Can VinFast boost Vietnam’s automotive market?
In June 2017, Vingroup, a Vietnamese conglomerate focusing on real estate development, retail, mobile and various services decided to diversify its business and launch Vietnam’s first domestic car manufacturer, VinFast. Not long after, in September 2017, VinFast opened its first manufacturing complex worth US$1.5 billion in the northern port city of Hai Phong, officiated by Nguyen Xuan Phuc, the Vietnamese Prime Minister himself.