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Economic News

Last updated: Tuesday, November 21, 2017

 

Prime Minister Attends VINFAST Groundbreaking Ceremony

Posted: Friday, September 08, 2017


Recently, Prime Minister Nguyen Xuan Phuc attended a groundbreaking ceremony of Vingroup-invested VINFAST Automobile Complex in Dinh Vu - Cat Hai Economic Zone, Hai Phong City.

Addressing the ceremony, Prime Minister Phuc said that this is one of many significant events to celebrate the 72nd National Day anniversary. In the trend of international integration, as the average income increases, the demand for cars will increase; and a country with more than 50 million people usually has its own national automobile brands, he added.

He praised the project for using modern, environment-friendly technology. Following automobile production is hundreds of supporting factories. The project is expected to provide 20,000 jobs and soon make a budgetary contribution equal to the city’s current domestic budgetary revenue.

He hailed the progress that investors have made, as of September 2018, the complex will put its first electric motorcycles into operation and the first cars under the VINFAST brand will be introduced to the market by 2019 - 2020. The PM also noted that the investors need to cooperate with other domestic automobile manufacturers to have reasonable localisation in products.

According to Vingroup, VINFAST targets to become a leading automobile manufacturer in Southeast Asia with a designed capacity of up to 500,000 vehicles per year by 2025, with the main products being automobiles using internal combustion engines, electric cars and environment friendly electric motorbikes.

In support of its new strategy, VINFAST signed a memorandum of understanding with Credit Suisse AG, one of the world's leading financial groups, under which Credit Suisse will arrange a loan of up to US$800 million for VINFAST.

Thu Ha








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