According to media sources, Vietnam's Deputy Prime Minister Trèn Hèng Hà met with BYD founder and chairman Wang Chuanfu on the afternoon of May 5.。

A government statement issued later in Vietnam mentioned that Wang Chuanfu said BYD plans to enter the field of electric vehicle manufacturing and assembly in Vietnam.。And he expects Vietnam to create favorable conditions for BYD to complete the investment process.。In addition, the statement said BYD also proposed to establish a local supply chain, but the company did not mention how much new investment will be added to the expansion.。

As early as January this year, there were media reports that BYD planned to open a factory in Vietnam to produce auto parts, with the goal of exporting parts to an assembly plant planned in neighboring Thailand。Last September, with the support of Warren Buffett's Berkshire Hathaway, BYD announced that it would establish an electric vehicle assembly plant in Thailand with an annual output of 150,000 vehicles, which is expected to start operations in 2024.。

It is reported that BYD currently operates a factory for assembling electronic equipment and components in Vietnam's northern Phu Shou province, and this new expansion plan will undoubtedly pose a direct challenge to Vietnam's local electric vehicle manufacturers.。

Vietnam's own brand VinFast bears the brunt

Founded in 2017, VinFast mainly produces fuel vehicles and electric vehicles, and is the first independent car brand in Vietnam。In December 2021, VinFast delivered its first batch of electric vehicles to domestic users in Vietnam.。VinFast is currently fully focused on electric vehicles, with production of its last internal combustion vehicle ending in early November 2021.。VinFast's annual production capacity is expected to reach 950,000 vehicles by 2026.。At the same time, VinFast is also looking to expand in the US market.。At the end of March last year, VinFast announced that it would invest $4 billion to set up a plant in the United States.。

According to data previously released by the Vietnam Automobile Manufacturers Association (VAMA), the total car sales of VAMA member units in 2022 was 40.460,000, up 33% from 2021。It is predicted that the Vietnamese car market will reach an annual sales volume of 700,000 to 800,000 vehicles by 2025 and will exceed 1 million vehicles by 2030.。If the Vietnam plant goes well, BYD will get a piece of the pie!

In addition to Vietnam and Thailand, the Philippines and Indonesia also threw an olive branch to BYD.

According to media sources, both the Philippines and Indonesia are fighting for BYD to set up electric vehicle-related factories in their countries.。

Philippine Deputy Trade Minister Cederino Rodolfo previously said the Philippines and BYD were having "in-depth discussions."。It is reported that during a visit to the Philippines at the end of last year, BYD representatives also examined the potential location of a local plant and may decide on a new plant site in the second quarter of this year.。But Philippine officials said BYD has not yet decided on the type of new plant, which could be a full-fledged assembly plant or a plant that imports auto parts from overseas for assembly.。

In addition, BYD is also negotiating with Indonesia to invest in the construction of an electric vehicle assembly plant in Indonesia.。It is reported that the Indonesian government has offered a series of preferential measures, including tax holidays, incentives and access to battery raw materials, in order to get BYD to invest and set up factories in Indonesia.。

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