The Truong Hai Auto Joint Stock Company (THACO) on June 17 inaugurated a plant making buses bearing its brand name of Thaco – Vietnam.

The new plant will increase the rate of locally made products in the domestic automobile market. The company also looks to export to the ASEAN Free Trade Area (AFTA) in mid 2012, helping reduce trade deficit, develop auxiliary industries for the domestic automobile industry.

Construction of the plant started in May last year in the Chu Lai Open Economic Zone, the central province of Quang Nam . The 600 billion VND plant has four major work shops with a capacity of 1,500 vehicles a year, creating jobs for more than 600 workers.

The Thaco bus plant will manufacture 18-51 seat vehicles branded Thaco Mobihome, Thaco County , Thaco Areo Town , Thaco Universe, as well as buses to serve in-city traveling 30-80 seats using technology transferred by the Huyndai-Kia Group of the Republic of Korea . The local contents of the products will range from 40-46 percent.

Since 2006 Thaco has made and supplied the market with 1,097 coaches, accounting for 95 percent of the product line’s market./.