Mr.Believer
posted on 02/11/2023
Chery Automobile, a leading Chinese automaker, is set to commence large-scale production in Vietnam's Thai Binh province by the close of 2025. They are aiming to manufacture vehicles under its Omoda and Jaecoo brands.
On November 2nd, 2023, the Thai Binh People's Committee witnessed the signing of a Memorandum of Understanding between Geleximco Group and Omoda & Jaecoo Automobile Co., Ltd (a subsidiary of Chery Group, China) regarding the investment project to construct an assembly and automotive manufacturing plant in the Hung Phu Industrial Park within the Thai Binh Economic Zone
.
The investment will be divided into three phases. When it reaches a production capacity of 200,000 vehicles per year, is estimated at around $800 million (equivalent to approximately 19,700 billion VND).
Specifically, in Phase 1 (2024-2030), an estimated $220 million is projected for investment, with an annual production of 50,000 automobiles; Phase 2 (2031-2033) anticipates an investment of around $200 million, with an annual production of 100,000 automobiles, while Phase 3 (2034-2035) is expected to require an investment of approximately $380 million, targeting an annual production of 200,000 automobiles.
Representatives from Geleximco Group and Chery Group during the signing ceremony
The total land demand for constructing the factory covers an area of around 100 hectares, along with an additional 100 hectares for the development of supporting industrial zones to serve localization needs for exports. Phase 1 is set to be completed in the third quarter of 2025, with mass production scheduled to commence in the fourth quarter of 2025.
Chery Group achieved a total sales volume of 1.25 million vehicles in 2022 and has sold over 1.2 million vehicles since the beginning of 2023. The group will invest in two automobile brands in Thai Binh, Omoda and Jaecoo."
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