China’s tyre manufacturer Sailun says it is investing an additional US$200 million into Vietnam, raising its total investment in the country to US$1.7 billion, according to Liu Yanhua, chairwoman of Sailun, as reported on Vietnamnet.
Sailun has injected about US$1.5 billion into building a tyre manufacturing factory in Vietnam’s Tay Ninh province, establishing a R&D centre in Ho Chi Minh City and entering into a joint venture with Cooper Tires in 2019.
The Tay Ninh factory is the firm’s largest overseas production facility, with 7,000 employees. It is using 100% natural rubber from Vietnam.
The Ho Chi Minh City R&D centre is also the firm’s largest abroad.
Liu thanked the government of Vietnam for having provided assistance for the firm to operate in the country since 2012, and revealed the firm’s plan to pour an additional US$200 million into the Vietnam project.
Currently China has 4,750 valid projects with a total registered capital of more than US$28.5 billion, ranking sixth out of 144 countries and territories investing in Vietnam. Tay Ninh leads in attracting Chinese investment, with 104 projects valued at more than US$4.8 billion.
Sailun currently has 13,723 employees globally, with total assets of CNY26 billion and annual revenue of CNY18 billion, and Its products are present in 180 countries and territories worldwide.