Vietnam-China joint venture to build $800 mln automobile factory
Vietnamese conglomerate Geleximco and Omoda & Jaecoo Automobile, a subsidiary of Chinese state-owned automaker Chery Automobile, will jointly build an $800-million automobile factory in Vietnam's northern province of Thai Binh.
The two sides agreed Thursday to set up a joint venture for a plant that can produce 200,000 vehicles a year, under Omoda & Jaecoo brand.
The $220-million first phase of the three-phase project is scheduled to be completed in the first quarter of 2026, at which stage it will have an annual output of 50,000 units.
Executives of Geleximco and Omoda & Jaecoo sign a joint venture agreement in Hanoi, April 4, 2024. Photo courtesy of Dai Bieu Nhan Dan (People's Representatives) newspaper.
The second, $200 million phase will increase the plant’s annual output to 100,000 vehicles in the 2031-2033 period. The final $380 million phase is envisaged to increase annual production to 200,000 units in the 2034-2035 period.
This will be the first time that a Chinese new-energy vehicle producer will build a factory in Vietnam. During construction, Omoda & Jaecoo will enter the Vietnamese market by bringing in completely built-up vehicles.
Speaking at the signing ceremony, Minister of Industry and Trade Nguyen Hong Dien noted that the production and assembly of electric vehicles (EV) and hybrid vehicles had become a global trend. It would help Vietnam achieve carbon neutrality by 2030, he added.
By investing in Vietnam, businesses can not only approach a big market with 100 million people but also a larger one of five billion people, thanks to Vietnam’s participation in various free trade agreements, Dien added.
Geleximco CEO and chairman Vu Van Tien said the cooperation was testament to the growing partnership between Vietnam and China. He said the joint venture aimed to export its vehicles thanks to many free trade agreements that Vietnam has signed, he added.
- Related News
- Read More
Masan High-Tech Materials partners with S Korea’s GBI on tungsten processing
Masan High-Tech Materials (UPCoM: MSR), the mining unit of Vietnamese conglomerate Masan Group (HoSE: MSN), has entered into a strategic partnership with South Korea’s GB Innovation (GBI) to process Korean tungsten concentrate into higher-value products in Vietnam, strengthening a non-Chinese tungsten supply chain.
Companies - Thu, July 9, 2026 | 3:51 pm GMT+7
Idemitsu Kosan expands energy ecosystem in Vietnam
After more than three decades of operations in Vietnam, Japan’s Idemitsu Kosan is further expanding its energy ecosystem with a biomass pellet plant project in the central province of Gia Lai.
Industries - Thu, July 9, 2026 | 1:43 pm GMT+7
Two banks to list on Ho Chi Minh City bourse, expand charter capital
Vietnam's private banks Vietbank and BVBank are finalizing the last steps to transfer their trading from the unlisted public company market UPCoM to the Ho Chi Minh Stock Exchange (HoSE), while simultaneously implementing plans to increase their charter capital.
Banking - Thu, July 9, 2026 | 11:51 am GMT+7
Strong Q2 earnings, lower interest rates to bolster Vietnam stocks
Strong second-quarter corporate earnings and declining interest rates are expected to support Vietnam's stock market in the coming months, brokerage firms said, as the market moves beyond a period of limited news flow and enters a more favorable phase driven by improving fundamentals.
Finance - Thu, July 9, 2026 | 8:00 am GMT+7
Wistron raises construction, equipment investment in northern Vietnam province to $178 mln
Taiwanese technology firm Wistron has increased its investment in factory construction and equipment in Ninh Binh province to $178.27 million, adding $24.5 million to expand its facilities at Kim Bang Industrial Park.
Industries - Wed, July 8, 2026 | 7:56 pm GMT+7
Sun Group targets groundbreaking for $624 mln urban projects in central Vietnam this year
Vietnam's leading developer Sun Group aims to begin construction of two urban projects worth a combined VND16.4 trillion ($623.78 million) in the central province of Quang Ngai by the end of 2026, while also advancing plans for a new expressway linking the province with the Central Highlands.
