Vietnam Wants to Make Its Own Cars
- Real estate giant to break ground on a new facility Saturday
- Vingroup plans first car rolling off assembly line in 2 years
Traffic moves along in downtown Ho Chi Minh City, Vietnam.
Photographer: Justin Mott/BloombergThis article is for subscribers only.
Vietnam wants to design and make cars for its 90 million motorbike and scooter riders.
The country’s largest real-estate company Vingroup JSC said it plans to invest up to $3.5 billion to set up a manufacturing and research and development complex, aiming to roll out the first car in 24 months. The Hanoi-based developer will break ground on the $1 billion to $1.5 billion first phase of the plant Saturday, with a plan to make sedans, sport utility vehicles and electric cars in the future, Vingroup Vice Chairwoman Le Thi Thu Thuy said.