The agreement signing ceremony between the Management Board of Economic Zones and Industrial Parks of Thái Bình Province, Tasco JSC and Geely Auto Group. — Photo thaibinh.gov.vn

HÀ NỘI — A new car plant, offering thousands of jobs, has been confirmed for the northern city of Thái Bình, with construction expected to start in early 2025.

The cooperation agreement setting out the details of the project was signed in Hà Nội on Monday between the Management Board of Economic Zones and Industrial Parks of Thái Bình Province and the consortium of investors of Tasco JSC and Geely Auto Group.

As expected, the total investment capital of the project is about US$168 million production capacity of 75,000 vehicles per year.

Of which, Tasco will contribute 64 per cent and Geely Group will contribute 36 per cent.

According to the plan, the joint venture will initially assemble cars under the Lynk & Co and Geely Auto brands, but in the future it may expand to assemble other car brands.

Construction of the factory is expected in the first half of next year with delivery of the first models in early 2026.

When put into operation, the factory will create direct jobs for 1,000 workers and about 7,000 indirect workers, creating a large source of revenue for the local budget, contributing to promoting the socio-economic development for the province.

In addition to the automobile assembly factory, Tasco and Geely will also call for other investors to complete the supply chain of spare parts and components and invest in building a research and development centre for Southeast Asia.

The two will establish a university to train car engineers and invest in the production of smartphones specifically serving the connection between cars and people in the Tiền Hải Economic Zone.

Geely Auto is part of the Geely Group of China with leading capacity and experience in the field of car manufacturing, one of the ten biggest automobile manufacturers in the world.

Tasco JSC is a company with strengths in automobile services and smart traffic infrastructure in Việt Nam. Currently, Tasco Auto is a distributor of Lynk&Co brand cars and distributes products of 15 car brands in the Vietnamese market. — VNS