Vietnam's Vingroup built electric motorcycle in 12 months

Vietnam's Vingroup has begun construction of vehicle plants. Vietnam's leading property developer starts construction of the first phase of a vehicle plant in a US$1.5 billion project. A spokesman for Vingroup said the plant will produce its first electric motorcycle in 12 months and its first car in 24 months.

Tinuku Vietnam's Vingroup built electric motorcycle in 12 months

Vingroup was founded in 1993 and owns property business cores, but has expanded extensively on retail business, health care and now they want to deepen to build heavy machinery and manufacturing industries.

Vinfast signed a memorandum to borrow US$800 million from Credit Suisse to build a factory on a 335-hectare site in the northern port city of Haiphong. Vinfast plans to buy a blueprint for a car engine and a major mechanical system from top European and American designers.

The company said on Saturday they expect to become a top-tier vehicle producer in Southeast Asia and make 500,000 cars annually by 2025. The company has planned to produce 100,000 to 200,000 vehicles per year in the first phase, including electric motorcycles, five-passenger sedans and SUVs seven passengers.