According to a Vietnamese government statement quoting BYD Co.’s chair, the business wants to manufacture and assemble electric automobiles in Vietnam.
In January, Reuters exclusively revealed that the Xian-based EV company intended to construct a Vietnam factory to supply vehicle parts for an assembly plant in Thailand.
After meeting with Deputy Prime Minister Tran Hong Ha on May 5, BYD founder and chair Wang Chuanfu stated he expects Vietnam to establish favorable conditions for BYD to complete investment processes in a government statement.
BYD’s expansion investment wasn’t specified.
According to a Friday government statement, BYD, manufacturing in Phu Tho, northern Vietnam, offered a local supply chain.
BYD would directly compete with VinFast, a Vietnamese EV producer that started selling cars in 2019 and intends to grow in the US and Europe.
BYD, financed by Warren Buffett’s Berkshire Hathaway, stated last September that it will develop an EV assembly factory in Thailand with 150,000 car capacity by 2024.
