Ha Noi - Work on two major automobile manufacturing and assembly plants with Chinese investments is set to begin in northern Thai Binh province in 2025, marking a major lift for Vietnam's automotive industry. Geely Auto Group, one of the largest Chinese automobile manufacturers, along with Vietnam's Tasco Joint Stock Company, is set to start constructing a new facility in Tien Hai Economic Zone in June 2025. The 30-hectare facility will initially produce 75,000 units per year. The first units are expected to be rolled off the production line by early 2026. The project has an estimated cost of US$168 million. Tasco will hold 64 percent of the project, while Geely Auto will hold 36 percent. In this joint venture, Tasco Auto will be appointed as the distributor of Geely vehicles in Vietnam, starting with the popular SUV Geely Coolray, which has already taken the markets of the Philippines and Russia by storm.

In the meantime, Chery's subsidiary, Omoda & Jaecoo, has collaborated with Vietnamese conglomerate Geleximco to develop an $800 million manufacturing plant in Hung Phu Industrial Zone. The construction is set to start in the second quarter of 2025, and the first phase will be completed in early 2026. Upon completion, the plant will produce 200,000 vehicles a year. Head of the completion of the plant, Omoda & Jaecoo has already entered the Vietnamese market by distributing the OMODA C5 SUV, imported from Indonesia, and upgrading its lineup with the Jaecoo J7 PHEV in January 2025. At the same time, the company has completed the creation of 20 nationwide dealership.

Both investments will drive growth in the automotive sector for Vietnam, strengthen localization, and create thousands of new jobs while additional plans involve supply chain development, research and development centers, and workforce training to drive the long-term development of the sector.