(VEN) - The Japanese group of Bridgestone broke ground for construction of a Bridgestone Vietnam tire production plant on 102.43ha of the Dinh Vu Industrial Park in Hai Phong on July 2.
The plant with total investment capital of US$575 million has become the largest Foreign Direct Investment (FDI) project in Hai Phong and the Bridgestone group's 50th plant globally.
The plant is expected for operation in March 2014 producing 24,700 tires daily and creating about 1,900 jobs.
Bridgestone Chief Operating Officer Kazuhisa Nishigai said that the project was part of the group's plan to maintain its position as one of the world's leading tire producers. So far Bridgestone has established a trading company in Ho Chi Minh City in order to sell its products in Vietnam.
Deputy Prime Minister Hoang Trung Hai attended the ground breaking ceremony and spoke of Hai Phong's efforts to attract more than US$962 million worth of FDI capital in the first six months of this year taking second place among FDI provinces and cities in the country.
Hoang Trung Hai also emphasized the Vietnamese Government's commitment to apply the best policies to Japanese investors in Vietnam for strategic development cooperation between Japan and Vietnam./.