VinFast German subsidiary gets license, Korea, China next

VinFast has received a certificate of establishment for VinFast GmbH, its limited liability German subsidiary, in Frankfurt, its parent company Vingroup said.

VinFast GmbH will distribute automobile parts, and offer related services.

In a bid to achieve international standards, VinFast has nurtured partnerships with a number of German companies like BMW, Siemens, Bosch, Durr AG (painting), Schuler AG (stamping), and Eisenmann (assembly).

It is speeding up work on, and is in the final stages of, setting up subsidiaries in Shanghai (China) and Seoul (South Korea).

Its presence in Europe and Asia reflects its determination to enter the global auto market, get access to cutting-edge technologies, tie up with top suppliers in these places, and keep abreast of the latest trends in the industry.

In June the company announced it had bought the Hanoi factory of US car company General Motors (GM). Also under the deal, VinFast will manufacture small cars under license from GM.

It plans to showcase its first two models, a sedan and an SUV at this year’s Paris Motor Show in October.

VinFast began construction of a $3.5 billion auto manufacturing complex in Haiphong city last September.

It promised to roll out the first car in late 2019.