China's Sailun Group to pour additional $200 million into Vietnam

The commitment was made by Liu Yanhua, chairwoman of Sailun Group and Sailun Vietnam Co., Ltd., at a meeting with Deputy Prime Minister Tran Luu Quang on July 29.

"Sailun has so far invested a total of $1.5 billion in Vietnam, encompassing a tyre manufacturing factory in Tay Ninh province, a research and development (R&D) centre in Ho Chi Minh City, and a joint venture with Cooper Tires in 2019. The factory in Tay Ninh is the group's largest overseas manufacturing facility, generating employment for 7,000 and sourcing 100 per cent latex supply from Vietnam. Meanwhile, the R&D centre in Ho Chi Minh City is also Sailun Group's largest overseas R&D centre," Yanhua said.

She expressed gratitude to the government and local authorities for creating better conditions for Sailun Group to make investment in Vietnam since 2012. At the same time, the group commits to investing another $200 million in the country soon.

DPM Quang emphasised the Vietnam-China relationship was developing well, creating a premise for the two countries to promote cooperation in various fields, including investment.

As of July, China has 4,750 valid projects with a total registered investment of over $28.5 billion, ranking sixth out of 144 countries and territories investing in Vietnam. Among them, Tay Ninh takes the lead in attracting Chinese investments, with 104 projects totalling over $4.8 billion.

The DPM said he appreciated Sailun Group as one of the world's leading tyre manufacturers and Sailun Vietnam's business results, human resource development, and corporate social responsibility activities.

Founded in 2002, the group now has more than 13,700 employees worldwide, with total assets of 26 billion yuan ($3.58 billion) and annual revenue of 18 billion yuan ($2.48 billion).

Sailun's products are present in 180 countries and regions.

China leads number of newly-registered projects in Vietnam While Singapore is the leader in terms of foreign investment value, China is ahead in terms of number of new projects in Vietnam.

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