Vinh Phuc province licenses $30 mln investment for automaker Polaris

By Tri Duc
Mon, April 3, 2023 | 11:24 am GMT+7

Northern Vietnam's Vinh Phuc province has delivered an investment certificate to the U.S.-based Polaris Inc., a Fortune 500 company, to invest $30 million in manufacturing high-performance motorcycles under the Indian Motorcycle brand.

A high-performance motorcycle branded Indian. Photo courtesy of Polaris Inc.

A high-performance motorcycle branded Indian. Photo courtesy of Polaris Inc.

Hoang Thuy Lan, chief of Vinh Phuc's Party Committee, handed over the document to the U.S. firm at a provincial investment promotion event in San Francisco last Friday.

Dalton Pierce, vice president of motorcycle operations, lauded Vinh Phuc’s assistance to the project, which took only one week to check and deliver the investment certificate.

The new factory, also Polaris’s 20th, will be built in Ba Thien II Industrial Park, Binh Xuyen district. Among 19 operating production facilities of Polaris, Northstar Precision Vietnam, a subsidiary of Polaris, is located in Khai Quang Industrial Park, Vinh Yen town, Vinh Phuc province.

The factory, also the first of its kind in Vietnam, could make a revenue of $100 million in 2023 and then $500 million in 2030, Dalton Pierce said to Vinh Phuc Chairman Le Duy Thanh at a meeting last November.

In 2022, Polaris recorded a net income of $447.6 million on sales of $8.59 billion, according to the firm’s financial report. Offroad vehicles and snowmobiles were the biggest cash earner with sales of $6.44 billion, up 15% year-on-year; followed by on-road vehicles, particularly the Indian Motorcycle with $1.16 billion, up 13%; and marine vehicles with $989 million, up 30%.

The U.S. is the 11th-biggest foreign investor in Vietnam with 1,239 valid projects and total registered capital of $11.43 billion as of March 20, according to the Ministry of Planning and Investment. Meanwhile, Vinh Phuc has attracted 507 FDI projects with total registered capital of $6.77 billion, ranking 16th among 63 localities in Vietnam.

Comments (0)
  • Read More
Vietnam, Russia eye setting up joint venture for maritime transport route

Vietnam, Russia eye setting up joint venture for maritime transport route

Vietnam and Russia are studying establishing a joint venture operator of a maritime transport route, underscoring their shared commitment to deepening cooperation in shipbuilding, logistics, and maritime infrastructure.

Companies - Thu, September 18, 2025 | 9:31 pm GMT+7

Coteccons consortium wins Long Thanh Airport contract worth $128 mln

Coteccons consortium wins Long Thanh Airport contract worth $128 mln

HANTA2, a consortium of Coteccons Construction JSC, Hanoi Construction Corporation – JSC and ATAD Steel Structure Corporation, has won the bid for a construction package worth VND3.38 trillion ($128 million) at Long Thanh International Airport.

Companies - Thu, September 18, 2025 | 9:22 pm GMT+7

Vietnam PM orders full disbursement of public investment in 2025

Vietnam PM orders full disbursement of public investment in 2025

Prime Minister Pham Minh Chinh has requested ministries, central agencies, and localities to ensure 100% disbursement of public investment capital in 2025.

Companies - Thu, September 18, 2025 | 9:18 pm GMT+7

EU, Indonesia to sign trade deal next week

EU, Indonesia to sign trade deal next week

The European Union and Indonesia have finalized a trade agreement that is expected to be signed on September 23.

Southeast Asia - Thu, September 18, 2025 | 9:06 pm GMT+7

The first project at VSIP Can Tho industrial park licensed

The first project at VSIP Can Tho industrial park licensed

Can Tho city's export processing and industrial zones authorities have granted an investment registration certificate for the $100 million Bestway Can Tho sports technology plant project in Vinh Trinh commune.

Industries - Thu, September 18, 2025 | 9:04 pm GMT+7

Lego Manufacturing Vietnam signs direct power purchase agreement with VSIP

Lego Manufacturing Vietnam signs direct power purchase agreement with VSIP

Lego Manufacturing Vietnam has signed a Direct Power Purchase Agreement (DPPA) with Vietnam-Singapore Industrial Park (VSIP) as part of the company's ambition to operate its new factory, which opened in April 2025, on 100% renewable energy.

