Vietnamese automaker Kim Long Motors has inaugurated a VND3,500 billion ($143.7 million) automobile factory in the central province of Thua Thien-Hue.
Construction of the plant began in February 2023 and was completed in less than a year, Kim Long Motors said in an announcement late last month.
The 38-hectare factory employing more than 700 experts to operate it has an annual capacity of 50,000 units. The firm plans to launch its first product from the factory, a sleeper bus, later this month.
The company said the bus, a Vietnamese brand, would meet Euro 5 emission standards.
Vo Phi Hai, CEO of Kim Long Motors, said the firm targets the bus market segment as it only has a few providers now.
The Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 301,989 vehicles in 2023, down 25% year-on-year. The figure included 5,910 buses, up 54% year-on-year. Notable brands were Thaco Bus with 2,110 units and Daewoo Bus with 202 units.