Ford invests $82m in Vietnamese plant expansion
Ford said on Tuesday it’s investing $82m in the expansion of a plant in Vietnam to boost its production capacity at the site.
The carmaker said the expanded factory would boost the US firm's annual capacity in the Southeast Asian country from 14,000 vehicles to 40,000.
New construction will expand the facility's footprint across an additional 60,000 square meters of land, to 226,000 square meters.
Investment will be carried out in two stages and over a two-year period, starting from 2020.
Ford sold 32,175 cars in 2019, up 31% from a year earlier.
According to Reuters, Vietnamese Deputy Trade Minister Do Than Hai said the expansion would reduce Vietnam’s reliance on imported vehicles and thereby lower the country’s trade deficit.