China’s Yadea begins building $100 mln electric bike factory in northern Vietnam
China-invested Vietnam Yadea Electric Motorcycle Company Limited kicked off the construction of a $100 million electric bike factory in Vietnam’s northern province of Bac Giang on Sunday.
The factory, Yadea’s second in Bac Giang province, is located in Tan Hung Industrial Park. Construction of the first plant in Quang Chau Industrial Park began in 2019 and reached the milestone of churning out 100,000 products in August 2023.
Yadea holds a groundbreaking ceremony for its factory in Bac Giang province, northern Vietnam on January 21, 2024. Photo courtesy of Yadea.
The latest facility, covering 23.2 hectares, is set to enter operation in 2025, with an annual capacity of two million units, quadruple that of the Quang Chau factory. The plant, utilizing robotic and automated production line technology, is set to employ 3,000 people.
Yadea’s expansion in Vietnam follows the country's commitment to a net-zero carbon emissions target by 2050 and a goal of all road traffic being electric-powered.
Bac Giang attracted foreign direct investment of $3.02 billion in 2023, up 148.3% year-on-year, according to the Ministry of Planning and Investment. So far, China has been the biggest investor with $5.14 billion in 227 projects, followed by South Korea with $2.1 billion in 300 projects, according to provincial data.
- Related News
- Read More
Indonesia calls on US investors to support sustainable growth
Indonesian President Prabowo Subianto has urged U.S. business leaders to prioritize environmental, social, and governance (ESG) principles when investing in his country.
Southeast Asia - Wed, November 13, 2024 | 12:46 am GMT+7
Grab raises annual revenue forecast
Singapore's Grab Holdings has raised its forecast for fiscal 2024 revenue, as the firm anticipates robust growth in its food delivery and ride-hailing business services during the busy holiday season.
Southeast Asia - Wed, November 13, 2024 | 12:44 am GMT+7
Thai baht lags behind peers on concerns over central bank's autonomy
Thailand’s currency has fallen the most among Asian peers on investor concerns that the independence of the country’s central bank is being further eroded.
Southeast Asia - Wed, November 13, 2024 | 12:42 am GMT+7
Vietnam’s 2025 GDP growth target set at 6.5-7%
The National Assembly, Vietnam's legislature, on Tuesday assigned the government to work for a GDP growth rate of 6.5-7% next year.
Economy - Tue, November 12, 2024 | 11:31 pm GMT+7
Murphy Oil spuds oil well in Vietnam, plans another in Q4/2024
Murphy Oil Corporation has started spudding activities at the Hai Su Vang -1X exploration well offshore southern Vietnam, the U.S.-headquartered oil firm says in its Q3/2024 performance review.
Energy - Tue, November 12, 2024 | 9:24 pm GMT+7
Shinhan Bank Vietnam leads syndicated term loan facility for hydropower project
Shinhan Bank Vietnam has been the lead arranger for a syndicated term loan facility to finance the Tra Khuc 2 hydropower project in the central Vietnam province of Quang Ngai.
Banking - Tue, November 12, 2024 | 5:45 pm GMT+7
Vietnam sees rising household affluence: report
Driven by sustained economic growth, Vietnam has seen a rising number of affluent households in recent years which has a great impact on consumer trends in the country, according to a market research report.
Economy - Tue, November 12, 2024 | 5:03 pm GMT+7
Canada seeks business opportunities in ASEAN
The Canada-ASEAN Business council (CABC) recently held a conference to help Canadian enterprises seek business opportunities in ASEAN.
Southeast Asia - Tue, November 12, 2024 | 4:54 pm GMT+7
Vietnam cement firms struggle with real estate, export challenges
Cement businesses in Vietnam have continued to face significant difficulties, with several companies reporting losses in the third quarter of 2024, primarily due to a sluggish domestic real estate market and challenges in exports.
Companies - Tue, November 12, 2024 | 4:44 pm GMT+7
Thailand strives to meet water demand in Eastern Economic Corridor
Demand for more raw water to serve business growth in the Eastern Economic Corridor (EEC) of Thailand, particularly data centers and cloud services, has prompted a new study on joint water management from two suppliers in the country.
Southeast Asia - Tue, November 12, 2024 | 3:52 pm GMT+7
VinFast best-selling vehicle brand in Vietnam
VinFast, the electric vehicle (EV) arm of Vietnam's private conglomerate Vingroup, delivered over 51,000 units in Vietnam in the first 10 months of this year, making it the best-selling brand in the country.
Companies - Tue, November 12, 2024 | 3:32 pm GMT+7
Gluten-free cassava flour cake project wins startup contest in HCMC
Cusami, a project in Ho Chi Minh City’s Cu Chi district that specializes in creating different types of cakes with cassava flour, has won first prize at the 2024 green startup ideas/project competition.
Companies - Tue, November 12, 2024 | 3:10 pm GMT+7
Vietnam dong unlikely to depreciate strongly vs. US dollar in near term: broker
Depreciation pressure on the Vietnamese dong versus the U.S. dollar is likely to wane, and the USD/VND rate may not increase as strongly and fast as before, says Vietcombank Securities (VCBS).
Banking - Tue, November 12, 2024 | 2:31 pm GMT+7
Taiwan electronic firm Lite-On okays $132 mln construction budget for Vietnam plant
Taiwan-based Lite-On Technology Corporation, a world-leading provider in optoelectronics and power management, has approved a construction budget of $132 million for its factory in Vietnam.
Companies - Tue, November 12, 2024 | 12:17 pm GMT+7
Thailand cuts palm oil content in biofuel
Thailand's Ministry of Energy announced last Friday that it will reduce the palm oil content in its biofuel from 7% to 5% to deal with rising palm oil prices.
Southeast Asia - Tue, November 12, 2024 | 11:09 am GMT+7
Vietnam urges Toyota, Honda to switch to producing hybrid vehicles
Toyota and Honda should draft detailed plans to switch their production in Vietnam from petroleum vehicles to hybrid ones, said Tran Duy Dong, Chairman of Vinh Phuc province.
Industries - Tue, November 12, 2024 | 10:56 am GMT+7
