Vietnam’s northern port city of Hai Phong has approved the construction of a US$575m tyre factory by a subsidiary of Bridgestone, the state-run newspaper Nhan Dan quoted municipal authorities on Thursday as saying.
The factory will start operation in 2014 and have a capacity of 24,700 tyres a day, all of which will be exported, the paper, cited by Reuters, said.
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The news agency noted that macroeconomic instability in recent years has “spooked” some foreign investors but businessmen and associations have said that Japanese companies, propelled in part by the strong yen, have been aggressively looking for opportunities in Vietnam.
