Vietnamese carmaker VinFast introduced the first made-in-Vietnam cars to the public in Ho Chi Minh City at a launch ceremony attended by thousands of people on Monday.

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

After its successful introduction in Hanoi on November 20, the firm went on to bring its sedan, SUV, city car and electric motorcycles to Ho Chi Minh City, at the super-tall skyscraper Landmark 81.

As observed by Tuoi Tre (Youth) newspaper’s reporters, the exhibition space inside the venue was crowded by thousands of people when it was only 9:30 am on Monday.

Many customers even decided to purchase these VinFast cars on the spot.

Nguyen Hoang Vu, a car enthusiast in Phu Nhuan District, said that he was impressed by the BMW-like three-spoke steering wheel and the 10.4-inch vertical screen like those newest designs of Mercedes-Benz, BMW and Volvo.

Vu read the technical specifications, the car engine and other features thoroughly and commented that “the space inside is as large as that of a luxury car made by a European or U.S. brand.”

Attractive price

Tran Van Manh, a resident in Binh Thanh District, told Tuoi Tre that he paid a deposit to buy the seven-seater LUX SA2.0 SUV as his family includes many members.

“This model is quite beautiful. Although I have just seen it for the first time, I decided to buy it as the price is appropriate with the current discount of nearly VND600 million [US$25,800],” Manh said.

The LUX A2.0 sedan is seen at the launch ceremony in Ho Chi Minh City on November 26, 2018. Photo: Tuoi Tre

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 ($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.

In addition, VinFast will also consider working with banks to introduce a wide selection of financing options to car buyers, according to the company’s president Le Thi Thu Thuy.

In its plan, the firm will deliver Fadil cars in mid-2019 and the LUX models by the end of the same year.

The carmaker will also push the development of store and showroom systems nationwide, making use of the available space of Vingroup’s many shopping malls and supermarkets.

According to economics expert Ngo Tri Long, VinFast cars’ prices will be more competitive once the company achieves the localization rate of 60 percent at its production complex in Dinh Vu Industrial Park in the northern Vietnamese city of Hai Phong.

The plant was inaugurated 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 Quang, Vingroup’s vice-president and general director.

On the other hand, senior automotive expert Vu Tan Cong assessed that VinFast has gained the first success in promoting its first made-in-Vietnam cars, creating a sense of national pride in producing high-value products.

Cong also advised that VinFast better prove their capability of meeting customers’ need in the future.

Customers read the technical specifications of the LUX SA2.0 SUV at the launch ceremony in Ho Chi Minh City on November 26, 2018. Photo: Tuoi Tre

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