Geely Auto is making significant moves to expand its presence in Southeast Asia by establishing a vehicle assembly plant in Vietnam. This new plant will have the capacity to produce 75,000 cars annually and is part of a joint venture with Vietnam’s Tasco Joint Stock Company.
The total investment for this project is projected to be around US$168 million, with Geely contributing 36% of the funding, while Tasco will cover the remainder.
Geely’s investment also includes plans to develop the local supply chain and establish an automotive research and development centre. This initiative aligns with the broader strategy of Chinese automakers to increase the export of knock-down kits—key vehicle parts produced in China and then assembled in foreign markets.
Geely’s CEO, Gan Jiayue, emphasised these plans in a meeting with Vietnam’s Deputy Prime Minister Tran Hong Ha, signalling the company’s commitment to Vietnam’s growing automotive industry.
This announcement follows a trend of increasing investments in Vietnam by other Chinese automakers like Chery Automobile and BYD, indicating Vietnam’s growing appeal as a key production hub in the region.