Shandong Haohua Tire to build a $500-million plant in Binh Phuoc

The facility is the largest foreign investment project in Binh Phuoc to date. The Minh Hung SIKICO Industrial Park in Dong No Commune, Hon Quan District, Binh Phuoc Province, contains 43ha. 

The plant's construction is set to begin in the first quarter of 2024 and is expected to be completed in the third quarter of 2025. It is estimated to create $770 million in yearly output and employ approximately 1,600 locals and 200 international workers.

The project is expected to require more than 120,400 tonnes of rubber per year, with 80% coming from Vietnam and 20% coming from China.

The project is intended to increase revenue for Binh Phuoc Province's rubber sector, as the province has the largest rubber area in Vietnam, with about 240,000 ha.

Binh Phuoc attracted 26 FDI projects in the first eight months of 2023, with a total registered capital of more than $710 million, 2.37 times the yearly target, placing among the top ten provinces in terms of significant FDI capital in the first half of 2023.

Source: Nhan Dan