Vingroup, a Vietnamese business group has announced to form a local car manufacturing company – VinFast to produce fully-fledged domestic cars in the country. It was first announced at the Paris Motor Show that took place in Expo Porte de Versailles.
Having a 500,000-square-meter production plant built at the Dinh Vu-Cat Hai Economic Zone in Hai Phong city, initially, the company will have the capacity to produce 250,000 cars annually in the next five years. The first batch is said to hit the road in August 2019.
“We are driving the rapid expansion of the domestic automobile market so we are absolutely focused on winning here first,” CEO Jim Deluca
The first two models that VinFast will launch are LUX SA2.0 – an SUV and LUX A2.0 – a compact sedan. The design work has been done by Pininfarina – an Italian design company and the parts have been developed by a Canadian engineer Magna Steyr from Magna.
However, this isn’t the first time that any company has tried to launch a local car company in Vietnam; many came and go, but let’s see how VinFast does in Vietnam.