HCMC – BYD Auto, an automotive firm based in the Chinese province of Guangdong, intends to construct a plant in Vietnam to produce parts for electric vehicles.
The business is in discussion with local partners on the project’s location.
The plan will kick off in the middle of 2023 with a total investment of US$250 million, the local media reported.
BYD Auto’s venture in Vietnam is part of the company’s aim to improve and diversify manufacturing activities. It earlier announced efforts to build facilities in Thailand by 2024, with an annual production of around 150,000 automobiles.
BYD Auto, a subsidiary of BYD Company, is a major automaker in China. The firm began as a battery manufacturer before entering the auto industry in 2003.
Given its rising sales in China, BYD Auto has sought to expand operations into potential markets, including Singapore, Japan and the European Union.
In December 2022, leading Chinese manufacturer Chery also revealed intentions to make its SUV Omoda 5 in Vietnam beginning in 2024.