Vingroup has injected more than 13.6 trillion VND (581.32 million USD) into its VinFast automobile project in the first nine months of this year, marking an increase of over 12.9 trillion VND compared with the beginning of last year.
The VinFast stage at the Paris Motor Show 2018. (Photo: Vingroup)
Hanoi (VNS/VNA) - Vingroup has injected more than 13.6 trillion VND(581.32 million USD) into its VinFast automobile project in the first ninemonths of this year, marking an increase of over 12.9 trillion VND comparedwith the beginning of last year.
This information was revealed in the group’s third-quarter financial report.
VinFast, the country’s first automobile brand, has an estimated totalinvestment of 4.2 billion USD, partly from internal resources and the remainderfrom its affiliates and outside sources.
According to Luong Duc Toan, an official from the Ministry of Industry andTrade’s Department of Industry, a number of businesses in the Republic of Korea’sautomobile support industry had expressed an interest in VinFast. Some of thesecompanies, who also supplied Korean car brands such as Hyundai and Kia, plannedto come to Vietnam to manufacture auto parts and components for VinFast.
Speaking at a seminar on policies, barriers and solutions to develop theautomobile industry in Hanoi last week, Toan said Korean firms saw it aspotential customer and would seek to connect and participate into this automaker’ssupply chain. Toan suggested setting up centres for supporting industrydevelopment.
In June this year, VinFast successfully organised a workshop with 300 globalparts suppliers in Frankfurt, Germany.
The company targets large-scale production with a capacity of 250,000 cars inthe first phase in the northern city of Hai Phong and 500,000 cars in the nextphase, becoming the top car manufacturer in the Southeast Asia.-VNS/VNA
Property developer Vingroup has been honoured by Forbes magazine in its list of Asia’s top 50 enterprises (Asia’s Fab 50 2018) for its rapid growth, vision and high performance for many years.
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The VinFast stage at the Paris Motor Show 2018. (Photo: Vingroup) 
