The Future of Automotive: A New Plant in Thailand’s Rising Sun

On the afternoon of September 24, Mr. Nguyen Khac Than – Vice Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Committee, received and worked with representatives of Geely Auto Group and Tasco Joint Stock Company – the unit that implements the automobile assembly plant project with a total investment of nearly $170 million in Tien Hai Industrial Park.

At the meeting, Mr. Liu Xiang Yang, Vice President of Geely Auto Group, and Mr. Vu Dinh Do, Chairman of the Board of Directors of Tasco Joint Stock Company, expressed their pleasure to visit and work in Thai Binh province. They also informed Mr. Nguyen Khac Than about the signing of a strategic cooperation agreement between the Management Board of Thai Binh Economic Zones and Industrial Parks and Geely Auto Group and Tasco Joint Stock Company, which took place on September 23 in Hanoi. The investors expressed their gratitude for the support and favorable conditions created by the province for the early implementation of the project by the joint venture.

The automobile assembly plant project in Tien Hai Industrial Park has a total investment of nearly $170 million and a production capacity of 75,000 vehicles per year. Once operational, the factory will directly employ 1,000 workers and create indirect employment for about 7,000 people, generating significant revenue for the local budget and contributing to the socio-economic development of the province.

The investors affirmed that the joint venture between Tasco and Geely Auto marks an important step forward not only in the automobile manufacturing industry but also in the development of smart transportation infrastructure, connected and automated technology applications in Vietnam.

In addition, the joint venture will help improve the quality of life through the development of smart and connected transportation, as well as technology transfer, high-quality human resource training, and export promotion. The investors also expressed their hope to continue receiving active support from Thai Binh province during the project implementation and operation of the factory.

Speaking at the meeting, Mr. Nguyen Khac Than highly appreciated the investors’ decision to invest in the automobile assembly plant project in Thai Binh province. He affirmed that the project, located in the Thai Binh Economic Zone – an area with a large land fund, convenient transportation connections by road, air, and water, abundant human resources, and attractive investment incentives, will provide favorable conditions for the long-term development of the enterprise.

In recent years, Thai Binh has made efforts to improve the investment and business environment and invest in industrial development. The province is becoming a new destination for domestic and foreign investors. The local authorities consistently adhere to the principle of considering the investors’ interests as the province’s interests and commit to providing maximum support and creating favorable conditions for investors to implement their projects as soon as possible.

The Vice Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Committee of Thai Binh expressed his belief that with the reputation, potential, and close cooperation between the two investors, Tasco and Geely Auto, Thai Binh will become one of the major “strongholds” in the region in the field of automobile manufacturing. The province hopes that the joint venture will soon implement the project on the ground and wishes the investors success and a fruitful partnership with Thai Binh province.