BINH DUONG, Vietnam—Kumho Tire Vietnam Co. Ltd. is investing $300 million in its operations in Vietnam to increase production capacity in the country by 36 percent.
The Korean tire maker signaled the investment plan during a meeting with the local authorities, according to the Binh Duong government's website Nov. 13.
Operational since 2007 in My Phuoc 3 Industrial Park, with an initial investment of $308 million, the plant currently produces 12.5 million units of passenger car and light vehicle tires per year, having undergone a $300 million expansion round in 2021.
Phase III, said Kumho Vietnam, will increase production to 17 million units per year with the latest $300 million investment and is expected to be put into operation in 2026.
According to the local government, Kumho has requested support from the authorities in handling routine processes as well as in land acquisition for further expansion.
