Vingroup looks to establish second car plant in central Vietnam

The planned construction would be on a 3,700-acre plot in the northern central province of Ha Tinh, be developed by Vingroup's Vinhomes property unit, and house a new car plant and support facilities, according to the documents, which were submitted to the Ha Tinh People's Committee on April 13. News of the expansion comes after sources told Reuters that VinFast, Vietnam's first domestic car manufacturer, was considering an initial public offering in the United States in a deal that could value the carmaker at about $60 billion.

Reuters | Hanoi | Updated: 16-04-2021 17:05 IST | Created: 16-04-2021 16:56 IST
Vingroup looks to establish second car plant in central Vietnam
Representative image Image Credit: Wikimedia Commons

Vietnam's biggest conglomerate Vingroup is looking to establish a second VinFast automobile plant in the country, according to documents submitted to local authorities which were reviewed by Reuters. The planned construction would be on a 3,700-acre plot in the northern central province of Ha Tinh, be developed by Vingroup's Vinhomes property unit, and house a new car plant and support facilities, according to the documents, which were submitted to the Ha Tinh People's Committee on April 13.

News of the expansion comes after sources told Reuters that VinFast, Vietnam's first domestic car manufacturer, was considering an initial public offering in the United States in a deal that could value the carmaker at about $60 billion. The new plant will be for producing and assembling cars and parts, the statement said.

A Vingroup spokesman was unable to provide comment. "Local authorities and Vinhomes will meet and work together soon to finalize the plan," a local official in Ha Tinh told Reuters by phone. The official declined to be named because they were not authorized to speak to the media.

VinFast became Vietnam's first fully-fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019. The company sold about 30,000 vehicles last year and has forecast sales of more than 45,000 for 2021. It is aiming to begin delivery of electric vehicles produced at its factory in the northern port city of Hai Phong to domestic customers by December this year.

Sources said last month Taiwan's Foxconn was in early-stage talks with VinFast about partnering in electric vehicles.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Public transport suspended in Himachal from Monday; essential shops to open for 3 hours

The Himachal Pradesh government has decided to suspend public transport from Monday to check the spread of COVID-19, an official spokesperson said.The decision was taken during a high-level meeting chaired by Chief Minister Jai Ram Thakur o...

Mumbai civic body is suppressing COVID-19 death toll: Fadnavis

BJP leader Devendra Fadnavis on Saturday alleged that the Shiv Sena-controlled civic body was under-reporting COVID-19 deaths and manipulating the infection rate in Mumbai.The Brihanmumbai Municipal Corporation BMC was attributing the death...

Western Command setting up 100-bed COVID hospitals in Punjab

As COVID-19 cases continue to surge, Lt Gen RP Singh, Army Commander Western Command has assured Punjab Chief Minister Captain Amarinder Singh of all possible assistance to help set up COVID facilities in the state. As per a statement, apar...

Osimhen nets 2 as Napoli beats Spezia 4-1 to boost CL hopes

Victor Osimhens latest impressive display saw him score two and set up another to help Napoli crush relegation-threatened Spezia 4-1 in Serie A and boost its Champions League hopes on Saturday.Both of Osimhens goals came in the first half a...

Give Feedback