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The complex, located in Dinh Vu-Cat Hai Economic Zone, has a designed capacity of 500,000 units. At the first phase, the plant will manufacture five-seat sedan and seven-seat SUV models and electric motorbikes, meeting EU quality standards. The capacity of the first phase will be between 100,000- 200,000 units.
Vinfast’s key products are electric automobiles and motorbikes, aiming to replace gasoline. The group set the target to reach the localisation rate of 60 per cent and start exporting its products to foreign markets.
Vingroup expects to debut “Made in Vietnam” motorbikes in September 2018 and Vinfast automobiles, including electric and gasoline models, in 2019.
Nguyen Viet Quang, deputy chairman of VinGroup, said that Vinfast’s debut is testament to the group’s ambition to manufacture “Made in Vietnam” products that can compare with well-known products around the world. Besides, it affirms Vietnamese people’s ability to master modern technology.
|Prime Minister Nguyen Xuan Phuc speaking at the ground-breaking ceremony|
“Vinfast is the start of the national car brand of Vietnam,” said Prime Minister Nguyen Xuan Phuc.
According to the research of the Ministry of Industry and Trade, each country having a population of more than 50 million people have their own automobile brand.
Vingroup not only wants to become the “Made in Vietnam” automobile and motorbike brand, but also has the ambition to become one of the leading automobile and motorbike manufacturers in Southeast Asia.
To make this ambition come true, the group will buy designs for important components from well-known designers from the US and Europe. Vingroup will hire an Italian design firm to shapes its products. The Italian design firm created shapes for Alfa Romeo, Aston Martin, Audi, Bentley, BMW, Cadillac, Ferrari, Jaguar, Lamborghini, Mercedes-Benz, Porsche, and Rolls-Royce, among others.
By 2025, 1,000 of the complex’s 25,000 employees will be foreign experts.
Vingroup signed a memorandum of understanding with Credit Suisse AG over an $800-million loan to develop the complex.
Earlier in June, Vingroup established Vinfast Business and Manufacturing Co., Ltd. with the initial chartered capital of VND500 billion ($22 million), which was increased to VND700 billion ($31 million) in last July. According to the newest information, Vingroup has just increased capital of Vinfast to VND5.25 trillion ($232 million).
According to newswire Reuters, the growing number of electric vehicles hitting the road is set to fuel a nine-fold increase in copper demand from the sector over the coming decade.
The number of electric or hybrid cars and buses is expected to reach 27 million by 2027, up from 3 million this year, according to a report by consultancy IDTechEx, commissioned by the International Copper Association (ICA).
“Demand for electric vehicles is forecast to increase significantly over the next ten years as technology improves, the price gap with petrol cars is closed and more electric chargers are deployed,” IDTechEx senior technology analyst Franco Gonzalez said.
“Our research predicts that this increase will raise copper demand for electric cars and buses from 185,000 tonnes in 2017 to 1.74 million tonnes in 2027,” Gonzalez added.