Kim Long Motor Hue Joint Stock Company and Changan Automobile Group (China) on January 14 signed a cooperation agreement to build a passenger car factory at an industrial park in the central city of Hue that will be capable of producing 50,000 vehicles per year.
Kim Long Motor Hue JSC and Changan Automobile Group sign a cooperation agreement on building a factory. (Photo: VNA)
Hue (VNS/VNA) -🦩 Kim Long Motor Hue Joint Stock Company and Changan Automobile Group (China) on January 14 signed a cooperation agreement to build a passenger car factory at an industrial park in the central city of Hue that will be capable of producing 50,000 vehicles per year.
Accordingly, the two parties plan to produce 5-7 seater vehicles at the new Kim Long Truong An Vietnam facility.
The factory will be part of the Kim Long Motor Hue automobile manufacturing and assembly industrial park located in Hue's Chan May - Lang Co Economic Zone.
It will span an area of 30 hectares, with all production lines set to incorporate Changan's advanced and cutting-edge technologies.
Construction of the factory is scheduled to begin in 2025. Initially, the localisation rate will reach 40%, with a target of exceeding 80% by the second quarter of 2026.
When operational, the factory is expected to create thousands of jobs and significantly contribute to the state budget and the socio-economic development of Hue.
Kim Long Motor's General Director Dao Viet Anh expressed that the partnership with Changan Automobile serves as a crucial foundation for the company to solidify its position in the domestic market and expand its reach internationally.
The company is committed to fully using its resources and technical expertise, while maintaining close collaboration with Changan Automobile to achieve their shared goals. They aim to begin operations at the factory promptly and jointly write a new chapter for Vietnam’s automobile industry.
Deputy General Manager of Changan Automobile Group Wang Hui highlighted that this collaboration marks an essential step in its global strategy, and will serve as a critical starting point to penetrate the Vietnamese market.
The partnership between Kim Long Motor and Changan Automobile in Vietnam will focus on several key pillars, including selecting unique product lines, developing a distribution system that meets brand standards and making investments in the 5-7-seater passenger car factory Kim Long Truong An Vietnam./.
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