Gashi Automobile News On September 24, Tasco, a Hanoi-based Vietnam company, issued a statement saying that it has signed a cooperation agreement with Geely Automobile Group to establish an automobile assembly factory joint venture in Tahrih Province of Vietnam to produce automobiles in Vietnam, which will not only serve the local market, but also export them to countries that have signed free trade agreements with Vietnam.
Photo source: Geely Automobile,Tasco’s joint venture with Geely Automobile Group will assemble cars in CKD form.
The factory covers an area of 30 hectares and has an annual production capacity of 75,000 vehicles in the first phase.
It will initially assemble models under the Lynk and Geely Automobile brands and may expand to other brands in the future.
It is reported that the total investment of the project is approximately US$168 million, of which Tasco contributes 64% and Geely Automobile Group contributes 36%.
The car assembly plant is expected to break ground in the first half of 2025, and the first models will be delivered to customers in early 2026.
In addition, Tasco Auto, a subsidiary of Tasco, will also officially become a dealer for the Geely Automobile brand.
Tasco and Geely Automobile Group also signed a memorandum of strategic cooperation agreement with the Economic Zone Management Committee and Industrial Park of Vietnam’s Taiping Province.
The three parties will cooperate to attract other investors to improve the supply chain of auto parts, invest in the construction of automobile R & D centers in Southeast Asia, establish an automotive technology training university, and invest and produce in the Tien Hai Economic Zone in Taiping Province designed for the interconnection of people and vehicles.
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, Taiping Province has significant advantages in economic development and attracting investment, such as incentives from the Vietnam government, convenient transportation and proximity to the seaport.
Therefore, the cooperation between Tasco, Geely Automobile Group and Taiping Province may bring considerable economic growth potential to the local area, and will also bring comprehensive and sustainable development to these two companies.
Previously, Vietnam has attracted increased investment from many China automakers, including Chery Automobile and BYD.
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