India's Minda Group organised the groundbreaking ceremony for an over US$10 million auto components plant on June 29.

Covering an area of approximately 2ha in Binh Xuyen Industrial Zone in the northern province of Vinh Phuc, the project and investment capital will be divided into two phases. The Minda group manufactures a wide range of auto components: electrical switches, security locks, horns, lamps, wiring harnesses, batteries and speedometer clusters.

“Minda Vietnam’s products will be exported to other ASEAN countries. Vietnam is considered a growing market in the region and promises to be a good opportunity for Minda group,” said Minda Vietnam’s general director, Pradeep Kumar Patel.

Participants in the ceremony included the Indian ambassador to Vietnam, La T. Muana, a senior official from Minda Indonesia, Sudhir Kashyap, and several Minda Vietnam officials.

Minda Vietnam is the first Indian automotive component in Vietnam. The Minda group was established in India in 1958 and has diversified its operation into Indonesia and Germany.