Haohua investing $500 million in Vietnam tyre factory

Tyrepress China has learned that Chinese tyre manufacturer Haohua is preparing to invest US$500 million to build a tyre factory in Binh Phuoc, Vietnam. The products produced will cover semi-steel radial tyres and all-steel radial tyres.

According to local media in Vietnam, relevant agencies in Binh Phuoc issued an investment permit for the tyre factory project in May. Tyrepress China learned from people familiar with the matter that this overseas investment project still needs the approval of the Chinese government.

In the 2023 list given by the China Rubber Industry Association, Haohua ranked 11th with a revenue of 6.35 billion yuan. The company’s official website shows that it owns tyre brands such as Aplus, Lanvigator, Royal Black, and Compasal and can produce 20 million semi-steel radial tyres and 5 million all-steel radial tyres per year. Haohua, Huadong Rubber and Zodo belong to the same system but operate independently.

Tyrepress China noticed that Haohua has paid attention to overseas factories before. In 2020, Haohua expressed its intention to establish a factory in Sri Lanka. But so far, Tyrepress China has yet to obtain any news about the progress of the Haohua Sri Lanka project.

Currently, Chinese tyre manufacturers with factories in Vietnam include Jinyu, Guizhou Tyre and Sailun. Doublestar participated in the Kumho Vietnam project through equity investment.