Beijing (Gasgoo)- Chery Automobile’s subsidiary Omoda & Jaecoo Automobile and Vietnam’s Geleximco Group inked a joint venture pact on April 4 to build an auto factory in Vietnam.

Valued at over US$800 million in investment, the project is designed to be constructed in three phases, featuring a production capacity for 200,000 vehicles annually. The initial phase of construction is slated for completion by the first quarter of 2026.

The agreement between Omoda & Jaecoo Automobile and Geleximco Group signifies a significant stride for both companies in Southeast Asia. Meanwhile, Chery Automobile will also be the first Chinese new energy vehicle maker to set up a factory in the country.

The joint venture aims to establish the factory in Thai Binh province, strategically located along the northern coast of Vietnam. Thai Binh boasts a favorable geographical position and has emerged as one of the leading provinces in economic growth nationwide. Its open and conducive business environment has contributed to its attractiveness for investment and development.