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Ready 100 hectares of land in Phu Tho if BYD invests in electric vehicle factory

Ready 100 hectares of land in Phu Tho if BYD invests in electric vehicle factory

Gelex leaders said the company has set aside 100 hectares of land at an industrial park in Phu Tho, if BYD – the Chinese electric vehicle 'tycoon' – is in demand.

This information was answered by Mr. Luong Thanh Tung, Vice Chairman of the Board of Directors of Gelex Group (GEX) at the annual meeting on the morning of March 28.

Shareholders questioned whether BYD could set up an electric vehicle factory in Phu Ha Industrial Park (Phu Tho) of Viglacera (a member company of Gelex). Mr. Tung said that in terms of land lease location, BYD's top leaders also went to Vietnam, deciding to choose Phu Ha Industrial Park (Phu Tho) of Viglacera for investment research.

According to Tung, BYD, Vigalcera and Phu Tho province had a relatively long negotiation process. However, official implementation depends on BYD's strategy as well as the electric vehicle situation. "Viglacera also set aside 100 hectares of ready-made commercial land, if BYD has a need," Tung said.

In early 2023, Reuters reported that China's largest electric vehicle maker plans to build a factory in Vietnam to produce car parts. Later, at a meeting with Deputy Prime Minister Tran Hong He in May 2023, BYD Group Chairman Wang Chuanfu also stated this aspiration.

Mr. Wang Chuanfu then proposed to be facilitated to complete the investment procedures, in order to quickly put the project into operation. BYD also intends to form a chain of supporting industrial enterprises for electric car projects.

Phu Ha Industrial Park, where BYD chose to research and invest in an electric car factory, is also where the Chinese electric car tycoon invests in a tablet factory. This plant has been operating since August 2022, with a total registered capital of 269 million USD. This is also the largest FDI project of Phu Tho province attracted in 2021. Last year, BYD invested in expansion, increasing capital at the plant by nearly $184 million, to produce electronic components.

BYD is China's largest electric vehicle manufacturer. Last year, the electric vehicle giant recorded a spike in net profit, reaching 30 billion yuan ($4.2 billion), nearly doubling 2022.

In the fourth quarter of 2023, BYD has surpassed Tesla in terms of electric vehicles sold globally, with more than 525,400 units, slightly ahead of Tesla with 484,500 vehicles. Overall in 2023, BYD sold a record 3.02 million vehicles globally, up 62% from 2022.

Based in Shenzhen, the company is now building its first overseas electric vehicle plant in Thailand. Along with Vietnam, it is looking to the Philippines and Indonesia for plans to build more plants in Southeast Asia.

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