HANOI: Vietnam is establishing itself as a significant global hub for car tyre manufacturing, with projections indicating that the export turnover of technical rubber products will reach $4 billion in 2024. This development is attributed to a surge in international demand and the increasing capacity of local manufacturers.
According to Vietnam News Agency, the Ho Chi Minh City Rubber and Plastics Manufacturers Association has reported a notable rise in orders across the industry. Data from Vietnamese companies reveal that orders for the tyre industry in the latter months of 2024 have risen by 10-15% compared to earlier in the year. Additionally, technical rubber product orders have experienced a substantial increase of 20-30%.
The growth underscores Vietnam’s expanding role in the global automotive supply chain, capitalizing on its strategic investments in the manufacturing sector. Analysts suggest that the country’s advantageous position in Southeast Asia, coupled with competitive production costs, has mad
e it an attractive destination for international automotive firms seeking reliable suppliers for tyres and related products.
Industry experts believe that Vietnam’s strong performance in this sector could contribute significantly to the national economy, enhancing export revenues and creating new job opportunities. The robust demand from major automobile markets across Asia, Europe, and North America is expected to sustain this growth trajectory.
As Vietnam solidifies its position in the global tyre manufacturing industry, stakeholders are optimistic about the future prospects and the potential for further expansion. The country’s commitment to improving its industrial capabilities and infrastructure continues to draw interest from global investors.