Recently, according to a report by Vietnam News Agency, Pingfu County in Vietnam has made significant breakthroughs in attracting foreign investment in the first half of 2023. In the first half of this year, the province introduced a total of 16 foreign investment projects, with a total investment of 632 million US dollars (a year-on-year increase of 11 times), of which Haohua Tire invested 500 million US dollars, about 3.6 billion yuan.
According to the report, in May, the Province issued an investment license to an investment project with a scale of 500 million dollars. It is reported that the project is a semi steel radial tire and all steel radial tire produced by Shandong tire enterprise Haohua Tire for automobiles and other vehicle types.
Shandong Haohua Tire Co., Ltd. specializes in the research and development, production, and manufacturing of tires, focusing on the tire industry for more than 30 years. The company has advanced tire research and development, production, and testing equipment, as well as a professional technical and management team.
Haohua Tire Enterprise covers an area of 1 million square meters, employs 5000 people, and its products are sold to 168 countries worldwide.
Haohua Sri Lanka Factory is located in the Hambantota International Port Park, with a planned investment of 300 million dollars in the first phase. At the beginning of 2022, this factory broke ground and is scheduled to start production by the end of 2022. However, on July 5, 2022, the Sri Lankan government declared bankruptcy and the national order faced a collapse. Subsequently, there will be no factory information for Haohua Tire in Sri Lanka. The plan to invest in Vietnam this time must have been carefully considered by tire companies, as Vietnam already has multiple domestic tire companies' factories.
Vietnamese factories of Chinese enterprises
Sailun: In 2012, Sailun Group took the lead in going abroad and established the first overseas tire production base in Vietnam, becoming the first tire enterprise in the Chinese tire industry to establish a production base overseas; The establishment of a Vietnamese factory has become one of the reasons for the rapid progress of Sailun Group during the period of the Double Anti Japanese War. In 2022, Sailun Group will continue to raise funds to enhance the strength of Vietnam's tire factories.
Double Star Vietnam Factory: On October 15, 2021, Qingdao Double Star announced that it had completed the capital increase of Kumho Tire Vietnam Company. It invested 92.3 million US dollars (approximately RMB 600 million) through Hong Kong Double Star to increase its investment in Jinhu Vietnam. After the capital increase is completed, Hong Kong Shuangxing holds 42.41% of the equity in Jinhu Vietnam.
In addition, the dual stars have layouts in both Pakistan and Algeria. In November 2019, Shuangxing signed a joint venture agreement with Pakistan MSD Tire and Rubber Company and Daewoo Pakistan Bus Service Co., Ltd. The three parties will jointly establish a joint venture company, with Shuangxing providing technical support and equipment to build a tire factory in Pakistan with an annual output of 7 million sets of radial tires. In August 2019, Shuangxing disclosed in its semi annual report that it planned to establish a joint venture company in Algeria to build a factory with an annual output of 2 million sets of all steel tires and 5 million sets of semi steel tires.
Guizhou Vietnam Factory: On April 1, 2021, Guizhou Tire opened a new chapter. At 17:41 local time, with the slow start of the vulcanization machine, Guizhou Tire Vietnam successfully produced 1.2 million intelligent factory first tires per year and successfully went offline.
Jinyu Vietnam Factory: On June 18, 2020, Jinyu Tire Group held a foundation laying ceremony for the new factory in Vietnam in Fudong Industrial Park, Tay Ninh province Province, Vietnam. The project covers an area of 40 hectares, and the first phase of the project will have an annual production capacity of 2 million all steel radial tires. The establishment of a factory in Vietnam is a crucial step in Jinyu Tire's global market layout.
Building factories overseas is already a trend, and Vietnam, Thailand, and Cambodia in Southeast Asia are the top choices for Chinese tire companies to build factories overseas!
Disclaimer: The image materials and articles on this platform come from the internet, so the copyright belongs to the original author. If any infringement is caused to your copyright and interests, please contact us. We apologize deeply and promptly delete it. Article source: Tire Business
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