Vingroup starts work on car factory

Vietnam: Vingroup, Vietnam’s largest property developer announced that it had started construction on an enormous car factory in the north of the country in September.



The first phase of construction on the 335-hectare site is worth USD1 - 1.5 billion and is part of an overall push by the company to expand into the heavy industry sector in Vietnam. The company borrowed USD800 million from Credit Suisse AG to help fund phase one.



Through the construction of this mega car factory, the company hopes to become the leading automotive manufacturer in Southeast Asia.



Their plans involve initially manufacturing electric motorbikes in the first year with cars rolling off the plant in year two reaching production of 100,000 - 200,000. Vingroup told Reuters they intend to produce 500,000 cars a year by 2025.



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