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Asian automakers to launch EV business in Vietnam

The Saigon Times

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HCMC – Regional automobile manufacturers have sought to sell electric vehicles (EV) in Vietnam and build car assembly plants for the domestic market.

Wuling Hongguang Mini EV, China’s best-selling compact EV, will be made and sold in Vietnam this year, the local media reported.

The project is part of a cooperation effort between Vietnam’s TMT Motors Corporation and SGMW, a joint venture based in China of SAIC, General Motors and Wuling.

The businesses plan to assemble 30,000 cars yearly at TMT Motors’s factory in the Red River Delta province of Hung Yen.

Chery Automobile, another Chinese automaker, said in early January that the electric version of the Cherry Omoda 5, as well as the other three gasoline models, will be available in Vietnam this year.

Meanwhile, TC Motor announced that the company would assemble the Hyundai Ioniq 5 in Vietnam in 2023. The firm is the local distributor and assembler of South Korean automaker Hyundai.

According to experts, international businesses are interested in Vietnam’s car industry, given local booming demand and its strategic role as a gateway to other Southeast Asian markets.

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