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Japan’s Bridgestone to build tire plant in Haiphong
By Tran Thu - The Saigon Times Daily
Friday,  Dec 23, 2011,13:56 (GMT+7)

Japan’s Bridgestone to build tire plant in Haiphong

By Tran Thu - The Saigon Times Daily

Director Do Nhat Hoang of the Foreign Investment Agency (second, left) at a meeting with Japan’s Aichi investors doing business in Vietnam - Photo: Thu Nguyet
HCMC – The Japanese tire producer Bridgestone Corporation has plans to develop a factory in Haiphong City, with the total investment for phased development to amount to some US$1 billion, a local official said.

Do Nhat Hoang, director of the Foreign Investment Agency under the Ministry of Planning and Investment, said Bridgestone would invest some US$500 million in the first phase and over US$1 billion in the second phase of the project. He was speaking to Japanese investors from Aichi Prefecture who are currently operating in Vietnam at a meeting held in HCMC on Tuesday.

Earlier, in a press release published on December 11, Bridgestone also announced this plan to invest in manufacturing in Vietnam.

In addition to the tire plant, Bridgestone in a statement also announced to establish a company to produce and export PSR tires in Vietnam. Bridgestone Tire Manufacturing Vietnam Limited Liability Company was expected to be founded in Dinh Vu Industrial Park in Haiphong on February next year.

The new company worth US$307.8 million, or 23.7 billion yen, will be wholly owned by Bridgestone.

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