The US company Ford earlier this year announced plans to invest 80 million USD in expanding its plant in the northern province of Hai Duong to increase capacity to 40,000 vehicles a year.
Vietnamese manufacturer Thanh Cong Motor (TC Motor) has signed an agreement with South Korea’s Hyundai to build a second plant in northern Quang Ninh Province after the first in northern Ninh Binh Province.
The Ministry of Planning and Investment is preparing a plan on developing a proper system for Vietnam’s automobile industry. The plan sets a target of manufacturing highly-competitive supporting products to satisfy 45% of domestic demands by 2025, and 70% by 2030. Vietnam is expected to have around 1,000 enterprises by 2025, and 2,000 enterprises in 2030, capable of being direct suppliers for automobile manufacturers across Vietnam, 30% of which are domestic enterprises.