Chinese tire manufacturer Sailun is planning to pour an additional US$200 million into Vietnam, raising its total investment in the country to US$1.7 billion, Liu Yanhua, chairwoman of the firm told Vietnamese Deputy Prime Minister Tran Luu Quang in Hanoi on July 29.

At the reception, Liu informed her host on Sailun’s development profile, saying the firm currently has 13,723 employees globally, with total assets of CNY26 billion and annual revenue of CNY18 billion. Its products are present in 180 countries and territories worldwide.

Sailun has injected about US$1.5 billion into building a tire manufacturing factory in Vietnam’s Tay Ninh province, establishing a Research and Development Center 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, creating jobs for 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 of its kind abroad, built on the quality and loyalty of Vietnam’s human resources.

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.

Quang for his part noted with satisfaction the growing ties between Vietnam and China that have facilitated bilateral cooperation in all spheres, including investment.

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.  

The Deputy PM praised Sailun as one of the world’s leading tire manufacturers as well as its business operations, human resource development and social responsibility in Vietnam.

He suggested that Sailun continue to apply the most advanced technologies to meet the criteria of high-tech enterprises, and create conditions for Vietnamese businesses to engage in the firm’s value and supply chains, contributing to promoting green and sustainable development in Vietnam as well as the cooperative relationship between the two countries.

VOV