Diversified group Geleximco is set to build a $800 million auto manufacturing and assembling plant in the northern province of Thai Binh that could begin operation in 2024.
The company is working with its European partner to study the plan, which is set to cover 50 hectares, a spokesperson told VnExpress Monday.
Geleximco is still considering which auto brand to manufacture and assemble, with the possibility that it could manufacture for several different brands.
The first phase of the plant has a price tag of $300 million with construction to begin in the first quarter next year and complete in the third quarter of 2024.
In this phase, the plant will have a capacity of 50,000 cars a year and will employ 1,200 workers.
The second phase is set to begin after 2030 with a $500 million upgrade, which will double its capacity to 100,000 and create 2,500-3,000 jobs.
Gelexico, established in 1993, has interests in property, industry, energy, services, and finance. It employs over 10,000 staff.
Another private company, Thai Binh Hung Tinh, also plans to build a plant in Thai Binh to manufacture electric vehicles with an investment of 9.4 million euro ($9.37 million). The plant is set to produce 5,000 vehicles a year.
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