Vietnam’s first domestic car manufacturer bets big at Paris Motor Show

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VinFast, a unit of Vietnam’s largest conglomerate Vingroup JSC, presented two of its vehicles at the Paris Motor Show, as it is set to become the country’s first fully-fledged domestic car manufacturer when its first production models built under its own badge hit the streets next August. VinFast’s first two models, an SUV and a small sedan, are being built on a frame from BMW. The components have been engineered by Canadian firm Magna International’s Magna Steyr, while design work has been done by Italian design house Pininfarina. At a time when auto companies in the developed world are facing a squeeze on their profits from cash-rich tech firms, Vietnam is betting car-making can be a ticket to a more prosperous economy, just as it was for the likes of Japan and South Korea.