Central province approves new automotive manufacturing complex

Sunday, Oct 13, 2019 16:55

Work is under-way on Terminal 3 of Chan May Port. — Photo baothuathienhue.vn
The People’s Committee of Thua Thien-Hue Province has approved the addition of an automotive manufacturing and assembly complex to the province's list of projects calling for investment in 2019.

The complex, expected to cost more than VND2.5 trillion (US$107.3 million), will span nearly 50ha at the Chan May-Lang Co Economic Zone in Phu Loc District. It will manufacture and assemble cars meeting Euro 4 or higher emissions standards, online newspaper baodautu.vn reported.

Earlier this year, the central province also approved Kim Long Nam JSC to develop an auto manufacturing and assembly complex in this economic zone.

The Kim Long Motors Hue complex spans approximately 160ha, with its first phase costing some VND3.33 trillion ($143.72 million). It is designed to produce 16,000 buses annually meeting Euro emission standards. The project is expected to become operational in 24 months.

With more than 140 operating projects, worth VND95 trillion, economic zones (EZs) and industrial parks (IPs) in Thua Thien-Hue have become magnets to both domestic and foreign investors.

According to Thua Thien-Hue Industrial and Economic Zones Authority (IEZA), many foreign companies, mainly from the US, South Korea, Japan and China had visited and explored opportunities in the province since the beginning of this year.

The IEZA said it had also worked with strategic investors and those with adequate financial capacities to facilitate investment in large-scale projects, aiming at creating a greater momentum for the development of the IPs and EZs in the near future.

Following the completion of the infrastructure of the IPs and EZs, IEZA is going to co-ordinate with the provincial Department of Planning and Investment to continue to deploy investment promotion plans with a focus on key areas, stressing the attraction of large corporations which can invest in infrastructure and high-quality tourism projects in addition to luring reputable and competent secondary investors at the same time. — VNS

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