Hong Kong-based Yadea Technology Group Co. Ltd will build a $100-million electric motorbike manufacturing plant in Bac Giang province under a memorandum of understanding signed with Tan Hung Industrial Park developer Lideco 1 JSC on Saturday.
The 23.2-hectare project, located in Tan Hung Industrial Park, Lang Giang district, is set to be implemented in the second quarter of 2023. It will have an annual capacity of two million motorbikes and employ 3,500 people.
The Hong Kong firm will also set up an electric motorbike research center at the industrial park, said Rong Wen You, CEO of Yadea Vietnam, while thanking Bac Giang authorities for facilitating the investment.
Lideco 1 Joint Stock Company, the Tan Hung IP investor, vowed to soon supply the Hong Kong firm with industrial land.
Bac Giang Chairman Le Anh Duong lauded Yadea’s long-term investment and urged the firm to invite component suppliers to invest in the northern province, toward the establishment of an electric motorbike complex.
Yadea is a global heavyweight in electric motorbike production with seven manufacturing facilities in the world and an annual capacity of 10 million products. Its products are exported to over 80 countries. It also has three R&D centers.
Yadea became a top brand in Vietnam within a year of debut, which was November 2019.
Bac Giang plans to attract investments of $1 billion into its industrial parks this year and facilitate IP investors to create 200 hectares of new industrial real estate.
Bac Giang, a neighbor of Hanoi, attracted 595 foreign investment projects with total registered capital of $9.38 billion as of end-2022, according to the Ministry of Planning and Investment.
Last week, the northern province signed an investment certificate and an MoU for two FDI projects with total registered capital of $761 million. Ingrasys (Singapore) Pte. Ltd. has been approved as investor and Fulian Co. Ltd. as operator of the $621 million Fulian precision technology factory project. Hainan Longi Green Energy Technology Co. Ltd. signed an MoU to manufacture solar panels with a capacity 3,500 megawatts per year and investment capital of $140 million
The province’s Index of Industrial Production (IIP) grew 31.51% year-on-year in 2022, the highest pace in Vietnam, partly thanks to the expansion of foreign electronic businesses, said the provincial statistics office. In particular, Luxshare - ICT (Vietnam) Limited and Fuyu Precision Component Company Limited increased their revenue by 80% and 145% last year, respectively.