*Kumho Tire increases phase 3 factory capacity by 5 million tires
On the afternoon of November 13, Vo Van Minh, Vice Secretary of provincial Party Committee and Chairman of provincial People's Committee, welcomed a delegation from Walkrun hospital, South Korea. The delegation, led by Kim Jin Bae, Advisor to the Korea International Cooperation Center (IEC), visited the province for a courtesy meeting.
During the reception, Mr. Minh informed the delegation of an overview of Binh Duong's economic and social development and investment attraction achievements over the past ten months. He highlighted that South Korea currently ranks fifth among 65 countries and territories investing in Binh Duong, with 775 projects and total investment capital of US$ 3.42 billion.
Mr. Kim Jin Bae expressed his admiration for Binh Duong's development, spoke highly of the province’s dynamic growth, open investment environment while thanking provincial leaders for their efforts in creating favorable conditions for South Korean investors. He conveyed a desire for continued support from the province for South Korean enterprises, allowing them to positively contribute to the province's development, with a specific focus on the Walkrun Hospital project that will soon be constructed and operational in Binh Duong.
Mr. Minh asserted that Binh Duong is committed to providing optimal support for all investors, particularly in the healthcare sector. He expressed hope that Walkrun Hospital's delegation would proceed with their project in the province soon. The province will build a communication channel to regularly exchange information, answer questions and provide timely guidance so that Walkrun Hospital can soon deploy activities in Binh Duong.
*The same day, Vo Van Minh, Chairman of provincial People’s Committee also met Kim Hyun Ho, General Director of Kumho Tire Vietnam Co., Ltd.
Sharing about the production situation of the company, Mr. Kim Hyun Ho said that Kumho Tire Vietnam Co., Ltd. belongs to South Korea’s Kumho Tire Group and is currently ranked 10th in the car tire manufacturing industry. Kumho Vietnam Tire Co.Ltd. has been invested and built in My Phuoc 3 Industrial Park in Ben Cat city’s Thoi Hoa ward in Binh Duong since 2007.
Mr. Kim Hyun Ho further elaborated on the company’s third phase expansion, involving additional investment of US$ 300 million, bringing the project’s total investment to US$ 1 billion. The expansion includes constructing a new factory with around 56,000 square meters in total, slated for completion and operation by early 2026. This expansion will add 5 million tires annually, increasing the factory’s output from 13 million to 18 million tires per year. The project will also generate approximately 600 new jobs, raising the company’s total workforce to 2,160 employees. Kumho Tire's annual revenue is currently around US$ 600 million, with expectations to reach US$1 billion in the coming time. Mr. Kim Hyun Ho expressed hopes for further support from provincial People's Committee and relevant departments to secure additional land for the factory's expansion.
Mr. Minh praised Kumho Tire's production and business achievements, making contributions to the local development, especially providing stable jobs for laborers. He confirmed that Binh Duong will continue creating favorable conditions for businesses to make investment and production expansion. The province will further consider the company’s proposals to facilitate the timely implementation of its third-phase expansion project.
Reported by Minh Duy-Translated by Kim Tin
