Kumho Tire, a subsidiary of the Republic of Korea’s Kumho Asiana Group, plans to invest around 100 million USD in a factory in the southern province of Binh Duong, Kumho Asiana Group Chairman Park Sam-koo told the Korea Times recently.
He disclosed the plan on the sidelines of a business conference in Hanoi during a state visit by President Park Geun-hye.
This was the first time the group revealed details of a planned investment in Vietnam. The investment is expected to increase the annual production of the company’s Vietnamese plant from 3.3 million to 5 million tires.
"We are mulling over enlarging the facilities of our Vietnamese factory beginning next year. The amount to be spent is in the neighbourhood of 100 million USD," Park said.
"We will strengthen our footing in Vietnam , where our affiliates in construction, airlines and express buses have operations,” he added.
Park regards Vietnam as a significant target market for Kumho and has been a strong proponent of cranking up the output of the country's Kumho Tire plant.
Experts said Park's decision made sense because boosting production in Vietnam would help meet rising demand for quality tires in China, just across the northern border.-VNA
He disclosed the plan on the sidelines of a business conference in Hanoi during a state visit by President Park Geun-hye.
This was the first time the group revealed details of a planned investment in Vietnam. The investment is expected to increase the annual production of the company’s Vietnamese plant from 3.3 million to 5 million tires.
"We are mulling over enlarging the facilities of our Vietnamese factory beginning next year. The amount to be spent is in the neighbourhood of 100 million USD," Park said.
"We will strengthen our footing in Vietnam , where our affiliates in construction, airlines and express buses have operations,” he added.
Park regards Vietnam as a significant target market for Kumho and has been a strong proponent of cranking up the output of the country's Kumho Tire plant.
Experts said Park's decision made sense because boosting production in Vietnam would help meet rising demand for quality tires in China, just across the northern border.-VNA
