“BYD, the Giant, Still Plans to Produce Electric Cars in Vietnam, Hoping for Incentive Policies”
During an official visit to China, the Chairman of the National Assembly of Vietnam, Vương Đình Huệ, met with the leaders of prominent Chinese corporations and companies, including BYD, one of the world’s leading electric vehicle manufacturers.
BYD’s Success in Vietnam and Proposed Incentive Policies
At the meeting, BYD’s Vice Chairman of the Board, Lưu Hoán Minh, shared the company’s achievements and activities in four main areas: automobiles, electronics, renewable energy, and railway transportation. In Vietnam, BYD has invested nearly $270 million in the construction of a tablet manufacturing plant in Phú Thọ province in 2021. The facility spans across 26 hectares and currently employs over 9,000 people. During the discussions, BYD leaders also proposed incentive policies for the production and consumption of new energy vehicles in Vietnam.
Vietnam’s Warm Welcome to BYD’s Investment Plans
The Chairman of the National Assembly of Vietnam, Vương Đình Huệ, congratulated BYD on its global achievements in business and investment, emphasizing the company’s potential in contributing to Vietnam’s economic development, social progress, export activities, and job creation.
This visit follows Reuters’ report in 2023, which revealed that BYD, China’s largest electric vehicle manufacturer, had plans to produce electric cars in Vietnam. Chairman Wang Chuanfu expressed his hope that Vietnam would create favorable conditions for the company to complete investment procedures and commence electric vehicle production. These vehicles are intended for sale in Vietnam and other Southeast Asian countries. It is also reported that BYD intends to establish a local supply chain.
BYD’s Global Presence and Sales Figures
Since its establishment in 1995, BYD has established more than 30 industrial parks across six continents. The company plays a crucial role in various sectors, including electronics, automobiles, renewable energy, and railway transportation.
According to the South China Morning Post, BYD sold over 3 million electric vehicles worldwide last year, including battery-electric and plug-in hybrid vehicles, representing a 62% increase compared to 2022. Additionally, in the fourth quarter of 2023, BYD sold 525,409 electric vehicles, surpassing Tesla’s 484,507 vehicles, according to CNN. As a result, although both companies achieved record sales in the last three months of the year, BYD took the lead over Tesla.
BYD’s Expansion Plans
Currently, BYD is building an electric vehicle factory in Thailand and has plans for a facility in Indonesia as well.
Business Today is closely following BYD’s expansion plans and its potential impact on the electric vehicle market in Vietnam and the wider Southeast Asian region.