S Korea’s Kumho Tire to raise investment in Vietnam province to $908 mln
South Korea’s Kumho Tire will pour an additional $300 million into the southern province of Binh Duong as its third-phase investment, increasing the total amount to $908 million.
At a Wednesday meeting with Binh Duong Chairman Vo Van Minh, Kumho Tire Vietnam general director Kim Hyun Ho noted that the firm had started out with an investment of $308 million in 2007 and increased it to $608 million in 2021.
Binh Duong Chairman Vo Van Minh (right) and Kumho Tire Vietnam general director Kim Hyun Ho meet in Binh Duong province, southern Vietnam, November 13, 2024. Photo courtesy of Binh Duong news portal.
With the latest investment, set for early 2025, Kumho Tire will increase the annual output from 12.5 million to 17 million tires. The additional investment, featuring a new 5.6-hectare factory, can employ 600 people, raising the company’s total employment to 2,160 people.
Kim urged provincial authorities to facilitate the additional investment, especially with administrative procedures and land, in order to put the third phase into operation in 2026.
Welcoming the firm’s additional investment, Minh asked relevant agencies to work with Kumho Tire on speeding up the project.
South Korea is the fifth-biggest investor in Binh Duong province with 775 projects and a total investment of $3.42 billion.
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