In April 2024, the Vietnamese conglomerate Geleximco, led by business tycoon Vu Van Tien, entered into a joint venture with the automotive brands Omoda & Jaecoo (under the Chinese Chery Group) in Hanoi. The partnership aims to establish a car manufacturing facility in Vietnam with an annual capacity of 200,000 units, producing vehicles under the Omoda and Jaecoo marques.
At the time of the announcement, Geleximco disclosed that the total investment for the project was estimated at $800 million (over VND 19,900 billion), with plans to commence operations in 2026, initially targeting an annual production capacity of 50,000 vehicles.
However, according to the latest Investment Registration Certificate of GEL-O&J Automobile Joint Stock Company, a collaboration between Geleximco and Omoda & Jaecoo, the project’s investment capital is VND 8,125 billion (approximately 40% of VND 19,900 billion). This investment is divided into two phases: VND 5,039 billion and VND 3,086 billion.
The first phase of the project is expected to complete procedures in Q3 2025, with construction and equipment installation taking place from Q3 2025 to Q3 2026. The operation is slated to begin in Q4 2026.
The second phase will involve equipment installation from Q1 2027 to Q3 2029, with production commencing in Q4 2029. The total capacity of the project is 120,000 vehicles per year, with the first phase targeting 60,000 units annually. Additionally, the project will include the production of automotive components and spare parts (such as front and rear bumpers and door handles) to support warranty and maintenance services for approximately 3% of the completed vehicles.
The factory will be established on a 38.1-hectare site in the Hung Phu Industrial Park, located in the former Thai Binh province, now part of Hung Yen province. The industrial park is owned by Geleximco Hung Phu Industrial Park JSC, a part of the Geleximco ecosystem.
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