Geely Automobile Holdings (HKG:0175) is partnering with Tasco, a Hanoi-based infrastructure firm, to establish an assembly plant in Vietnam capable of producing 75,000 vehicles annually.
The plant will be built on a 30-hectare site in Vietnam's Thai Binh Province and will cost nearly $168 million, according to a news release from Tasco.
Tasco will finance 64% of the project, while Geely will fund the remaining 36%.
Specifically, the joint venture is a CKD (completely knocked down) assembly in Vietnam with imported components.
In addition to the plant deal, the parties signed a distribution agreement allowing Tasco to sell Geely vehicles in Vietnam.
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