Hai Phong (VNA) – Prime Minister Nguyen Xuan
Phuc attended a ceremony in the northern port city of Hai Phong on September 2
to start the construction of the first Vietnamese automobile manufacturing
complex in Dinh Vu – Cat Hai economic zone.
Invested by Vinfast manufacturing and trade Ltd company – an
affiliate of real estate developer Vingroup, the complex is expected to roll
out a five-seater sedan model, a seven-seater sport utility vehicle model, and
electric motorbike meeting European standards during the first stage. The
designed capacity is estimated at 100,000 – 200,000 vehicles per year.
Its first product in the next 12 month will be electric
motorbike model while automobiles will be made in the next 24 months.
The complex will cover a site of 335ha with five major workshops.
Design of engines and major components will be bought from top European and US
designers while exterior shape will be designed by famous Italian studios that were
behind luxury cars such as Alfa Romeo, Aston Martin, Audi, Bentley, Jaguar,
Porsche, Rolls-Royce, among others.
Vinfast will use advanced and eco-friendly technologies,
particularly green energy, to meet Euro 5.0 and Euro 6.0 emission standards.
In order to make itself a leading automobile manufacturer in
Southeast Asia with a designed capacity of 500,000 units by 2025, Vinfast
signed a memorandum of understanding with Credit Suisse AG regarding a loan
worth 800 million USD.
Vinfast will also work with Vietnamese partners to
manufacture spare parts, towards raising the rate of locally-made products to
60 percent.
Speaking at the event, PM Phuc said the project could
generate 20,000 jobs and contribute to the province’s State budget.
The birth of Vinfast complex marks Vietnam’s position
in the map of the world automobile manufacturers, and Vingroup’s foray into
heavy industry apart from its six core areas of real estate,
tourism-entertainment, retail, health, education and agriculture.-VNA