Kim Long Motor and Yuchai Corporation have launched a $260 million engine manufacturing plant in Vietnam, marking a significant leap for the country’s industrial ambitions.
The partnership, sealed with a strategic agreement on Thursday, was celebrated with a groundbreaking ceremony in Thua Thien-Hue's Chan May-Lang Co Economic Zone.
The state-of-the-art plant, which will roll out its first engines in early 2025, represents a major investment in Vietnam's growing automotive sector.
With a planned automation level of 90 per cent, the facility will initially produce over 12,000 engines annually, including diesel, CNG, and electric models, with further expansion on the horizon.
Beyond powering Kim Long Motor’s own vehicle production, the plant aims to supply both domestic and international markets, including ASEAN countries and South Korea. This move is seen as a key step in Vietnam’s bid to increase its footprint in the global supply chain and boost the localization of its manufacturing sector.
For the first time, Vietnam will have access to cutting-edge engine manufacturing technology, enabling the country to produce modern automotive engines and other industrial power units independently.
Provincial officials praised the ambitious project, which is set to transform the local economy. The Kim Long Motor Hue Automotive Production and Assembly Industrial Park, sprawling over 600 hectares, is expected to create thousands of jobs.
The investor is also planning to increase the total project investment to around VND 21 trillion ($880 million), with local authorities pledging full support to ensure the project’s success.
Tags:
Tags:
Filum AI has successfully raised $1 million in funding despite a challenging venture capital market, underscoring the potential of AI and shifting investment strategies.
Enterprises are advised to promptly assess and evaluate the impact of the changes in the newly-issued to ensure timely compliance in the upcoming tax finalization period.
Lux Travel DMC has solidified its position as one of the global leaders in sustainable tourism with the prestigious Travelife Certified Sustainability Award 2025.
As AI becomes more prevalent, business leaders must evolve - blending management expertise with a deep understanding of technology and its applications.
The collaboration between Tokyo AA and Rakusei aims to develop high-potential real estate projects, bringing Japanese expertise to Vietnam.
Chief financial officers (CFO) in Southeast Asia are setting their sights on revenue growth to ensure resilience and maintain expansion through economic cycles.
