On January 27, Vietnam's Golden Dragon Automobile unveiled a strategic partnership with China's BYD. The two companies are set to jointly invest in and construct a factory in north-central Vietnam, with a total investment reaching up to US$130 million. This facility will be dedicated to manufacturing batteries for commercial electric vehicles.

As per the agreement, Golden Dragon Automobile will shoulder the responsibility for funding the factory's construction. Meanwhile, BYD will offer all-around technical support. The project is slated to unfold in two distinct phases. In Phase I, a 4.4-hectare covered factory building will be erected, boasting an annual production capacity of 3 gigawatt-hours. Phase II will see the factory's expansion to 10 hectares. This expansion will include the addition of production lines specifically for passenger vehicle batteries, ultimately elevating the total production capacity to 6 gigawatt-hours.