The Vietnam Engines and Agricultural Machinery Corp (Veam) held a groundbreaking ceremony for construction of Thanh Hoa automobile plant in Bim Son town (Thanh Hoa northern province) on July 18.
The plant’s entire equipment and production lines are worth US$12.3 million. Veam won an international tender for purchases of the above automobile manufacturing workshops, equipment and production lines of Sam Sung Automobile Factory located in South Korea.
Before the factory’s business closure in 1999 (after three years of investment) the factory’s investment capital was worth up to US$440 million. Thanh Hoa automobile plant would be completed after about 16 months of construction with a capacity of approximate 35,000 trucks a year said Veam’s officials.
Besides the domestic market, Veam is planning to export its automobile products to be made by this plant.