According to Bloomberg News, Chinese electric car maker BYD plans to produce electric vehicles in Vietnam and hopes to get the support of the Vietnamese government. On May 5, Vietnamese Deputy Prime Minister Tran Hong Ha met with BYD Chairman and Founder Wang Chuanfu in Hanoi, the capital of Vietnam.
As a report on the Vietnamese government website showed on May 5, Wang Chuanfu hopes that Vietnam can provide favorable conditions for BYD to complete the investment, so they can start production of electric vehicles in Vietnam as soon as possible and sell them in the local market as well as other markets in Southeast Asia.
In addition, BYD also plans to establish a supply chain in the locality. Earlier this year, media reported that BYD made plans to build a factory in Vietnam to produce auto parts and strengthen its supply chain in Southeast Asia. A spokesman for BYD confirmed this news but did not provide any investment details, as reported in Bloomberg News.
In February of this year, Ceferino Rodolfo, Deputy Secretary of the Philippine Department of Trade, said that the Philippines, Vietnam and Indonesia were competing to attract BYD to build an electric vehicle assembly plant. Rodolfo said in an interview at the time that BYD was in intensive discussions with the Philippines, where BYD representatives scoured potential plant locations and could decide on a new plant site in the second quarter.
In September last year, BYD officially announced that its first wholly-owned overseas passenger car factory officially landed in Thailand. BYD's Thailand factory will adopt the most advanced right-hand drive vehicle technology, and is expected to start operation in 2024, with an annual production capacity of about 150,000 vehicles. The vehicles produced will be put on the local market in Thailand, while radiating to neighboring ASEAN countries and other regions.