Vietnam’s VinFast Begins New-Car Deliveries

Vietnam’s first local carmaker, 2-year-old VinFast, has collected more than 10,000 orders and has begun to deliver cars to customers.

VinFast is a creation of Vietnam conglomerate Vingroup, the country’s largest real estate company. The company is generating demand for its first model, the Fadil hatchback, with incentives and a pitch to supply government agencies, The Nikkei reports.

The cars are being produced at a factory Vingroup built in Haiphong. The facility is likely to achieve first-year sales of 15,000 cars but aims to quickly hike its annual output to 250,000 units. VinFast hopes to eventually double that volume.

Vingroup partnered earlier this week with local ride-hailing service FastGo to offer special financing and a 20% discount for drivers who buy a Fadil. The car retails for 450 million dong ($19,400).

FastGo also has agreed to lease 500 Fadils. The company is giving 50% discounts to riders at Vingroup destinations in major Vietnamese cities. In return, Vingroup is giving FastGo drivers in Fadil cars special access to its malls, schools, hospitals and tourist destinations.