Mitsubishi Motors to invest US$250 million in second factory in Vietnam

By Nga Vu - Jan 17, 2018 | 07:45 AM GMT+7

TheLEADERMitsubishi Motors is searching for a suitable location to build its second automobile factory in Vietnam with the expected investment capital of US$250 million.

The factory is scheduled to put in operation by 2020, with a manufacturing capacity of 30,000 to 50,000 products a year.

Deputy Prime Minister Vuong Dinh Hue had a meeting with Kozo Shiraji, Vice President of Mitsubishi Motors Corporation during his visit to Vietnam. 

Kozo Shiraji said that Vietnam is one of the important production areas and potential markets of the Group in Southeast Asia. The young and skilled workforce is the great advantage of Vietnam in the field of automobile and motorbike production.

The current automobile factory of Mitsubishi Motors Vietnam Co. Ltd. is located in Binh Duong province with a capacity of 5,000 units per year.

Regarding the location of the second automobile plant in Vietnam, the Mitsubishi Motors’ leader said: "The location of the factory should be in the developed economic zone or industrial park, near the seaport, enabling to transport large volumes domestically and internationally, etc."

Vice President of Mitsubishi Motors also said that the project would contribute to Vietnam's economic and social development, adding the possibility of cooperation in producing eco-friendly electric cars in Vietnam in the coming time.

Vice President of Mitsubishi Motors Kozo Shiraji (left) and Deputy Prime Minister Vuong Dinh Hue (right) in the meeting. Photo: VGP/Thanh Chung

Deputy Prime Minister Vuong Dinh Hue supported the project plan, stressing that cooperation in the automobile industry and auxiliary industry is a field that both the Governments of Vietnam and Japan are in need. 

Mitsubishi Motors’ expansion of automobile production in Vietnam is to realize Vietnam's Industrialization Strategy within the framework of Vietnam – Japan cooperation towards 2020 with a vision till 2030.

The Deputy Prime Minister affirmed that Vietnam will create favorable conditions for foreign investors, including Japanese investors and Mitsubishi Motors to implement projects smoothly in line with world trade rules.