Kumho: “We Will Continue to Invest in Vietnam”

During a state visit to South Korea the leader of Vietnam, Nong Duc Manh, met with Kumho Asiana chairman Sam Koo Park to discuss issues of economic cooperation. Mr. Park attended a lunch meeting with the secretary general of the Communist Party’s Central Committee, at which the two men spoke of ways to increase economic cooperation and general exchange between Korea and Vietnam.

In his welcome address to the secretary general, Mr. Park stated: “We will continue to invest in Vietnam as well as carry out social contribution activities that will benefit the local community…We sincerely look forward to increasing mutual exchange and cooperation between the two countries and wish Korea and Vietnam every future prosperity and a fruitful partnership for a long time to come.”

Kumho is currently constructing a US$380 million tyre manufacturing facility in Vietnam’s Binh Dong province, which is scheduled to enter production in early 2008 and will have an annual capacity of more than three million units. The company also built a latex processing facility in the province during 2007, and the 11,000 ton per year output of this facility will service the tyre factory when it enters production.