Japan’s Bridgestone to build tire plant in Haiphong

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 (20 Dec 2011).

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.