China’s Guizhou Tyre kicks off $230 mln project in southern Vietnam
Advance Tyre (Vietnam) Co. Ltd., under Chinese tire producer Guizhou Tyre, kicked off the construction of its $230 million project in Vietnam’s Mekong Delta province of Tien Giang on Monday.
The project is the third phase of the firm’s $615.2 million investment in the province. The first phase of $214 million, also Guizhou Tyre’s first overseas facility, began construction in December 2019.
The first phase has an annual capacity of 1.2 million all steel radial tires. The second phase of $186 million produces truck & bus radial tires (TBR tires), off-the-road tires (OTR tires), and agricultural tires.
Advance Tyre (Vietnam) holds a groundbreaking ceremony in Tien Giang province, Vietnam's Mekong Delta, on November 25, 2024. Photo courtesy of Ap Bac newspaper.
The third phase has an output of six million passenger car tires (PCR tires) and is expected to complete the construction in 2025.
Speaking at the event, Tien Giang Chairman Nguyen Van Vinh lauded the firm’s activities in the province and called on the firm to further help workers and make more corporate social responsibility activities.
As of October 2024, the firm employs 1,144 people in the province, including 52 foreigners.
Advance Tyre (Vietnam) Co. Ltd. recorded a revenue of $173.9 million in 2023 and its January-October 2024 figure reached $205.23 million.
It paid taxes of VND4.59 billion ($180,548) in 2023 and VND4.12 billion ($162,060) in the first 10 months of this year.
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