Chery, a Chinese automaker, has signed a joint venture agreement with a local company to establish an $800 million plant in Vietnam, Reuters reported on Thursday, citing Vietnam's trade ministry. The plant will have a capacity of 200,000 vehicles per year and will produce Chery's OMODA and JAECOO electric models. The first phase of construction is expected to be completed by the first quarter of 2026. This makes Chery the first Chinese electric vehicle maker to set up a facility in the country. The manufacturing plant, a collaboration between Chery's Omoda&Jaecoo unit and Vietnamese company Geleximco, will be located in the coastal province of Thai Binh. In the meantime, Chery plans to import two electric models into Vietnam by the end of this year, in addition to its manufacturing plans. China's BYD, the world's largest EV maker, has also expressed interest in setting up a factory in Vietnam, although recent reports suggest the plan may be delayed.
