Chinese tyre maker Sailun Group has committed to invest an additional $200 million in Vietnam in the coming time, raising its total investment capital in the country to $1.7 billion, according to the group’s Chairwoman Liu Yanhua.

She mentioned the plan during a meeting with Deputy Prime Minister Tran Luu Quang in Hanoi on July 29, the Government News has reported.

The group has invested in building a factory to produce all tire lines in southern Tay Ninh province, and established a research and development (R&D) centre in Ho Chi Minh City, a joint venture with Cooper Tires in 2019.

The Tay Ninh factory is currently the largest overseas production facility of Sailun group, creating 7,000 jobs. All of the latex supply to the factory is from Vietnam. Meanwhile, the R&D centre in Ho Chi Minh City is also the largest of the group abroad, according to Ms. Yanhua.

Deputy PM Quang proposed the group to promote connection with and support Vietnamese enterprises to join its value chain and supply chain to promote sustainable development in Vietnam.

Source: VnEconomy