COFO Vietnam Tire Company Limited inaugurated its Radial car tire manufacturing plant in Thanh Hoa province's Bim Son Industrial Park in central Vietnam  on August 19.

The plan, with a total initial investment capital of more than $64 million,  is considered one of the province's key industrial projects, contributing to economic growth, job creation, and underscoring Thanh Hoa's appeal as an investment destination.

Built on a 32.5-ha site, the Radial tire factory is designed with an initial capacity of 960,960 products per year, with plans to expand to 6.2 million products annually in the next phase.

According to the investor, the project's total investment is expected to reach $120 million upon full completion. The factory's entire output will be for export to the United States, Europe, South America, North America, Africa, and other global markets.

The plant is projected to generate approximately $450 million in annual revenue, thus contributing  $20 million to the state budget per year, and create jobs for 3,500 local workers.