Korean electric vehicle maker K-Pop Motors and Vietnamese construction company CBM will set up an electric vehicle assembly plant near Ho Chi Minh City.
K-Pop Motors announced on the 16th that it had signed a Memorandum of Agreement (MOA) with CBM, a Vietnamese construction company, to install a large-scale electric vehicle assembly plant in an industrial complex near Cai Mep Port, Vietnam’s most crucial port adjacent to Ho Chi Minh City, and to install exhibition and sales centers throughout Vietnam.
Cai Mep Port can accommodate large cargo ships weighing about 200,000 tons to move cargo worldwide. It is also a port with high potential for future development as it is close to Ho Chi Minh City, the largest city in the south.
Chairman Hwang Yo-seop said, “After establishing a partnership with MDA, a Vietnamese factory complex developer, in 2016, we joined hands with a CBM construction company in Ho Chi Minh City, which has extensive experience in the construction of Vietnamese factory complexes, retail shops, and apartment houses. “He said.
CBM is already an excellent construction company with prosperous experience building factories and shopping malls in Vietnam for domestic and overseas famous companies such as Samsung Electronics, Lotte Mart, and E-Mart.
For the site of K-Pop Motors’ Vietnam factory, the Vietnamese government provided preferential tax rates for ten years of corporate tax and duty-free benefits on imported fixed assets.
We will accelerate the establishment of the company and start exporting finished products overseas as soon as possible,” said
Chairman Hwang. Parts and semi-finished products will be imported, and batteries and chargers will be supplied in Korea.”