VIMID signs a strategic partnership with SINOTRUK to develop a truck manufacturing and assembly plant in Vietnam

The 15-year partnership between Vietnam Machine Investment Development Joint Stock Company (VIMID, stock codel: VVS) and SINOTRUK Group has entered a new phase as the two parties officially signed an agreement on April 22 to establish a truck manufacturing and assembly plant in Vietnam.

Representatives of VIMID and SINOTRUK performed the signing ceremony for the cooperation agreement to establish a truck manufacturing and assembly plant in Vietnam.

The signing ceremony took place in a solemn atmosphere, attended by Mr. Man Shengang, Secretary of the Party Committee and Chairman of Shandong Heavy Industry Group Co., Ltd.; Mr. Zhang Gengsheng, Deputy Director of Shandong Heavy Industry Group Co., Ltd.; Mr. Zhao Hua, Deputy Director of SINOTRUK Group and Chairman of SINOTRUK International; Mr. Nguyen Vu Tru, Chairman of the Board of Directors of VIMID; Mrs. Nguyen Thi Thu Huyen, Vice Chairwoman of the Board of Directors of VIMID; Mr. Kieu Anh Dao, General Director of VIMID, along with guests, including investors, partners, and experts in the automotive manufacturing and assembly industry.

According to the strategic cooperation plan between the two parties, a truck manufacturing and assembly plant will be constructed in the Nam Dinh Vu Industrial Park (Hai Phong City), with an annual capacity of 10,000 vehicles and a total estimated investment of up to USD 50 million. The plant will be built to international standards, featuring modern, flexible, and cost-optimized design, serving as a foundation for VIMID to enhance technological capabilities and develop high-quality products that meet the increasingly diverse demands of the domestic market.

The signing of the strategic cooperation agreement marks a significant milestone in VIMID’s development journey, opening a new chapter in truck manufacturing and assembly in Vietnam. This event not only demonstrates the long-term partnership commitment between the two sides but also aims to promote the modernization of the truck industry, boost localization, and advance technological innovation.

Chairman Man Shengang highly appreciated the long-term and sustainable strategic partnership that has lasted for more than 15 years between the two enterprises. He expressed strong confidence in VIMID’s capacity and experience in project implementation, and affirmed that this cooperation will open up new opportunities for growth, promote exports, and contribute to building a modern truck manufacturing industry in Vietnam.

SINOTRUK Group – one of the world’s leading truck manufacturers and a subsidiary of Shandong Heavy Industry Group Co., Ltd. (China) – is a strategic partner with extensive experience and advanced technological capabilities in the truck sector. The commitment of SINOTRUK to technology transfer, technical support, and close collaboration with VIMID throughout the project’s development demonstrates the deep trust and strong partnership between the two parties.

The collaboration project between VIMID and SINOTRUK Group is expected to become a key link in Vietnam’s truck manufacturing and assembly value chain – serving domestic demand while expanding exports to regional markets.

Transitioning from a distributor to a manufacturer, VIMID is taking a pioneering step toward applying advanced technologies, optimizing production processes, and developing eco-friendly products. These strategic moves signify the beginning of a promising new chapter in VIMID’s growth journey.