The Binh Phuoc Provincial People’s Committee has granted an investment license to China’s Shandong Haohua Tire to build a factory producing tires at the southern province’s Minh Hung Sikico Industrial Park.

Total investment is estimated at $500 million.

This is the largest FDI project in Binh Phuoc to date.

The factory will cover 43 ha, with construction scheduled to begin in the first quarter of 2024.

It will have an annual output of 2.4 million steel radial tires and 12 million half steel radial tires for trucks and other vehicles. Annual output value is estimated at $770 million.

The southern province has so far this year attracted 15 projects with total registered investment of VND3.5 trillion ($145.8 million), equal to 45 per cent of projects and 64 per cent of capital in the same period last year.