Kumho Tire President Sae Chul Oh, Binh Duong Province’s Mayor Hoang Son Nguyen, and investor group Becamax’s Chairman Van Hung Nguyen were all present at a Mar. 29 meeting that solidified plans for the facility.
Kumho is investing $155 million in the new plant, which, Kumho said, will produce 3.15 million radial tires a year. The plant will have the ability to make Kumho UHP tires, which will not only be distributed throughout Vietnam but also to Asia, the Americas, and Europe, the tiremaker said.
“Because of Vietnam’s political and social stability along with its vast workforce and geological resources, it is an ideal place for a manufacturing operation,” said Oh. “Through this deal, Kumho Tire will have plants not only in China but also in Vietnam, strengthening the foundations that will prepare Kumho to be a global competitor.”