Vietnam's trade ministry said on Thursday carmaker Chery had signed a joint venture agreement with a local company to set up an $800m (R14.96bn) plant, becoming the first Chinese electric vehicle (EV) maker to set up a facility in Vietnam.
The manufacturing plant, which will be jointly established by Chery's Omoda and Jaecoo unit and Vietnamese company Geleximco, will be in the costal province of Thai Binh, the ministry said after a signing ceremony.
With a capacity of 200,000 vehicles per year, the factory will produce Chery's Omoda and Jaecoo electric models. The first phase of construction is expected to be completed in the first quarter of 2026.
In the meantime, Chery, which is also selling cars in Europe and weighing a plant in Italy, will import two electric models into Vietnam that will make their debut by the end of this year, the ministry said.
China's BYD, the world's largest EV maker, has also sought to set up a factory in Vietnam, though Reuters reported last week it may slow down the plan.
Chery to set up $800m car factory in Vietnam
Vietnam's trade ministry said on Thursday carmaker Chery had signed a joint venture agreement with a local company to set up an $800m (R14.96bn) plant, becoming the first Chinese electric vehicle (EV) maker to set up a facility in Vietnam.
The manufacturing plant, which will be jointly established by Chery's Omoda and Jaecoo unit and Vietnamese company Geleximco, will be in the costal province of Thai Binh, the ministry said after a signing ceremony.
With a capacity of 200,000 vehicles per year, the factory will produce Chery's Omoda and Jaecoo electric models. The first phase of construction is expected to be completed in the first quarter of 2026.
In the meantime, Chery, which is also selling cars in Europe and weighing a plant in Italy, will import two electric models into Vietnam that will make their debut by the end of this year, the ministry said.
China's BYD, the world's largest EV maker, has also sought to set up a factory in Vietnam, though Reuters reported last week it may slow down the plan.
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