VMASS signed contract on subleasing land rights with existing infrastructure for the construction of VMASS Automobile Manufacturing and Assembly Factory in Hai Phong

VMASS Auto Co., Ltd. (a subsidiary of VIMID (Vietnam Machine Investment Development Joint Stock Company – Stock code: VVS)) has officially signed the  contract on subleasing land rights with Sao Do Group to develop the VMASS Automobile Manufacturing and Assembly Factory at Nam Dinh Vu Industrial Park (Hai Phong City).

This milestone marks a significant step forward for VIMID and VMASS in their long-term strategy to gain greater control over the supply chain, progressively complete the value chain, enhance localization, and contribute to the development of Vietnam’s supporting industries.

Land Lease Agreement Signed, Ready to Launch a Large-Scale Project

Previously, on September 30, 2025, VMASS Auto Co., Ltd., a subsidiary of VIMID, was officially established with a focus on manufacturing and assembly, contributing to increased localization and the development of supporting industries.

On March 20, 2026, VMASS was granted the Investment Registration Certificate for the VMASS Automobile Manufacturing and Assembly Factory project.

On April 15, 2026, the land lease agreement—covering a site with fully developed technical infrastructure—was successfully signed between VMASS and Sao Do Group. The event demonstrates a strong commitment from VIMID and VMASS to execute their development strategy and accelerate project implementation in line with the planned schedule.

Under the agreement, the site is fully equipped with technical infrastructure, meeting all conditions for immediate construction upon completion of necessary procedures. This is a key factor in shortening the investment preparation timeline, optimizing costs, and enabling early project operation.

Dual Advantage from Strategic Location and Special Mechanisms

The VMASS plant will be located at Lot CN26-01, within the Non-Tariff Zone and Nam Dinh Vu Industrial Park (Zone 1), Dong Hai Ward, part of the Dinh Vu – Cat Hai Economic Zone, Hai Phong. This area falls within a Free Trade Zone established under Decision No. 4068/QD-UBND dated October 13, 2025.

The Free Trade Zone framework allows for flexible policies on taxation, import–export, and customs procedures, making it well-suited for manufacturing projects targeting broad markets and cross-border supply chains.

Located adjacent to major seaports and directly connected to key transport routes and the Northern logistics network, the project is well-positioned to optimize transportation costs, shorten delivery times, and enhance overall supply chain efficiency.

Positioning a New Manufacturing Hub with Planned Capacity of Tens of Thousands of Trucks

The VMASS Automobile Manufacturing and Assembly Factory is designed as an integrated production complex with multiple functional zones. It is expected to become a critical link in Vietnam’s truck manufacturing value chain, helping reduce production costs, improve domestic supply capabilities, and expand exports to regional markets.

VMASS’s core business segments include:

• Manufacturing and assembly of automobiles and motor vehicles powered by gasoline, diesel, electric, hybrid, and natural gas, with an estimated capacity of 15,000 units per year and projected annual revenue of approximately VND 8,000 billion;
• Production of semi-trailers, trailers, vehicle bodies, cargo boxes, cabins, and related components, with an estimated capacity of 10,000 units per year and projected revenue of VND 400 billion;
• Import–export and wholesale distribution supporting core manufacturing activities, with projected annual revenue of VND 1,000 billion.

Once operational, expected from 2028, VMASS will enable VIMID to strengthen supply chain control, expand market share, and drive strong revenue and profit growth.

Long-Term Vision and Aspiration to Bring Vietnamese Trucks to the Global Stage

The establishment of VMASS lays the foundation for a new phase of growth for VIMID, aligned with its strategy to build domestic manufacturing capabilities and progressively take control of the supply chain. This positions VIMID to expand market share, enhance financial performance, and move closer to its ambition of developing high-quality Vietnamese truck brands for global markets.

Speaking at the signing ceremony, a VIMID representative stated:

“VMASS represents a strategic milestone in VIMID’s sustainable development roadmap, enabling deeper participation in manufacturing and elevating Vietnam’s freight transport industry. We expect VMASS to serve as a core production hub, enhancing competitiveness and gradually positioning Vietnamese-branded trucks in regional markets.”

The transport sector continues to experience strong growth, driven by fleet replacement demand and a shift toward high-performance, environmentally friendly vehicles. Notably, government policies promoting localization and exports are creating favorable conditions for domestic manufacturers.

Against this backdrop, VIMID’s long-term growth potential is significantly strengthened, providing a solid foundation to enhance production capacity, increase product value, and reinforce its position within the regional supply chain.