GL299D GL296A GL293A
Media Reports
Media Reports
Home > News Centre > Media Reports

Guizhou Tyre discovered new progress in Vietnam project

TIME:23-11-2018 SIZE

On May 22, 2018, Sincere Communication and Standard Development - the 2017 Annual Performance Briefing and the Investor Collective Reception Day of the Listed Companies in Guizhou Province were held in Guiyang City, Guizhou Province. More than 70 executives of 28 listed companies gathered together to communicate and exchange with investors in a "one-to-many" format through the Panorama Roadshow Global and Interactive Platform. 

Xiong Chaoyang, Chief Financial Officer of Guizhou Tyre A, introduced at the event that Guizhou Tyre had signed the land lease agreement for Vietnam project and announced that Guizhou Tyre had paid the advance payment of land lease for the first phase which was expected to be put into production at the end of 2019. 

It was known that the project would be conducted in three phases. The first phase was to complete the workshop construction in 2018 and would be put into operation in 2019. The first phase would realize an annual output of 1.2 million all-steel radial truck tires with an annual sales income of US$116 million. The second and third phases would realize the expansion of the production of OTR tires, heavy truck tires, large agricultural tires and truck tires, and extend the industrial chain in a timely manner to build a base for the production, processing, warehousing and trading of natural rubber.

The investment in workshop construction in Vietnam, one of the world's natural rubber production bases, not only fundamentally solved Guizhou Tyre's shortcomings of keeping away from raw material supply market and product export market, but also effectively avoided the impact of anti-dumping and anti-subsidy. Guizhou government would raise the level of overseas investment facilitation for industries that were encouraged or allowed to “going out” by the state, strengthen joint guidance for “going out” of enterprises, further promote the global cooperation on production capacity, build a platform for foreign trade and economic cooperation to support the enterprises to follow the Belt and Road Initiative.

In 2017, Guizhou Tyre lost a total of RMB 222 million, and the net profit attributable to shareholders of listed companies was RMB 4,161,800, with a year-on-year decrease of 96.39%.