Vietnam’s Local Hatchback To Rival Big Auto Brands
There are many signs of development in Vietnam including businesses such as luxury hotel in Saigon but the most recent is the introduction of a local auto manufacturer. The auto brand is called VinFast which is under Vingroup JSC, a conglomerate known in the real estate world.
According to the brand, they are already releasing their very first vehicles after they were moved out of the assembly line. This move marks a milestone for Vietnam as this will help construct a modern manufacturing sector.
Nguyen Xuan Phuc, the Prime Minister of Vietnam, said that the introduction of a local auto brand will help boost the economy of the country. He was present during the inauguration of the complex built by VinFast which housed six automated factories. These six building were constructed within 21 months time and located in Haiphone, a port city in the north. He added that this just proves the policy of the Communist Part wherein they need the private sector in order for the economy to develop. He also aims for VinFast to be recognized not just in the regional market but also globally.
The company is already set for delivering cars to consumers starting next week. They wanted to be the first company to compete with big brands that have already a following in the market including Honda Motor Co., Toyota Motor Corp., and Ford Motor Co. VinFast recognizes that Vietnam is currently one of the countries with the fastest growth in terms of the economy.
This was not the first time that a new local brand tried to challenge the big leagues. There was Vinaxuki also known as Xuan Kien Automobile which failed to attract the attention of Vietnamese who were conscious when it comes to branding. Ultimately, the brand decided to close down in 2015.
The first model to be released by VinFast will be Fadil, a hatchback worth VND 394.6 million. The company has already sent their executives to luxury hotel in Saigon as they wait for the release of their cars. Aside from a hatchback, the company will also develop SUV, electric motorbikes and sedan.