The inauguration ceremony was attended by Vice Chairman of the National Assembly Vu Hong Thanh, Deputy Prime Minister, Foreign Minister Bui Thanh Son and Minister of Industry and Trade Nguyen Hong Dien.

This is the first Skoda automobile manufacturing plant in Viet Nam and ASEAN.

The plant, operated by Vietnamese automaker Thanh Cong Group, has the designed capacity of 120,000 vehicles per year.

It is equipped with modern production lines and advanced automation technology in compliance with international standards for quality and environmental protection.

The factory marks a milestone in the strategic cooperation between TC Motor—a member of Thanh Cong Group—and Skoda Auto, a 130-year-old Czech automobile brand. The partnership aims to bring high-quality European vehicles to Vietnamese consumers.

Viet Nam is drafting a strategy for the development of the automobile industry with a goal of achieving a market size of 1-1.1 million vehicles by 2030, of which 70 percent will be domestically produced and assembled.

Viet Nam plans to strengthen the supporting industry for the automotive sector. By 2030, the supporting industry is expected to meet around 55-60 percent of the demand for components and parts for domestic automobile assembly, increasing to 80-85 percent by 2045./.