<article>Vietnam&#8217;s leading property developer Vingroup said on Saturday it launched construction of a car factory in a project worth $1-1.5 billion in the first phase.</article>

Vietnam&#8217;s leading property developer Vingroup said on Saturday it launched construction of a car factory in a project worth $1-1.5 billion in the first phase.
The project is part of Vingroup&#8216;s expansion plan into the heavy industry of Vietnam, its vice chairman was quoted as saying in a statement, following similar moves in other major sectors such as retail and health care.
Vingroup said it hopes to become a top car manufacturer in the Southeast Asian region, making 500,000 cars per year by 2025.
The company expects to produce 100,000-200,000 vehicles per year in the first phase, including 5-seat sedans, 7-seat SUV and electric motorbikes.
Vingroup&#8216;s spokeswoman told Reuters the factory would introduce the first electric motorbikes in 12 months and first cars in 24 months.
Its construction brand VINFAST signed a memorandum to borrow $800 million from Credit Suisse AG to build the 335-hectare (827.8 acres) factory, located in Vietnam&#8217;s northern city of Haiphong.
VINFAST plans to buy blueprints of car engines and main mechanical systems from top European and American designers.
Reuters

Vingroup hopes to become a top car manufacturer in the Southeast Asian region, making 500,000 cars per year by 2025.

Vietnam: Vingroup starts construction on $1-1.5b first phase of car factory

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Vietnam: Vingroup starts construction on $1-1.5b first phase of car factory

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