The Geleximco Group signed a framework agreement on November 2 with the Omoda & Jaecoo Company, a subsidiary of Chinese automaker Chery Automobile, to build an automobile manufacturing plant in northern Thai Binh province.

Located at the Hung Phu Industrial Park in Tien Hai district, the project has estimated investment of $800 million and a designed capacity of 200,000 vehicles a year.

The project will consist of three phases. The first, to be implemented in 2024-2030, will produce 50,000 vehicles annually with investment capital of $220 million. The second, from 2031-2033, will receive $200 million in investment to manufacture 100,000 vehicles a year. And the third phase will produce 200,000 vehicles a year in 2034-2035 with investment of $380 million.

The first phase of the project is scheduled for completion in the third quarter of 2025 and the plant will begin mass production from the fourth quarter of 2025.