Nguyen Khac Than, Chairman of Thai Binh People's Committee (second from right) awards an investment registration certificate to Geleximco - Chery - Photo: Thai Binh news portal

Electric vehicle (EV) maker Chery held its International User Summit in China from October 17 to 21 with the participation of 700 visitors from 49 countries.

During the summit, Nguyen Khac Than, Chairman of Thai Binh People's Committee, awarded investment registration and business registration certificates for Chery's joint venture with Geleximco Group to build a factory in Thai Binh province.

The move marks an important milestone in the development of the EV factory in Hung Phu Industrial Park in Tien Hai district, with a total estimated investment of $800 million. The factory is slated to be completed in 2026 with a capacity of up to 50,000 vehicles per year.

The project is expected to create thousands of jobs for the locals, promote technology transfer, and develop the local supply chain. It will be the premise for OMODA and JAECOO EV lines to be distributed in the Vietnamese market.

The Geleximco-Chery joint venture is expected to transform Vietnam into a top EV manufacturing and export hub for the region. The project is expected to open up strong growth opportunities for Vietnam's EV industry and unlock its export potential.

Yin Tongyue​​, chairman of Chery Automobile Co., Ltd., said, "Vietnam is an important market for Chery, where the group aims for domestic consumption and exports to Southeast Asia and global markets. Chery also has a long-term plan to build a research and manufacturing centre in Vietnam to promote production capacity and technological innovation."

During the factory construction process, the OMODA and JAECOO lines will enter the Vietnamese market through the importation of complete vehicles. They are expected to launch by the end of this year, with the first model being the OMODA C5.