Ninh Bình eyes $137m automobile factory

September 21, 2020 - 11:00

Financed by Thành Công Group, the Hyundai Thành Công No 2 factory has a production capacity of 100,000 vehicles. each year. It spans on 50ha in the province's Gián Khẩu Industrial Park.

Excavators are ready for the factory's ground-breaking ceremony. — VNA/VNS Photo Đức Phuơng

NINH BÌNH — Construction of an automobile assembly and manufacturing factory, expected to cost over VNĐ3.2 trillion (US$137.4 million) kicked off on Sunday in the northern province of Ninh Bình.

Financed by Thành Công Group, the Hyundai Thành Công No 2 factory has a production capacity of 100,000 vehicles each year. It spans 50ha in the province's Gián Khẩu Industrial Park.

The factory is divided into two phases with the first expected to be completed in 2022 while the second is slated for completion in 2025.

The new factory - Thành Công Group's second of its kind in the province - is considered one of the firm's most important projects.

Đinh Văn Điến, chairman of Ninh Bình People's Committee, said Thành Công Group's business expansion in the locality is appropriate with the province's socio-economic devẹlopment strategies and that of Việt Nam's automobile industry.

Local authorities will create favourable conditions for Thành Công Group to develop its second factory as well as other projects in the near future. — VNS

Tags automobile Ninh Binh

MM Mega Market recognised among the 'Top 100 Best Places to Work in Việt Nam 2024'

Economy

Green lifestyle changes drive people towards ethanol fuel

Economy

World Bank outlines path for Việt Nam to reach high income status

Economy

Việt Nam vows to create favourable conditions for Korean investors

Economy

Aeon Mall to be built in Cần Thơ City

Economy

Cyberattack risks surge with AI advancements

More on this story

Economy

PV Gas – leading firm in domestic gas industry

The corporation has built a complete infrastructure system with four gas systems and 1,200km of pipelines, three gas factories and 13 liquefied petroleum gas (LPG) warehouses whose combined capacity stands at nearly 100,000 tonnes, he said, stressing that its total asset exceeds VNĐ62 trillion (US$2.67 billion).

Economy

TH Group rolls out largest dairy cow project in Central Highlands

Covering 441ha, the project features two farming models, one of which is a cluster of farms spanning 60ha and 378ha, and the other model involves local farmers breeding dairy cows through high-tech cooperatives.

Economy

Support for domestic pharmaceutical industry to rise in Việt Nam

The Vietnamese Government's support for the local pharmaceutical industry will remain steadfast, according to Fitch Solutions.

Economy

Đắk Lắk seeks to become investment magnet

It aims to diversify its investment promotion efforts, including by holding regular meetings and interactions with large domestic and international companies to apprise them about its potential and investment climate.

Economy

Seaport companies less affected amid pandemic

Seaport companies still reported positive earnings despite the impacts of COVID-19 crisis.

Economy

Handicraft, wood industry sets bar high

The Handicraft and Wood Industry Association of HCM City said it plans several measures to add value to Việt Nam’s handicrafts and wood products, help its members further penetrate the global supply chain and enable Việt Nam to become a leading producer and exporter of quality, branded and reputed furniture and forestry products.

Economy