HCMC – Diversified business group Geleximco has cut a deal with VIGLACERA Corporation to rent 50 hectares of land to build an auto assembly and production plant in Thai Binh Province.
The facility at the Tien Hai industrial park will require an estimated VND19 trillion, or US$800 million, and be executed in two phases, the local media reported.
The plant’s first phase will be built in the first quarter of 2023 and completed in the third quarter of 2024, with a total cost of some VND7 trillion. Nearly 50,000 autos will be produced annually.
In the second phase, Geleximco will pour VND11.8 trillion into its plant expansion project and implement it in 2030. The factory will turn out some 100,000 units a year and create jobs for up to 3,000 workers.
After completing land and infrastructure rental procedures, Geleximco will start work on the auto assembly and production plant, which will manufacture eco-friendly cars.
In addition, the plant will produce auto parts to provide local auto assembly factories and reach out to global markets.
Nguyen Khac Than, chairman of Thai Binh Province, said that after being approved for investment, Geleximco’s auto assembly and production plant would be the largest project in the province in 2022. This is one of the hi-tech projects to be prioritized by the province.
The provincial chairman also urged Geleximco to quickly send its proposal for investment to the provincial government.