Update: 22:36 | 09/09/2022
China’s state-owned Chery Automobile has said it wants to sell its first made-in-Vietnam car by next year.
"We want to build a factory in Vietnam as we don’t want to merely import and sell cars," Chery Vietnam director Tocy Tang told media.
A Chery Omoda 5 at an expo in Guangzhou, China.
The plant would allow Chery to "build vehicles that are localized for Vietnamese and optimize its potential," while enhancing the branding of Chinese cars in Vietnam, he said.
Several Chinese auto brands like BAIC, Hongqi and Brilliance are present in Vietnam, but they are imported by a dealer in Hai Phong.
Founded in 1997, Chery is the ninth largest car manufacturer and top exporter in China. It also produces Jaguar and Land Rover in China under a 50:50 joint venture with the U.K.-based luxury carmaker.