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Wednesday, June 19, 2024

China’s BYD to construct EV factory in Vietnam

The Saigon Times

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HCMC – BYD, China’s electric vehicle (EV) manufacturer, will build an EV manufacturing facility covering 100 hectares in the northern province of Phu Tho.

Luong Thanh Tung, vice chairman of Gelex, said during the company’s annual meeting today, March 28, that BYD intends to construct the factory in Phu Ha Industrial Zone, Phu Tho Province, which is developed by Viglacera, an affiliate of Gelex.

During a meeting with Deputy Prime Minister Tran Hong Ha in May 2023, Wang Chuanfu, chairman of BYD, expressed interest in investing in an EV manufacturing plant in Vietnam.

BYD has already got involved in a US$269 million project in Phu Ha Industrial Park to establish a tablet manufacturing plant. Last year, it augmented the project’s investment capital by nearly US$184 million to facilitate the production of electronic parts.

The top EV manufacturer in China is currently constructing its first overseas factory in Thailand and is considering expanding its EV factory network to include the Philippines, Indonesia, in addition to Vietnam.

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