China’s automotive manufacturer BYD, is planning its expansion into electric vehicles manufacturing and assembly in Vietnam, according to a statement issued by the Vietnamese government on Friday.
The Chinese automaker was reported to be planning opening a plant in Vietnam to manufacture car parts, while exporting components to an assembly plant planned in Thailand, which would have an annual capacity of 150,000 cars starting from 2024.
Wang Chuanfu, BYD founder expects that the state will offer favourable conditions for BYD to complete investment procedures, he said following his meeting with Deputy Prime Minister, Tran Hong Ha.
BYD proposed forming a local supply chain in Vietnam, as the company’s plans could be challenging to VinFast, a Vietnamese EV maker, which began selling cars in 2019 and is planning an expansion in the US and Europe.
BYD has been running a factory to assemble electronic devices and parts in the Northern Vietnamese province, Phu Tho.