Industries - Thu, September 18, 2025 | 4:07 pm GMT+7

Con Vanh golf course in northern Vietnam to debut in 2028

Con Vanh golf course in northern Vietnam to debut in 2028

Huy Hoang Urban Development and Investment JSC aims to put its VND2,156 billion ($81.75 million) Con Vanh golf course project in Hung Yen province into operation in early 2028.

Real Estate - Thu, September 18, 2025 | 3:21 pm GMT+7

No new grade B office supply in HCMC’s CBD until 2028: Knight Frank

No new grade B office supply in HCMC’s CBD until 2028: Knight Frank

No new Grade B office supply is entering Ho Chi Minh City's central business district (CBD), marking a significant shift in the market as developers are forced to build affordable office space further afield, said Knight Frank Vietnam.

Real Estate - Thu, September 18, 2025 | 1:42 pm GMT+7

What are expectations for Vietnam's stock market from Fed rate cut?

What are expectations for Vietnam's stock market from Fed rate cut?

The Federal Reserve's interest rate cut is expected to support Vietnam's effort to have its stock market status upgraded by FTSE Russell from "frontier" to "secondary emerging" and attract foreign capital after the strong net selling momentum in recent times.

Economy - Thu, September 18, 2025 | 12:33 pm GMT+7

UOB's latest USD/VND forecast is 26,300 in Q4/2025, 26,200 in Q1/2026

UOB's latest USD/VND forecast is 26,300 in Q4/2025, 26,200 in Q1/2026

Singaporean bank UOB predicted that the USD/VND exchange rate will be on a decline in the coming quarters to 26,300 in Q4/2025, 26,200 in Q1/2026, 26,100 in Q2/2026, and 26,000 in Q3/2026.

Economy - Thu, September 18, 2025 | 9:07 am GMT+7

Agribank - A Strategic gateway for Vietnam’s carbon credits to global market

Agribank - A Strategic gateway for Vietnam’s carbon credits to global market

Carbon credits are emerging as a valuable form of “green asset.” However, to unlock their full potential and turn it into tangible value, Vietnamese businesses require strong financial backing, technical expertise, and market linkages.

Companies - Thu, September 18, 2025 | 9:05 am GMT+7

Care For Vietnam joins ASEAN forum, signs MoU in New Zealand

Care For Vietnam joins ASEAN forum, signs MoU in New Zealand

Care For Vietnam (CFVN) had the honor to be the only Vietnamese enterprise invited to share insights at the "ASEAN Forum 2025: 50 Years + $50 Billion" held at ANZ Centre in Auckland, New Zealand on August 28.

Companies - Thu, September 18, 2025 | 9:00 am GMT+7

Digital technology transforms Vietnam’s food industry

Digital technology transforms Vietnam’s food industry

Amidst robust digital transformation across all sectors, the food processing industry has tapped such digital technologies as Internet of Things, AI, blockchain and Big Data to optimize production processes, control supply chains, and meet consumers’ demands.

Companies - Thu, September 18, 2025 | 8:16 am GMT+7

VPBank issues Vietnam’s first international sustainable bonds

VPBank issues Vietnam’s first international sustainable bonds

VPBank has become the first bank in Vietnam to successfully issue $300 million in sustainable bonds on the international market.

Companies - Wed, September 17, 2025 | 10:24 pm GMT+7

Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vingroup has surpassed state-controlled lender Vietcombank to become the largest market capitalization company in Vietnam as its stock price rose 3.5 times in the past seven months.

Companies - Wed, September 17, 2025 | 10:16 pm GMT+7

First wave of ETF buying could exceed $680 mln if Vietnam secures FTSE market upgrade: broker

First wave of ETF buying could exceed $680 mln if Vietnam secures FTSE market upgrade: broker

Vietnam’s stock market has a strong chance of being upgraded by FTSE Russell in its October 2025 review, a move that could unlock billions of dollars in foreign inflows, said an analyst at broker ASEAN Securities.

Economy - Wed, September 17, 2025 | 4:16 pm GMT+7