VinFast to distribute Chevrolets in Vietnam
Vingroup subsidiary VinFast has won exclusive rights to distribute Chevrolet vehicles in Vietnam.
At the signing ceremony (Photo: VNA)Hanoi (VNA) – Vingroup subsidiary VinFast has won exclusive rights to distribute Chevrolet vehicles in Vietnam.
VinFast and General Motors (GM) inked a landmark partnership deal on June 28, aiming to drive long-term growth and expansion for GM’s Chevrolet brand and VinFast.
Using Vingroup’s existing retail network nationwide, VinFast will aim to drive the Chevrolet brand forward while expanding its local operations and leading the Vietnamese automotive industry into a new era.
VinFast will assume the ownership of GM’s Hanoi factory and implement a significant investment programme to produce all-new, small cars under a GM global license from 2019. The new production line is expected to add more production capacity for VinFast along with its plant in Hai Phong city.
GM will become one of the automotive technology partners of VinFast, opening opportunities for future product sharing and technology transfer.
“We are incredibly excited about the opportunities presented by this landmark announcement”, VinFast CEO Jim DeLuca said.
VinFast is working to build an automotive production eco-system, comprising assembly plants, local automotive suppliers and dealers together with a string of support industries, he noticed.
He added that as the company is planning to launch a portfolio of five VinFast vehicles in 2019, this strategic partnership is touted as a catalyst to bring its vision to life.
VinFast and GM will work closely to ensure smooth transition for customers, employees, suppliers, dealers and stakeholders. The transfer of GM’s operation in Vietnam, including the Hanoi plant, dealer network and employee base, will take place in the end of 2018.-VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
