Ford is spending US$82m to expand its plant in northern Vietnam to boost production capacity.
According to a Reuters report, Ford Vietnam, established in 1995, said the expanded factory would boost annual capacity to 40,000 vehicles from 14,000 now.
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The company said it sold 32,175 cars in 2019, up 31% from a year earlier.
The additional investment, which would bring the company’s total investments in Vietnam to over $200m, would come in two stages over a two year period starting this year.
Deputy trade minister Do Than Hai told Reuters he expected the expansion would reduce Vietnam’s reliance on imported vehicles and therefore lower the country’s trade deficit.
The construction would expand the factory across an additional 60,000 square metres of land, bringing the total area to 226,000 square metres.
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By GlobalDataVietnam sales decline continues in December
