Econ
North Korea's high-ranking officials tour Vietnam's car plant
Vietnam’s favorable and open business environment has laid the foundation for Vingroup to become one of the country’s largest conglomerates with market capitalization of nearly US$16 billion.
A North Korean delegation, including three deputy chairmen of the Workers' Party of Korea on February 27 made a field trip to the car making plant of VinFast, an automobile subsidiary of Vietnam’s largest privately-run conglomerate Vingroup, local media reported.
The delegation of more than 20 members included three deputy chairmen of the Party Ri Su-yong, Kim Pyong-hee, and O Su-yong; Minister of the People’s Armed Forces No Kwang-chol, and Gangwon Provincial Party Secretary Park Yong-nam.
Nguyen Viet Quang, vice chairman and CEO of Vingroup, welcomed the delegation at Vinfast.
During the visit, the North Korean delegation listened to representatives of Vingroup presenting the business and operation models of carmaker VinFast, telecommunication equipment producer Vinsmart and agricultural production company VinEco.
Vingroup's Quang added that over the past few years, Vietnam’s private sector has grown strongly, contributing significantly to the country’s economic growth.
A favorable and open business environment has laid the foundation for Vingroup to become one of Vietnam’s largest conglomerates with market capitalization of nearly US$16 billion.
Before returning to Hanoi, the North Korean officials were to visit the hi-tech agricultural zone in Vinh Bao district, Hai Phong City.
VinFast, which aims to become Vietnam's first domestic car manufacturer, plans to have its first production models built under its own badge hit the streets next August. Vingroup has earmarked about US$3.5 billion for the project.
From a standing start, VinFast will have the capacity to produce 250,000 cars annually in the next five years or so, equivalent to 92% of all the cars sold in Vietnam last year, according to data collated by the Vietnam Automobile Manufacturers' Association (VAMA).
VinFast caught the worldwide attention when the company presented its first two models of LUX A2.0 and LUX SA2.0 at the Paris Motor Show on October 2, 2018 with the appearance of ex-football player David Beckham.
The North Korean delegation visits Vinfast
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Nguyen Viet Quang, vice chairman and CEO of Vingroup, welcomed the delegation at Vinfast.
During the visit, the North Korean delegation listened to representatives of Vingroup presenting the business and operation models of carmaker VinFast, telecommunication equipment producer Vinsmart and agricultural production company VinEco.
Vingroup's Quang added that over the past few years, Vietnam’s private sector has grown strongly, contributing significantly to the country’s economic growth.
A favorable and open business environment has laid the foundation for Vingroup to become one of Vietnam’s largest conglomerates with market capitalization of nearly US$16 billion.
Before returning to Hanoi, the North Korean officials were to visit the hi-tech agricultural zone in Vinh Bao district, Hai Phong City.
VinFast, which aims to become Vietnam's first domestic car manufacturer, plans to have its first production models built under its own badge hit the streets next August. Vingroup has earmarked about US$3.5 billion for the project.
From a standing start, VinFast will have the capacity to produce 250,000 cars annually in the next five years or so, equivalent to 92% of all the cars sold in Vietnam last year, according to data collated by the Vietnam Automobile Manufacturers' Association (VAMA).
VinFast caught the worldwide attention when the company presented its first two models of LUX A2.0 and LUX SA2.0 at the Paris Motor Show on October 2, 2018 with the appearance of ex-football player David Beckham.
