China's BYD sets eyes on Vietnam

National Assembly Chairman Vuong Dinh Hue met with the heads of BYD on April 9, during his recent visit to China.

Hue congratulated the company on its global success and welcomed its new investment plan, while asserting that the National Assembly will support foreign businesses, including Chinese ones, to invest and do business effectively in Vietnam.

BYD has already invested in a factory worth nearly $270 million that makes tablets in the northern province of Phu Tho, established in 2021, with more than 9,000 employees.

Last year, Reuters revealed that BYD was planning to build a new factory in Vietnam to produce vehicle parts.

According to global research and consulting firm Frost & Sullivan, the Southeast Asian EV market is expected to grow at a compound annual growth rate of 28.3 per cent in the 2021-2025 period to 1.9 million units in 2025.

BYD is headquartered in Shenzhen, Guangdong province, China. Founded in 1995, the company was initially a battery manufacturer, becoming an automobile manufacturer in 2003, and diversifying into areas such as mobile phone assembly and solar cell manufacturing.

BYD is one of the world's largest electric vehicle manufacturers with a just over 17 per cent market share, just behind Tesla with a little under 20 per cent.

Chinese carmaker BYD Auto Co has a plan to construct a car-part manufacturing plant in Vietnam.

BYD Electronics (Vietnam) Co., Ltd. is undertaking the final tasks to start the construction of its expanded plant in the northern province of Phu Tho after receiving the investment adjustment certificate in late February.