An automobile manufacturing and assembling factory, expected to cost VND11.8 trillion (US$800 million), will be built in Thai Binh Province's Tien Hai Industrial Zone next year.

Financed by the Ha Noi-based Geleximco Group, the factory will be divided into two stages with the first one, valued at VND7 trillion, to begin in the first quarter of 2023.

The factory's first phase is expected to be operational in the third quarter of 2024, recruiting about 1,200 workers. For the second phase which is slated for operation by 2030, the plant will create jobs for 2,500-3,000 local people.

According to Geleximco, the factory uses advanced European technology to ensure the creation of high-quality and eco-friendly products.

The facility will aim to produce environmentally friendly automobiles such as electric cars and fuel cell vehicles as well as auto parts and accessories to supply to automobile manufacturers and assemblers.

Late last week, Geleximco Group signed an agreement with Viglacera Corporation to lease a 50ha land plot at Tien Hai Industrial Zone to prepare for the factory's construction.

In his speech, chairman of the provincial People’s Committee Nguyen Khac Than suggested that Geleximco finish its proposal and submit it to the provincial administration for approval.

The group should select competent partners to implement the project and make sure that the operation of the factory is safe and environmentally friendly, the chairman said.

He also asked relevant sectors to create the most favourable conditions for the investor to implement the project as scheduled. — VNS