Ford invests extra US$82 million to expand Vietnam assembling plant
The Hanoitimes - Ford’s decision for expansion was owing to growing demand for Ford cars and its commitment to long-term investment in Vietnam’s auto market, said a Ford executive.
Ford Vietnam on January 14 announced an injection of VND1.9 trillion (US$82 million) to upgrade its Ford Hai Duong assembly plant, bringing its total investment in Vietnam to US$200 million, Vietnamplus reported.
|Overview of the ceremony.|
With this investment, the Ford Hai Duong plant would be expanded by 60,000 square meters, taking the total construction area to 226,000 square meters. This would include a construction of a body shop, a paint shop and reorganizing of other facilities.
The expansion, once completed, would increase the production capacity of the plant from 14,000 cars to 40,000 annually.
At the ceremony, Andrea Cavallaro, vice president of Manufacturing Engineering of Ford Motor, said the decision for expansion was thanks to growing demand for Ford cars and its commitment to long-term investment in Vietnam’s auto market.
Ford Vietnam CEO Pham Van Dung said the expansion plan would be divided into two phases and is scheduled for completion in mid-2022.
Deputy Minister of Industry and Trade Do Thang Hai said the move has significant meaning in realizing Vietnam’s strategy for automobile development, while showcasing the capacity of the enterprise amid fierce competition against imported cars, particularly those from ASEAN countries.
Hai added the Ministry of Industry and Trade is committed to supporting enterprises for the development of the domestic automobile sector, and helping enterprises in Vietnam further integrate into the global value chain.
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