Guiyang assists tyre company in going global

Guizhou Tyre Co Ltd builds a new factory in Vietnam. [Photo/guiyang.gov.cn]

Guizhou Tyre Co Ltd is trying to expand its overseas presence by building a factory in Vietnam - a project which is being supported by the State-owned assets supervision and administration commission of Guiyang (SASAC of Guiyang).

Guizhou Tyre is a state-owned, municipally-run enterprise with a complete market network system. Its products are sold in more than 120 countries and regions including the UK and Italy.

Hoping for smoother channels of production and sales, the company is set to build a factory in Vietnam which, once operational, will reduce transportation costs by 29.83 million yuan (4.37 million) per year and reduce management and financial expenses by more than 20 million yuan.

Transportation distance and time will also be greatly shortened while the turnover of raw materials, finished products and capital will be improved.

Considering long-term international trade frictions, Guizhou Tyre is also planning to develop a foreign raw material supply base to enhance its international competitiveness.

Guiyang SASAC has been making efforts to accelerate the enterprise's overseas presence. Since the implementation of the project, relevant procedures regarding investment licenses, enterprise overseas investment certificates, project planning permits, fire protection construction permits and plan reviews, and environmental assessment approvals have all been completed. Civil construction work has moved forward to the implementation stage.

In recent years, SASAC of Guiyang has done great work in the promotion of connections with other countries along the routes of the Belt and Road Initiative, to pave the way for the international development of Guiyang enterprises. It aims to help the likes of Guizhou Tyre to actively participate in international competition and achieve greater success.