American automaker Polaris launches $36 mln factory in northern Vietnam

The U.S.-based Polaris, an automaker in the Fortune 500 list, launched its second factory in Vietnam’s northern province of Vinh Phuc on Wednesday.

Polaris, known for its brand Indian Motorcycle, conducted a groundbreaking ceremony for the $36-million, 12-hectare facility in Ba Thien II Industrial Park, in May 2023.

This is Polaris’s 20th plant in the world. Prior to the investment, Polaris operated in Vinh Phuc via its subsidiary Northstar Precision Vietnam, with a factory in Khai Quang Industrial Park, Vinh Yen town.

Vinh Phuc Chairman Tran Duy Dong (left, center) and Courtney Beale (center, right), Deputy Chief of Mission for the U.S. Mission in Vietnam, at the launching ceremony of Polaris in Vinh Phuc province, northern Vietnam, September 11, 2024. Photo courtesy of Vinh Phuc newspaper.

With the latest move, Polaris is set to employ 600 local people and reach an annual capacity of 10,000 motorbikes and 30,000 motorbike engines for export.

Highlighting foreign direct investment (FDI) in the province, Vinh Phuc Chairman Tran Duy Dong said the investments have helped the province’s socioeconomic growth, innovation, employment, and state budget collection.

So far, Vinh Phuc has attracted 476 FDI projects with a total registered capital of $8.3 billion. Of this, U.S. businesses accounted for four projects worth $65 million, accoding to Dong.

He emphasized that Vinh Phuc strives to attract high-tech investments with renewable energy utilization in the fields like computers, electronics, household electricals, semiconductors, supporting industry, and automotive.

Source: Theinvestor
11/09/2024