According to a Vietnamese government statement quoting the company’s chair, Chinese manufacturer BYD Co. (002594. SZ) aims to expand into Vietnam’s electric vehicle manufacturing and assembly.
Reuters exclusively revealed in January that the Xian-based EV company wanted to construct a facility in Vietnam to create car parts for an assembly plant in Thailand.
Wang Chuanfu, BYD’s founder and chair, told Deputy Prime Minister Tran Hong Ha on May 5 that he anticipated Vietnam to make it easy for BYD to invest. However, the announcement did not specify BYD’s expanded investment.
BYD, which has a facility in Phu Tho, Vietnam, to assemble electronic gadgets and parts, also suggested a local supply chain, according to the Friday official statement.
VinFast, a Vietnamese EV firm that started selling cars in 2019, will face direct competition from BYD.
BYD, financed by Warren Buffett’s Berkshire Hathaway, stated last September that it will establish an EV manufacturing factory in Thailand with a 2024 capacity of 150,000 cars.