China's Geely Automobile plans to expand production and set up a car assembly plant in Vietnam as part of a series of investment commitments worth nearly $170 million.

Geely Auto announced on Tuesday (September 24, 2024) that it will build a factory in Vietnam in a joint venture with Tasco Joint Stock Company in Hanoi, Vietnam, with an annual production capacity of 75,000 vehicles. Geely Auto will also invest in building a local supply chain and establish an automotive research and development center.

The announcement said that the total investment in the project may be about US$168 million, of which Geely will contribute 36% and the rest will come from Tasco.