South Korea's Tata Daewoo eyes automobile assembly factory in Tuyen Quang

June 11, 2024 | 22:44

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South Korea's Tata Daewoo is looking for a 10-hectare site for an automobile assembly factory in the northern province of Tuyen Quang.

South Korea's Tata Daewoo eyes automobile assembly factory in Tuyen Quang

In a meeting with Tuyen Quang provincial leaders on June 4, Ko Young Hak, chairman of KGM Tata Daewoo, expressed interest in investing in an automobile assembly factory in the locality. The company also needs a 30-hectare site to develop high-tech agricultural projects.

In South Korea, Tata Daewoo is engaged in high-tech agriculture, especially chicken farming, which generates an annual revenue of $600 million, Hak added.

As part of its expansion, Tata Daewoo also has a plan to develop a 36-hole golf course within the high-tech agricultural project.

In addition, the South Korean company is keen on vocational training to prepare Vietnamese workers to work in South Korea and for companies in Vietnam.

Nguyen Manh Tuan, Vice Chairman of Tuyen Quang People's Committee, said, "The expansion is expected to increase budget revenue and create jobs for locals in Tuyen Quang. At present, Tuyen Quang has attracted seven projects from South Korean investors, with total registered capital of $36 million. The group's proposals are aligned with Tuyen Quang's investment attraction direction."

The company was established in 2002 as "Daewoo Commercial Vehicle Co. Ltd", after it was spun off from parent company, Daewoo Motors. In 2004, it was acquired by Tata Motors, India's largest passenger automobile and commercial vehicle manufacturing company.

Tata Daewoo has been present in Vietnam since 2016, with its headquarters in Binh Duong province. The company specialises in providing vehicles and construction machines imported from Japan, South Korea, Germany, America, and Australia.

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