Production is expected to begin in March 2008, with an annual output of 3.15 million units, according to Kumho. Jongsun Sun, general director of Kumho Tire (Vietnam) Co. Inc., said the tiremaker would invest $155 million for the first phase of the project, which will begin next month.
Tires produced at the plant will be sold locally and exported to the U.S., Europe and Southeast Asian countries. Kumho officials said the tiremaker also plans to build a rubber processing plant in the province.
Kumho exchanged an investment memorandum of understanding with authorities in late March. The project is the biggest foreign direct investment project licensed in the province. The tiremaker already has three tire plants in South Korea and two in China.