Hyundai Motor has inaugurated its second plant in Vietnam with a capacity of 100,000 automobiles per year.
Covering an area of over 50 hectares in the northern Ninh Binh Province, the new plant will turn out eco-friendly and fuel-saving vehicles, said Thanh Cong chairman Nguyen Anh Tuan.
Hyundai entered the Vietnamese market in 2009 through a joint venture with local conglomerate Thanh Cong Group. It imports parts for local assembly in what are known as knock-down kits.
The plant will increase Hyundai’s Vietnamese production capacity to 170,000 vehicles a year when it becomes fully operational, likely in 2025.
The South Korean automaker has invested nearly VND12.3 trillion (roughly $496 million) in Ninh Binh province.
In the first 10 months, 397,457 cars were sold and auto sales could exceed 400,000 for the first time in eight years, according to the Vietnam Automobile Manufacturers Association (VAMA).