Shenzhen-based Tailing's 10th global smart manufacturing base in northern Vietnam has officially started production, marking Tailing's full entry into the Vietnamese market, where domestic and foreign companies are competing fiercely.
As part of the company's globalization strategy, the first batch of "Made in Vietnam" Tailing long-range electric vehicles will be launched in Meihao District, Xing'an Province, the company said in a statement on Monday.
As Tailing's 10th global research and development and manufacturing base for electric vehicles, the Vietnam Smart Production Complex covers an area of 40,000 square meters and has a designed annual production capacity of 350,000 vehicles. It will become an important support for Tailing's entry into overseas markets.
The base integrates technology research and development, smart manufacturing, sales, and after-sales service, which will help accelerate the electrification of bicycles in Vietnam.
"With the launch of the base, Tailing will introduce advanced technology and green travel solutions to Vietnam, while expanding its influence in Southeast Asia and accelerating the globalization of electric vehicles," the company said.
In 2023, Tailing will upgrade its global expansion strategy, focusing on establishing brand stores around the world, especially in Southeast Asia, and developing benchmark markets in Vietnam, Indonesia and other places to promote the globalization of the brand.
Tailing regards Vietnam as an important market in its global strategy. According to Tailing, Vietnam has 45 million motorcycles, but the electrification rate is only 9%. Supported by policies such as "motorcycle restrictions" and "oil-to-electricity", Vietnam's electric vehicle market is growing rapidly and is expected to exceed US$8 billion by 2025. According to relevant media, the market will grow to US$10.2 billion by 2030.
At the launch ceremony on Monday, Xiao Tianbao, director of the Vietnam branch of Taihang International's overseas business, announced a three-year strategic plan and signed cooperation agreements with the first batch of strategic customers.
HSBC said in a report in May that Vietnam's electric vehicle market is the largest in ASEAN and the second largest in the world, second only to China.
Looking ahead, Vietnam's electric vehicle (EV) market has ample room for growth. HSBC estimates that the country's total annual sales of electric and electric vehicles may increase from less than 1 million in 2024 to more than 2.5 million by 2036.
Two-wheelers are expected to be the leaders in Vietnam's electrification boom. HSBC said EVs are cheaper, have greater similarity of vehicle parts and already have high local production rates compared to electric cars.
The country's EV market has major players such as local companies VinFast, Selex Motors, Dat Bike, Son Ha Group's EVGO, Pega, Italy's Piaggio, Taiwan's Dibao and Hong Kong's Yadea.
Tianjin Panda Group recently established a new office in Vietnam, marking the further deepening of the group's important layout in the Southeast Asian market. The establishment of this office aims to expand the bicycle business in Vietnam, seize the growth potential of the local market, and expand its influence in the international market.
Vietnam has experienced rapid economic development in recent years, and the demand for bicycles as an environmentally friendly and convenient means of transportation continues to increase. Tianjin Panda Group has keenly captured this market trend and has established an office in the local area to better provide high-quality products and services to Vietnamese customers. In addition, Vietnam, as a manufacturing and logistics center in Southeast Asia, is also a key node in the group's global supply chain strategy. Tianjin Panda Group still supports mountain bike OEM services and provides high-quality bicycle product services to bicycle brands in Vietnam.
Through this move, Tianjin Panda Group hopes to further enhance its brand awareness in Vietnam and the entire Southeast Asia region, and accelerate the pace of business expansion in the region. This strategic deployment not only brings new market opportunities to the group, but also contributes to promoting global green travel.
