Le Anh Duong, Chairman of Bac Giang province People’s Committee, and Phan The Tuan, Deputy Chairman, witness the hand-over of the investment MoU between Yadea group and Lideco 1 Company. (Photo: Dong Thuy/VNA)

A ceremony was held on Saturday to hand over an investment memorandum of understanding between Yadea Group and Lideco 1 Company, the infrastructure investor of Tan Hung Industrial Park.

Covering an area of 23.2 ha, the project with an expected capacity of 2 million vehicles per year will be implemented in the second quarter of this year.  

Yadea is known as a manufacturing corporation and the world’s leading distributor of two-wheeled electric motorcycles. In 2019, Yadea invested in a project to assemble Yadea electric bikes in Quang Chau Industrial Park in Bac Giang province.

The group expects to have about 500,000 vehicles sold in Vietnam and about 100,000 vehicles exported worldwide.  

Its next investment target is 150 million USD and the output in the next 5 years is about 2 million vehicles per year.

On January 2, Bac Giang province granted the investment registration certificate for Singapore’s Ingrasys Pte., the investor of the Fulian precision technology factory project, and the investment MoU for Chinese investor Hainan Longi Green Energy Technology Company to implement a project to produce solar panels.

The total registered investment capital of the two projects is nearly 800 million USD.