Bridgestone to build $575 mln Vietnam tyre plant -paper

HANOI Wed Feb 1, 2012 10:54pm EST

HANOI Feb 2 (Reuters) - Vietnam's northern port city of Hai Phong has approved the construction of a $575 million tyre factory by a subsidiary of Japan's Bridgestone Corp , the state-run newspaper Nhan Dan quoted municipal authorities on Thursday as saying.

The factory will start operation in 2014 and have a capacity of 24,700 tyres a day, all of which will be exported, said the report.

Macroeconomic instability in recent years has spooked some foreign investors, but businessmen and associations say Japanese companies, propelled in part by a strong yen, have been aggressively looking for opportunities in Vietnam.

(Reporting by Ngo Thi Ngoc Chau; Editing by Ed Lane)

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