Approval Granted for 3.65 Billion Yuan Tire Project in Thailand

On September 11th, the People's Committee of Binh Phuoc Province in Vietnam granted an investment license to Shandong Haohua Tire Co., Ltd. It has been revealed that the Haohua (Vietnam) Tire Manufacturing Plant project, with a total investment of $500 million (approximately 3.65 billion Chinese yuan), will be located in the Star SIKICO Industrial Zone in Binh Phuoc Province, spanning an area of 43 hectares. The project is expected to commence operations in the third quarter of 2025.

Mr. Wang Keqiang, the Executive Director and General Manager of Haohua Tires, disclosed that the primary focus of this project will be the production of semi-steel tires and all-steel tires. With an annual production capacity of 14.4 million sets, it is projected to generate an annual output value of $770 million. Once operational, this facility will contribute to the growth of Binh Phuoc's industrial sector and stimulate the development of related industries. Additionally, it is anticipated to create more than 1,600 employment opportunities within the local community.

This marks the largest foreign direct investment (FDI) project in the history of Binh Phuoc Province. In the first eight months of this year, the province has attracted 26 FDI projects with a total registered capital of $710 million."