HAI PHONG — Bridgestone Tyre Manufacturing Viet Nam, an affiliate of Japan's Bridgestone Corporation, yesterday was granted an Investment Certificate to build a car tyre manufacturing plant in Hai Phong City's Dinh Vu Industrial Zone.
Speaking at the hand-over ceremony that was attended by high ranking leaders of the city's members of the Economic Zone Authority, Duong Anh Dien, chairman of the city People's Committee, said the tyre plant was the biggest FDI (foreign direct investment) project in the city so far.
"We believe that the project is a major breakthrough in the city's industrial development," Dien said.
Yazaki Susumu, general director of Bridgestone Tyre Manufacturing Viet Nam (BTMW), said the US$575 million plant would have a production capacity of 24,700 units per day. He said production would start in the first half of 2014.
"Once the products are launched, they all will be exported to Japan, Europe and the US with a made-in-Viet Nam label. The project will create 1,900 jobs," he said.
The group manufactures tyres in 47 plants in 20 countries.
He said the tyres produced in Hai Phong would be environmentally friendly and lead to fuel savings.
BTMW is the fifth Japanese firm to invest in the Hai Phong IZ, after Nakashima (propeller production), RK Engineering (steel tank production), SIC (LAS production) and Shin-Etsu (rare earth magnet production).
The compaby said it picked the Hai Phong IZ because of its strategic location, access to a port and lucrative tax incentives. The plant will occupy a 102ha site.
The IZ is currently in the process of expanding to 377ha. At the end of last year, a waste water treatment plant, with a capacity of 2,500 cu.m per day, became operational.
It has attracted $1.5 billion in investment, with Japanese firms making up 45 per cent of the total capital. — VNS