TAY NINH PROVINCE, Vietnam—Jinyu Tire Group has broken ground for a passenger and light truck (PLT) tire plant in Vietnam, with the goal of producing tires by early 2025 during the first of three scheduled phases.
The cost of the investment was not disclosed.
The project is part of an expansion of the Jinyu (Vietnam) Tire Co.Ltd. plant, which began production in Vietnam in 2021. The firm currently manufactures 2 million units a year of truck and bus radial (TBR) tires there.
The TBR facility is located at the Phuoc Dong Industrial Park in Tay Ninh province, adjacent to Ho Chi Minh City.
The company said the strategic direction of the PLT products "will be based on the mainstream demand in the European and American markets," focusing on the Tier 1 and Tier 2 segments.
Jinyu Tire Group suspended its PLT business within the last five years, it said, to focus on developing TBR tires while improving its quality, product capacity and market requirements. The company said the time is right to re-enter the market with "the right products, the right programs at the right price."
Chang Xianxu, chairman of Jinyu Tire Group, said the PLT re-launch was carefully considered. He said it not only was made to respond to maket demand and enrich its tire supply chain partners, but also improve the company's product structure and enhance its competitiveness.
The new factory, Jinyu said, will include the latest product design, quality standards, process layout, equipment and logistics, building "a first-class PLT production base in the industry."
Jinyu Tire Group said it follows core value of "common interests above all else," during the construction of the facility. It said that it will focus on reducing carbon emissions through green and intelligent manufacturing processes while making quality products and delivering great service, while creating employment opportunities for the region.
Jinyu Tire Group said its commitment to the PLT market demonstrates it is a "a tire company that sets an example for its competitors around the world."
