Chinese tiremaker Sailun to raise Vietnam investment to $1.7 bln with $200 mln addition

Sailun (Vietnam) Co. Ltd., subsidiary of Chinese tiremaker Sailun, will increase its total investment in the country to $1.7 billion with an additional investment of $200 million, chairwoman Liu Yanhua said Monday.

Liu Yanhua, who chairs both the parent company and its subsidiary, mentioned the additional investment at a Monday meeting with Vietnamese Deputy Prime Minister Tran Luu Quang.

She expressed her gratitude to the Vietnamese government for facilitating the firm’s investments since 2012.

She noted that in Vietnam, Sailun has established a tire factory in the southern province of Tay Ninh utilizing Vietnamese rubber as its only source. Besides, it has set up a research & development center in Ho Chi Minh City and a joint venture with American firm Cooper Tires.

The Tay Ninh plant and R&D center in HCMC are Sailun’s largest overseas manufacturing facility and biggest R&D center outside China, she added.

Liu Yanhua also lauded the high quality of Vietnamese workers.

Deputy PM Quang said the Vietnamese government has asked the Ministry of Science and Technology and the Ministry of Planning and Investment to draft requirements for recognizing enterprises as high-tech businesses. He urged Sailun to continue deploying its latest technologies and help Vietnamese firms to join its supply chain towards achieving green and sustainable development.

Quang also emphasized the growing trade and investment ties between Vietnam and China.

As of July 2024, mainland China has invested $28.5 billion in Vietnam, the sixth-biggest foreign investor in the country, with 4,750 valid projects. Of this, Tay Ninh was the top recipient with 104 projects with a registered capital of $4.8 billion.