Tan Chong Motor raises investment in Vietnam

Malaysia’s automobile manufacturer Tan Chong Motor has been given approval to almost triple its investment capital in Vietnam.

In accordance to its new investment certificate granted by Danang Municipal People’s Committee, TCIE Vietnam, a wholly owned subsidiary of Tan Chong Motor will have total registered investment capital of $40 million compared to $15 million registered in December 2009.

The capital raise will allow TCIE Vietnam to under take design, manufacturing and assembly of buses, trucks and passengers cars. The manufacturer expected to produce 7,200 units per year in the first phase.

TCIE Vietnam said that piling works for the construction of its plant had begun and construction was expected to be completed in December this year, ahead of production in the third quarter of 2012. – VIR

Tags: Tan Chong Motor

Posted by VBN on Apr 14 2011. Filed under Automotive. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry