Japan's Bridgestone Corp, the world's largest tire maker, has received approval to more than double its planned investment in a plant in the northern city of Hai Phong.
City authorities have granted it a license to increase its investment to over US$1.22 billion from $575 million, according to news website Saigon Times.
The plant, work on which started in mid-2012, is scheduled to be finished and begin a trial run in the first half of next year, and be fully operational three years later with a capacity of 49,000 radial-ply tires per day.
Most of its products will be exported to Japan, the US, and Europe.
Bridgestone's plant is the second largest foreign investment in Hai Phong after a $1.5-billion hi-tech project by South Korea's LG Electronics.
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