The contract includes three main contents: a joint venture to manufacture and assemble automobiles, authorized distribution of the Geely Auto brand in Vietnam, and a strategic cooperation agreement with the Management Board of Economic Zones and Industrial Parks of Thai Binh Province. This agreement demonstrates the determination of both enterprises in expanding production, distribution and developing the supply chain in Vietnam.
According to the plan, it will focus on assembling domestic cars from imported components, with an expected capacity of 75,000 cars per year in phase 1. The 30-hectare factory in Thai Binh is expected to start construction in 2025 and launch the first product in early 2026. Tasco holds 64% of the investment capital, while Geely contributes 36%, with a total investment of about 168 million USD. The first car lines assembled at the factory will be the Lynk & Co and Geely Auto brands.
In addition to the vehicle assembly project, Tasco Auto – a member unit of Tasco – has also officially become the distributor of Geely Auto brand in Vietnam. At the signing event, Tasco and Geely also cooperated with the Management Board of Economic Zones and Industrial Parks of Thai Binh province to promote the development of Tien Hai Industrial Park. They also called on other investors to participate in building a component supply chain, establishing an R&D center for Southeast Asia and opening a university to train automotive engineers. These initiatives aim to develop a comprehensive ecosystem, help boost exports and strengthen Thai Binh's position on the international automobile industry map.
Speaking at the event held on September 23, Mr. Ngo Dong Hai, Secretary of Thai Binh Provincial Party Committee, emphasized that this cooperation is very suitable for the current time when the Vietnamese automobile market is growing strongly, with the car ownership rate still low compared to other countries in the region. He also expressed Thai Binh province's support and commitment to creating favorable conditions for the success of this project, thereby promoting sustainable local economic development.
Mr. Vu Dinh Do, Chairman of Tasco Board of Directors, commented that this joint venture not only brings opportunities to develop the automobile manufacturing industry but also contributes to improving smart traffic infrastructure in Vietnam. Tasco hopes to learn valuable experiences from Geely, transfer technology and train high-quality human resources, thereby helping to improve the quality of life of Vietnamese people through the development of modern traffic.
The strategic cooperation project between Tasco and Geely is not only important for the two businesses but also marks a new step forward in the Vietnamese automobile industry, promising to bring positive contributions to economic and technological development in the region.
