Market Update Week 47/2023

Second Hyundai Thanh Cong auto factory inaugurated in Ninh Binh

The new plant (HTMV2) covers 50 hectares in Gian Khau IP, northern Ninh Binh Province, with a total designed capacity of 100,000 cars per year, raising the total annual capacity to 180,000 units.

Thanh Cong Group is the only company in Vietnam to manufacture, assemble and distribute all models of Hyundai cars. So far, this Vietnam – Korea joint venture has invested approximately 512 million USD in 8 projects in Ninh Binh.

Samsung cuts its production in Vietnam for the second time this year

For years, the South Korean electronics giant has produced about half of its smartphones in Vietnam and accounts for nearly a fifth of the country’s overall exports.

The contribution of Vietnam’s factory to the global smartphone output has reduced from 60% (2021) to 50% (2022) and will be 40-46% (2023). The slowdown of global demand is the main reason behind the decline in production.

Kinh Bac KBC expends 90 hectares of Quang Chau Industrial Park

After the Prime Minister’s approval, the expansion will increase the IP in Bac Giang Province from 426 hectares to 516 hectares, with an investment capital of 42 million USD.

The existing area has been 100 percent filled with 41 investment projects, including 37 FDI and 04 domestic ones. Large-scale projects here are from Foxconn, Luxshare-ICT, JA Solar, Siflex, Samkwang, Crystal Martin, and Lens.

First ZIO EV factory inaugurated in Viet Nam

Located in Dai Dong IP, Tien Du, Bac Ninh Province, the factory can produce 12,000 vehicles per year in the first phase and scale up to 400,000 vehicles by the second phase in 2025. ZIO electric scooters using LFP batteries will be launched by end of 2022.

Stavian Quang Yen Petrochemical announces technology transfer from US & Italy

The agreement has been made with two of the world’s leading technologies for its polypropylene production, namely:

C3 Oleflex™ Line Technology by Honeywell UOP (US): Low energy consumption, low emission, reusable catalytic system, applicable for diverse propane sources.

Spheripol™ Technology by Basell Poliolefine Italia: Flexible production and product transformation, energy saving, environmentally friendly.

The plan will start its commercial operation in Q3/2026, covering 30 hectares in Bac Tien Phong IP, Quang Ninh Province, with a total investment of 1.5 billion USD and an output of 600,000 tons of polypropylene per year.

Source: Reuters, Vietnamplus,,