Real estate giant Vingroup setting up an entity of US$232 million to enter into auto manufacture
By Minh An
August 31, 2017 | 02:54 PM GMT+7
The first automobile factory of Vingroup will be established in Dong Bai commune, Cat Hai district, Hai Phong city.
Dong Bai commune, Cat Hai district, Hai Phong city. Photo: Wikimapia
According to newly released corporate registry information, the Vietnam property developer Vingroup has just increased capital up to VND5,250 billion (roughly US$232 million) for its subsidiary Vinfast Business and Manufacture Company.
The company was founded in last June specializing in engine attached vehicles with its initial chartered capital of VND500 billion (US$22 million) and then it was amended up to VND700 billion (US$31 million) in last July.
According to the first business registration license granted on last June 21, its initial name Vinpatt Trading and Production Limited Liability Company covered 49 sectors of business. Apart from the main function of engine attached vehicle production, the company also specialized in retail sale of cars, automobile agent, etc.
The company has the legal representative, namely Ms. Nguyen Mai Hoa who was nominated by the management board of Vingroup.
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