Real Estate - Wed, July 8, 2026 | 4:54 pm GMT+7
Vietnam raises airport number target to 36 by 2030 as aviation demand surges
Vietnam plans to expand its airport network to 36 airports by 2030, up from the previous target of 30, under a revised national aviation infrastructure plan aimed at catering for rising passenger demand and boosting regional connectivity.
Infrastructure - Wed, July 8, 2026 | 4:45 pm GMT+7
Germany's VFT Bio Fuels UG eyes $3.1 bln green steel complex in southern Vietnam
Vietnamese industrial park developer IMG Phuoc Dong and Germany’s VFT Bio Fuels UG have signed a memorandum of understanding to study the development of a $3.1 billion green steel complex in the southern province of Tay Ninh.
Industries - Wed, July 8, 2026 | 4:25 pm GMT+7
Vietnam police minister urges Yamato Holdings to study investment in Gia Binh airport
Vietnam’s Minister of Public Security Luong Tam Quang has called on Japan’s Yamato Holdings to assess investment opportunities in warehousing and cargo transport systems at Gia Binh International Airport, while exploring potential cooperation and operational models with Vietnamese partners once the facility becomes operational.
Infrastructure - Wed, July 8, 2026 | 3:09 pm GMT+7
Vietnam real estate M&A favors quality, clear legal status assets as FDI priorities evolve
Vietnam's real estate M&A market continued to attract foreign capital in the first half of 2026 despite persistent global economic uncertainties, but foreign investors are increasingly targeting assets with clear legal status, stable cash flow, and strong operational performance, with data centers emerging as a key growth segment.
Real Estate - Wed, July 8, 2026 | 1:38 pm GMT+7
Central Vietnam hub Danang plans to tokenize nearly $4 bln in infrastructure projects to attract global capital
The Vietnam International Financial Center, located in the central city of Danang (VIFC Danang), plans to tokenize nearly $4 billion worth of infrastructure projects as part of a strategy to attract more global capital.
Economy - Wed, July 8, 2026 | 12:17 pm GMT+7
Computers, smartphones edge higher in price as AI memory boom tests Vietnam's ICT firms
Rising memory chip prices driven by artificial intelligence are spreading from semiconductor manufacturers to consumer electronics brands such as Apple, Dell and ASUS, pushing up the prices of computers and smartphones.
Companies - Wed, July 8, 2026 | 8:00 am GMT+7
LG Innotek to build $1 bln semiconductor substrate plant in northern Vietnam
South Korea's LG Innotek will spend $1 billion to build a semiconductor package substrate manufacturing plant in Hai Phong city, with mass production scheduled to begin in the third quarter of 2028, according to local authorities.
Industries - Tue, July 7, 2026 | 11:13 pm GMT+7
Malaysia’s JLand eyes up to $6 bln high-tech hub in Hanoi
Malaysia’s JLand Group has proposed developing a high-tech, innovation and data center complex in Hanoi with an estimated investment of $4-6 billion, as Vietnam’s capital seeks to attract technology projects and strengthen its digital infrastructure.
Infrastructure - Tue, July 7, 2026 | 4:26 pm GMT+7
PVOIL approves $600 mln crude supply plan for Nghi Son refinery
PVOIL, a subsidiary of state-owned Petrovietnam, has approved transactions worth an estimated $600 million to supply crude oil to the Nghi Son Refinery and Petrochemical complex during the second half of 2026, as the country’s largest refinery broadens its feedstock sources beyond its traditional Kuwaiti supply.
Companies - Tue, July 7, 2026 | 1:33 pm GMT+7
F88 wins two international awards for customer-centric growth strategy
F88, a major Vietnamese financial services company, has received two international awards from the Asian Banking & Finance (ABF), a Singapore-based publication, recognizing its initiatives in customer experience and service innovation.
Companies - Tue, July 7, 2026 | 12:42 pm GMT+7
