TC Group to build $365mn auto plant in northern Vietnam
TC Group to build $365mn auto plant in northern Vietnam
Thanh Cong (TC) Group, the assembler and distributor of Hyundai vehicles in Vietnam, will build the Thanh Cong - Viet Hung auto plant in Quang Ninh Province, northern Vietnam at a cost of over VND8.6 trillion (US$365 million).
TC Group will contribute roughly VND2.6 trillion ($109 million), or 30 percent, to the project in phases, while the rest will be mobilized from other sources.
The Ministry of Industry and Trade recently requested the Ministry of Science and Technology to appraise the technology utilized at the auto plant project, proposed by Thanh Cong Viet Hung Technology Industrial Complex JSC, a subsidiary of TC Group.
Thanh Cong Viet Hung is headquartered at Viet Hung Industrial Park, located in the province’s Ha Long City, with its charter capital reaching VND1.736 trillion ($72.9 million).
TC Group aims to develop the auto plant project into the Thanh Cong Viet Hung automotive supporting industry complex in the years ahead.
In September 2020, the group broke ground on the complex, which was expected to attract many enterprises in the auto ancillary and auto manufacturing industry.
The Quang Ninh Economic Zone Authority on September 18, 2020 granted an investment certificate to the Thanh Cong Viet Hung auto plant project, whose construction is scheduled to last until March 2025.
The auto manufacturing and assembling plant, once being put into operation, could churn out 120,000 cars per year and will become the first facility to assemble and make Škoda Auto-branded cars in Vietnam and Southeast Asia.
According to a deal signed between the group’s TC Motor and the Czech automobile manufacturer Škoda Auto, the plant will launch two CKD (completely knocked-down) car models, namely Kushaq and Slavia, in 2025, paving the way for Škoda products made in Vietnam to be shipped to ASEAN markets.
