Tan Chong Group to invest extra $50 million in Da Nang

Friday, Feb 22, 2019 08:50

A worker welds a car body at TCIE Viet Nam’s Nissan Automobile factory in Hoa Khanh Industrial Zone. — VNS Photo Cong Thanh

TCIE Viet Nam company, a member of Malaysia’s Tan Chong Motor Group, will build a new car factory in Hoa Khanh industrial zone in the central city from 2019 with total investment of US$50 million.

The city’s Investment Promotion Agency (IPA) confirmed to Viet Nam News that the company has completed procedures to soon commence the project.

The agency said TCIE Viet Nam had invested $55 million between 2013-17 to produce the first locally-assembled Nissan Sunny and Nissan X-Trail SUV car models from the Da Nang-based factory – the first and only Nissan Sunny assembly plant in central Viet Nam.

In a meeting with the city’s leadership last month, TCIE said it would increase investment to $150 million in the coming years to promote production and sales of cars in the central and nationwide market.

TCIE said it sold 3,500 Nissan Sunny models in 2018 and contributed VND2.2 trillion ($97 million) to the city’s budget.

The company plans to produce 5,100 cars with an estimate contribution of $110 million to the city’s budget in 2019.

TCIE also plans to produce Nissan vans and Nissan trucks in the near future. — VNS

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