Vietnam’s VinFast Manufacturing and Trading Company (VinFast), a member of Vingroup, recently organized a workshop in Frankfurt, Germany, with the participation of automobile part suppliers.
Vietnam News Agency reported, the event brought together more than 300 prestigious suppliers from around the world and proved the attractiveness of VinFast’s large-scale automobile production project, affirming the company’s commitment to roll out auto lines of international standards.
To produce high-quality cars that meet international standards, VinFast has paid great attention to seeking capable partners supplying spare parts and components.
At the workshop, the company talked about the potential of the car market in Vietnam, the objectives and visions of VinFast as well as the scale and progress of the project.
The event bring together more than 300 prestigious suppliers around the world. — Photo Vingroup
Vietnam nowaday is emerging as one of the most potential consumer markets in the world, although the car ownership rate of the Vietnamese people is quite low, only 23 vehicles per 1,000 people, while the equivalent in Thailand is 204 vehicles per 1,000 people, and the minimum in developed countries is 400 vehicles per 1,000 people.
However, with rising incomes, estimated at more than US$3,000 per head by 2021, combined with increasingly improved infrastructure and attractive demographic characteristics, it will be the premise for the Vietnamese automobile market’s purchasing power, which is expected to grow strongly in future.
But the country does not have a Vietnamese car brand, and the domestic automobile industry still stands at the import and assembly stage.
Based on research findings and after waiting for the appropriate time, Vingroup decided to invest in the project of producing automobiles and electric motorbikes with an aim to build a Vietnamese automobile brand meeting international standards. It also plans to contribute to the development of a leading auto industry in Vietnam.
As a Vietnamese automotive brand with international vision, VinFast has set a large production target, with an expected capacity of 250,000 cars in the first phase and 500,000 cars in the next phase, becoming the leading car manufacturer in Southeast Asia.
The product portfolio of the company is also extremely rich, including gasoline types (sedan, SUV, hatchback), small electric vehicles and electric buses. VinFast has partnered with many prestigious corporations all over the world, including BMW, Magna Steyr, AVL, EDAG, Pininfarina, ItalDesign, Bosch and Siemens. It has built a team of experienced leaders from the world’s leading companies in automobile production.
VinFast is a leading company in Vietnam with the cooperation of partners in the supporting industry. The company has allocated 70ha of land to Phase 1 of the project in the northern city of HaiPhong city of Vietnam for part supplies and supports maximum efforts in infrastructure and implementation procedures.
According to VinFast, these are the parameters that prove the company will have a large demand for components and spare parts and establish long-term international partnerships.
“VinFast is not only important for Vingroup, but also for Vietnam, so we are working hard together with our partners for the successful implementation of this project,” said James DeLuca, general director of VinFast.
“We also recognize the indispensable role played by suppliers in this unique project and believe that the essential foundation for the two sides to go further is based on the relationship and cooperation. Therefore, we hope to further strengthen the relationship between the two parties and hopefully after the seminar in Germany, the suppliers will become part of the VinFast family,” he added.
At the workshop, international suppliers expressed great interest in the Vietnamese automobile market, particularly in the VinFast project, and appreciated the scale of production as well as the historical mission of the project.
According to industry representatives, with the vision of large-scale production and international standards, VinFast will have many potential customers. Some suppliers have expressed their desire for a long-term cooperation with VinFast through setting up of component factories in the project complex in Hai Phong city, Vietnam