VWAGY - BYD Company to begin manufacturing in Vietnam

2023-05-08 09:04:52 ET

Chinese EV leader BYD Company ( OTCPK:BYDDY ) is kickstarting production in Vietnam, according to Vietnamese officials.

In a government statement released after a meeting between BYD founder Wang Chuanfu and Vietnamese Deputy Prime Minister Tran Hong Ha on Friday, a plan to assemble electronics and potentially EVs for production in Phu Tho province was disclosed. The products will be assembled for use in the domestic market as well as export to the wider Southeast Asian region.

"The expansion of activities from electronic manufacturing to electric car production will be a milestone, laying the foundation for BYD Group's new investment and cooperation ideas in Vietnam,” the Deputy Prime Minister commented.

BYD ( OTCPK:BYDDY ) will compete with domestic stalwart VinFast as well as Volkswagen ( OTCPK:VWAGY ), which recently attracted attention due the expansion of its Skoda brand into Vietnam .

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