Czech automaker Skoda is set to build a plant in the northern province of Quang Ninh and expects to begin production and exports of vehicles by 2023.
Leaders of the company have worked with representatives of the Ministry of Industry and Trade on the plan of building the factory.
Martin Jahn, a director of Skoda Auto, said the Vietnamese car market is relatively small but very promising.
“The political and trade ties between the two countries represent extensive opportunities for cooperation.”
There are 44 Czech projects in Vietnam with a total investment of $91 million, according to the Ministry of Planning and Investment.
Mercedes-Benz and Peugeot are two European carmakers with plants in Vietnam, while BMW’s factory is expected to be completed this year.
Skoda manufactured around 900,000 cars last year and sold nearly half in Western Europe.
Established in 1925, it is a subsidiary of German auto giant Volkswagen.
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