Daewoo production in Vietnam

SEOUL: Daewoo continues its aggressive campaign to increase manufacturing capacity around the world with the dedication of a new factory in Vietnam.

Vietnam-Daewoo Motor (VIDAMCO), together with joint-venture partner Vietnam's General Administration of Economics and Technology (GAET), will have a capacity for producing 20,000 passenger cars and 2,000 buses a year.

The South Korean industrial giant, Daewoo, holds a 65 percent share in the joint venture which is capitalized at US$35 million.

Most of the production will be for Vietnam's domestic market although some will be exported to Laos and other neighboring countries.

The dedication of the plant brings Daewoo's production capacity outside of South Korea to 581,000 units of which 458,000 are passenger cars.