Mr.Believer
posted on 19/09/2022
Vietnam’s Geleximco Group of tycoon Vu Van Tien is planning to build an US$800 million automobile manufacturing and assembling factory in northern Thai Binh Province, whose first phase is expected to be put into operation in 2024.
Geleximco recently signed an agreement to lease a 50-hectare land plot at Tien Hai Industrial Park in Thai Binh Province to prepare for the construction of the automobile manufacturing and assembling plant.
The factory is expected to cost about $800 million, and its construction and operation will be divided into two stages.
Geleximco Group signs an agreement to lease a land plot at Tien Hai Industrial Park in Thai Binh Province, Vietnam. Photo: L.P. / Tuoi Tre
During the first phase, the construction will cost approximately $300 million and start in the first quarter of 2023.
The factory is expected to be put into operation in the third quarter of 2024 with the assembly output of about 50,000 cars per year.
About 1,200 workers will be recruited.
In the second phase, Geleximco will splash out another $500 million to expand the scale of the plant.
By 2030, the facility will have been able to produce and assemble about 100,000 cars each year and will have created jobs for 2,500-3,000 people.
According to Geleximco’s plan, the factory uses advanced European technology to ensure the creation of high-quality and eco-friendly products.
The facility will aim to produce fuel-friendly automobiles such as electric cars and fuel cell vehicles as well as auto parts and accessories to supply to automobile manufacturers and assemblers.
If approved, the project will be the largest investment in Thai Binh Province so far, said Nguyen Khac Than, chairman of the provincial People’s Committee.
Duy Khang - B.Ngoc / Tuoi Tre News
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