Vingroup will spend most of the area in Vung Ang industrial park for high-tech enterprises such as automobile manufacturing and assembling industry, automotive equipment and components with the goal of developing the automotive auxiliary industry, proceeding to localize 80% of these products according to Vietnam’s published standards.
This message was shared by Mr. Pham Nhat Vuong – Chairman of the Board of Directors (BOD) of Vingroup – at the annual General Meeting of Shareholders (AGM) of Vingroup on the morning of May 11th.
Mr. Vuong said that now is a “golden opportunity” to dominate the electric vehicle market and build a brand and position for VinFast because the world market is very short of cars. “If you have a car right now, you can win, you can sell it,” Vuong said.
Accordingly, VinFast is expected to sell about 750,000 vehicles per year in the US market by 2026. Of which, 150,000 cars will be shipped from the VinFast factory in the US, and 600,000 cars will be imported from VinFast’s factory in Vietnam.
This goal, according to Mr. Vuong, is very difficult because Vietnam currently does not have a developed industry.
To realize its ambition, Vingroup will spend most of the area in Vinhomes industrial park in the CN4, CN5 area, Vung Ang Economic Zone (Ha Tinh) – an industrial park planned according to the nature of a large-scale central industrial park, attracting various types of high-tech industries – to attract modern, high-tech industrial enterprises such as the automobile manufacturing and assembling industry, equipment and components for high-tech automobiles.
According to Vingroup’s plan, the Group will deploy 4 projects in the complex of VinFast car factories, seaports combined with logistics, tourism and resorts in Vung Ang economic zone in the fourth quarter of 2022.
Specifically, the Group will survey the construction of a complex of automobile factories including VinFast automobile factory, a chain of factories producing auxiliary components for the automotive industry and high-tech audio-visual equipment. At the same time, invest in the construction of the entire technical infrastructure and a part of the workshop serving the rental of the automobile industry and supporting industries. This project will be invested in a synchronous technical infrastructure system, housing for experts and staff.
“Our goal is to localize 80% of auto products according to Vietnam’s published standards. Therefore, not only Vung Ang but also other industrial zones aim to invite component manufacturers, first of all for electric vehicles,” said Mr. Vuong.
This orientation is given by Vingroup in the context that 80-90% of main materials for the production of auto components such as alloy steel, aluminum alloy, plastic beads, and high-tech rubber are still imported.
@ Saigon Times
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Source: Vietnam Insider