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