VinFast gets 581 mln USD in nine months

Hanoi (VNS/VNA) - 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.

This information was revealed in the group’s third-quarter financial report.

VinFast, the country’s first automobile brand, has an estimated total investment of 4.2 billion USD, partly from internal resources and the remainder from its affiliates and outside sources.

According to Luong Duc Toan, an official from the Ministry of Industry and Trade’s Department of Industry, a number of businesses in the Republic of Korea’s automobile support industry had expressed an interest in VinFast. Some of these companies, who also supplied Korean car brands such as Hyundai and Kia, planned to come to Vietnam to manufacture auto parts and components for VinFast.

Speaking at a seminar on policies, barriers and solutions to develop the automobile industry in Hanoi last week, Toan said Korean firms saw it as potential customer and would seek to connect and participate into this automaker’s supply chain. Toan suggested setting up centres for supporting industry development.

In June this year, VinFast successfully organised a workshop with 300 global parts suppliers in Frankfurt, Germany.

The company targets large-scale production with a capacity of 250,000 cars in the first phase in the northern city of Hai Phong and 500,000 cars in the next phase, becoming the top car manufacturer in the Southeast Asia.-VNS/VNA