On March 5, Guizhou Tyre Co., Ltd. announced that it will invest USD 42.9 Million to set up a new company in Vietnam to accelerate the construction of its new factory in Vietnam. Name of the new company is tentatively set as Advance Tyre (Vietnam) Company Limited.
The new company will be the subject of investment and implementation of its project with an annual production capacity of 1.2 million all-steel tires, and will be specifically responsible for the relevant procedure declaration, investment & financing, engineering construction and follow-up operation management of the project.
Guizhou Tyre’s new factory in Vietnam is located in Long Jiang Industrial Park, Tien Giang Province, Vietnam. Total investment of the project is USD 400 Million, planned occupation of land totals about 301 mu, and total construction area is about 137,300 square meters.
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