DANAG, Vietnam: TCIE Vietnam Company, a member of Malaysia’s Tan Chong Motor Group, will build a new car factory in Hoa Khanh industrial zone in central Vietnam with a total investment of US$50 million.
The city’s Investment Promotion Agency (IPA) confirmed that the company has completed procedures to commence the project, Vietnam News Agency reported.
The agency said TCIE Vietnam had invested US$55 million between 2013 and 2017 to produce the first locally-assembled Nissan Sunny and Nissan X-Trail SUV car models at the Danang-based factory – the first and only Nissan Sunny assembly plant in central Vietnam.
In a meeting with the city’s leadership last month, TCIE said it would increase investment to US$150 million in the coming years to promote production and sales of cars in the central and nationwide market.
TCIE said it sold 3,500 Nissan Sunny models in 2018 and contributed 2.2 trillion VND (nearly US$95 million USD) to the city’s budget.
The company plans to produce 5,100 cars with an estimate contribution of US$110 million to the city’s budget in 2019.
TCIE also plans to produce Nissan vans and Nissan trucks in the near future.