Ford Vietnam's automobile assembly and production factory in the northern province of Hai Duong. — Photo cafef.vn

Ford Vietnam announced on Tuesday it would invest an additional VND1.9 trillion (US$82 million) into expanding its automobile assembly and production factory in the northern province of Hai Duong.

This decision brings Ford’s total investment in Viet Nam to more than $200 million.

The factory will be expanded by more than 60,000 square metres, bringing the total area to 226,000 square metres. The factory will assemble and manufacture various models of cars and spare parts, as well as provide maintenance and repair services.

The additional investment will help increase the factory’s annual output to 40,000 vehicles from the current 14,000.

The expansion work will start this year and is due for completion by the middle of 2022.

According to Ford Vietnam, it had decided to expand production in Viet Nam as it saw stable and increasing demand for Ford vehicles, and had an optimistic forecast for the future development of the Vietnamese automobile industry. — VNS