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BUSINESS REPORT

Going the distance ment round in 2023. Joining the fundraising
were investors such as ADB Ventures, Schnei-
der Electric Energy Access Asia, Touchstone
Partners, and Sopoong Ventures.
The funds will be used to expand Selex’s
Issues may linger, but Vietnam’s electric two-wheeler (E2W) E2W production lines and support its
market only grows in potential. sales while setting up battery-swapping
systems in major cities around Vietnam.
| By LINH NGOC & PHUONG HOA Selex also plans to use part of the capital
for regional expansion. “This investment
will provide us with a strong foothold in
igures from the Ministry of Trans- development in Southeast Asia. Located Vietnam and a platform for our expansion
port put the number of motorbikes at the Tan Hung Industrial Park, the factory into other parts of the region,” said Mr.
F on Vietnam’s streets at nearly 75 covers an area of 23.2 ha and has an annual Nguyen Huu Phuoc Nguyen, Co-founder
million as of the end of 2023, including capacity of 2 million units. Utilizing robotics and CEO of Selex Motors.
2.3 million electric motorcycles. Mean- and automated production line technology, The manufacturer signed a strategic
while, the Ministry of Industry and Trade it is set to employ 3,000 people. cooperation agreement with Samsung SDI
reported that annual electric motorcycle Operations are to commence in 2025, on February 23, becoming the first EV
sales in the country have increased by 30- and it aims to reshape the region’s electric brand in Vietnam to provide genuine
35 per cent over the past few years. With motorcycle landscape. About 30 per cent battery cells to, and cooperate in developing
strong demand, Vietnam’s electric two- of the factory’s output will be exported to batteries with, other partners. “For Viet-
wheeler (E2W) market is attracting atten- Southeast Asia, including the Philippines, nam’s E2W market, this cooperation
tion and investment in production from Thailand, Malaysia, and Laos. demonstrates the trust that world-class
a host of manufacturers and investors, Yadea also plans to set up a research partners have in domestic companies and
both local and foreign. and development (R&D) center within the opens up development opportunities, which
new factory’s grounds, employing between are pivotal business steps for E2W in
ROBUST INVESTMENT 100 and 300 experts from Vietnam, India, domestic and regional markets,” Mr. Nguyen
The Chinese-invested Vietnam Yadea Japan, Thailand, and China. Its aim is to said. This year, the company will also begin
Electric Motorcycle Company Limited produce smart e-scooters to meet demand market expansion activities to a number
kicked off construction of a $100 million among customers in Vietnam and the region. of countries in Southeast Asia.
factory in northern Bac Giang province in Meanwhile, Selex Motors, a Vietnamese Another Vietnamese E2W brand, Dat
January, marking a new phase of the Chi- E2W vehicle and battery pack manufacturer, Bike, previously secured $8 million in a
nese electric vehicle (EV) manufacturer’s raised $3 million in a convertible note invest- fundraising round led by the Singapore-

20 | VIETNAM ECONOMIC TIMES | MARCH 2024 en.vneconomy.vn