Automaker Skoda (Škoda Auto) of the Czech Republic is set to build a plant in the northern province of Quang Ninh province and expects to begin production and export of vehicles by 2023.
Leaders of the company have worked with representatives of the Ministry of Industry and Trade on the plan of building the factory.
Martin Jahn, a director of Skoda Auto, said the Vietnamese car market is relatively small but very promising.
“The political and trade ties between the two countries represent extensive opportunities for cooperation.”
There are 44 projects of the Czech Republic in Vietnam with a total investment of $91 million, according to the Ministry of Planning and Investment.
Mercedes-Benz and Peugeot are two European carmakers with plants in Vietnam, while BMW’s factory is expected to be completed this year.
Established in 1925, Skoda now is a subsidiary of German auto giant Volkswagen