project will reach a total production capacity of 24.4 million tyres annually, contributing a minimum revenue of $1.09 billion.

With this factory, Haohua Việt Nam has raised its total investment to $780 million, becoming the largest tyre manufacturer in Việt Nam. — VNS