On February 14, Bui Minh Thanh, Vice Chairman of provincial People's Committee, along with representatives from relevant departments and agencies, held a working session with Polytex Far Eastern Vietnam Co., Ltd. and Kumho Tire Vietnam Co., Ltd. The program aimed at addressing obstacles in production and business activities while encouraging enterprises to further enhance their production capacity.
At Polytex Far Eastern Vietnam Co., Ltd., company representatives reported on the progress of their investment projects. The second phase of the company's project is now operational while the third phase is undergoing environmental impact assessment approval, with construction expected to begin in Q3 2024 and completion slated for 2027. The company requested provincial People's Committee's support in key areas, including procedures for obtaining land use rights certification for a 2.63-hectare dormitory area and securing a stable power supply for production. In addition to investment and production matters, the company also highlighted challenges related to taxation and customs procedures.
Meanwhile, Kumho Tire Vietnam Co., Ltd. has planned to expand its investment with a third phase starting in early 2025, injecting an additional US$300 million. This will bring the company’s total investment to US$908 million and increase the plant’s production capacity from US$12.5 million to US$17 million tires per year. The company seeks guidance from the province on completing necessary procedures for the acceptance and approval of its phase 2 expansion. Additionally, it raised concerns about the impact of the U.S. imposing a 25% bilateral tax increase, which could affect the supply of goods from Vietnam.
At the meeting, leaders of provincial People's Committee, along with representatives from various departments and agencies, acknowledged concerns raised by the businesses. Speaking at the session, Mr. Thanh emphasized that the province has highly valued contributions by FDI enterprises and is committed to resolving outstanding issues as quickly as possible. This effort aims at creating favorable conditions for FDI enterprises to continue their development and contribute to the province's economic growth.
Reported by Tieu My-Translated by Kim Tin
