Vietnamese carmaker VinFast unveiled the prices of its first made-in-Vietnam cars at a public launch ceremony in Hanoi on Tuesday afternoon.

VinFast is the carmaking arm of Vietnam’s leading property developer Vingroup.

The real estate giant, together with the Vietnam Chamber of Commerce and Industry (VCCI), held a ceremony to introduce VinFast’s sedan, SUV, and electric cars to the public for the first time, as well as launching the campaign “Vietnamese products conquer Vietnamese people.”

According to VinFast, its cars will be offered to consumers with a “three-zero” policy: zero depreciation expenses, zero financial expenses, which include interest, plant construction cost, working capital, and zero profits.

In particular, the LUX A2.0 sedan is priced at VND1.818 billion (US$78,174), LUX SA2.0 SUV at VND1.366 billion ($58,738), and the Fadil city car at VND423 million ($18,189).

For the time being, the three models will be sold at VND1.136 billion ($48,848), VND800 million ($34,400) and VND336 million ($14,448), respectively, according to Nguyen Viet Quang, Vingroup’s vice-president and general director.

Both the LUX A2.0 sedan and LUX SA2.0 SUV were presented with the prestigious “new star” award of the world’s automotive industry at the Paris Motor Show in France in October, while the Fadil car was developed from Karl Rocks by Opel, one of Germany's oldest auto makers, under a technology franchise agreement with General Motors (GM).

“The products are designed to suit the Vietnamese people as well as climate and traffic in Vietnam,” Quang asserted.

The LUX SA2.0 sedan is seen at the ceremony in Hanoi on November 20, 2018. Photo: Tuoi Tre

VinFast plans to deliver Fadil cars in mid-2019 and the LUX models by the end of the same year, according to the company’s president Le Thi Thu Thuy.

The launch ceremony was attended by Prime Minister Nguyen Xuan Phuc.

At the event, the premier officially kick-started the campaign “Vietnamese products conquer Vietnamese consumers,” in order to raise the responsibility of local enterprises to continue producing quality products with high competitiveness, low cost, and professional after-sales service, meeting consumers’ needs.

“I laud Vingroup for creating such a value chain of Vietnamese cars and electric motorcycles in such a short time, through thorough research and serious investment in products meeting international standards,” Prime Minister Phuc said.

A VinFast production complex was inaugurated in Dinh Vu Industrial Park in the northern Vietnamese city of Hai Phong in September 2017, at a cost of $1-1.5 billion in the first phase.

It is the largest and most modern project of its kind in the region, producing both quality gasoline cars and electric motorcycles and having its intellectual property protected in Europe, according to the executive Quang of Vingroup.

Prime Minister Nguyen Xuan Phuc and other delegates watch the LUX SA2.0 SUV. Photo: Tuoi Tre

A visitor tries riding a VinFast electric motorcycle. Photo: Tuoi Tre

The Fadil city car is seen at the ceremony in Hanoi on November 20, 2018. Photo: Tuoi Tre

The LUX SA2.0 sedan is seen at the ceremony in Hanoi on November 20, 2018. Photo: Tuoi Tre

The LUX A2.0 sedan is seen at the ceremony in Hanoi on November 20, 2018. Photo: Tuoi Tre

Prime Minister Nguyen Xuan Phuc and other delegates watch a VinFast motorcycle. Photo: Tuoi Tre

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