HÀ NỘI — Work on two major automobile manufacturing and assembly plants with Chinese investments will start in northern Thái Bình Province in the first half of 2025.

Geely Auto Group, a leading Chinese automaker based in Hangzhou, and Việt Nam’s Tasco Joint Stock Company plan to commence construction of an automobile manufacturing and assembly plant in Tiền Hải Economic Zone in June. The first vehicles are expected to roll off the production line by early 2026.

Under their cooperation agreement, the two companies will establish a joint venture for automobile assembly and distribution in Việt Nam. The factory, covering 30ha, will have an initial production capacity of 75,000 vehicles per year. The project has a total investment of US$168 million, with Tasco holding a 64 per cent stake and Geely Auto 36 per cent.

As part of the partnership, Tasco Auto, a subsidiary of Tasco, will become the official distributor of Geely vehicles in Việt Nam. The first model to be introduced to the market will be the Geely Coolray, a compact SUV that has already gained popularity in the Philippines and Russia.

Beyond manufacturing and distribution, Geely and Tasco also plan to invest in local supply chains, R&D centres, and workforce training programmes to support the long-term development of Việt Nam’s automotive industry.

Meanwhile, Chinese automaker Chery’s subsidiary, Omoda & Jaecoo, has partnered with Vietnamese conglomerate Geleximco to establish a manufacturing plant in Hưng Phú Industrial Zone of Thái Bình Province.

The $800-million facility is scheduled to begin construction in the second quarter of this year, with the first phase expected to be completed by early 2026. Once fully operational, the plant will have a production capacity of 200,000 vehicles per year.

Ahead of the factory’s launch, Omoda & Jaecoo has already introduced their brand in Việt Nam, initially distributing the OMODA C5 SUV, which is imported from Indonesia. In January 2025, they expanded their lineup by introducing the Jaecoo J7 PHEV. The brand has also established 20 dealerships nationwide.

These investments are expected to strengthen Việt Nam’s automotive industry, boost localisation efforts, and create thousands of new jobs. — VNS