Doubts raised over VinFast automobile

By Ho Mai - Sep 06, 2017 | 03:47 PM GMT+7

TheLEADERThe plan to manufacture the first Viet branded cars of VinFast is raising controversies on the social media.

Doubts raised over VinFast automobile
The ground-breaking ceremony of VINFAST project on September 02

The US$3.5 billion VinFast automobile manufacture project was officially started on September 02, marking the participation of the real estate giant Vingroup in the automobile market.

Vingroup’s plan to manufacture the first Viet branded car after just 24 months has attracted the special interest of the public, especially well-known figures.

Founder, chairman and CEO of Saigon Securities Inc. (SSI) Nguyen Duy Hung states on his private facebook account that about 20 years ago, Vingroup was still a question in the market but now its role and mission in changing the face of urban areas in Ha Noi and Ho Chi Minh city has been widely recognized. He emphasizes that experts of foreign banks had carefully evaluated the projects before deciding to arrange funds for them. 

He also believes that without any actions, no result would be found; and Vietnam as well as its automobile manufacturing industry need more people like Pham Nhat Vuong, founder, and chairman of Vingroup.

Mentioning the failure of Lifan Industry (Group) Co., Ltd engaging in the research and development, production, and sale of automobiles, motorcycles, and engines in China, Chairman of NBN Media Joint stock Co., Ltd Nguyen Ba Ngoc, who is a communications specialist, however, feels pessimistic about VinFast. 

He believes that Vingroup is too young in the field to conduct such a giant project. He also said that some Chinese and Malaysian automobile brands are quite successful but they need the joint venture participation of big firms like Toyota.

Phan Le Thanh Long, Regional director of Certified Management Accountants (CMA) Australia in Vietnam, is confident in the success of the first branded car as Vingroup has the most talented people who can make Vingroup’s ambition come true.