KfW IPEX-Bank accompanies German automotive suppliers to Vietnam
News from 2019-03-06 / KfW IPEX-Bank
Vietnam is building its first own automotive brand - VinFast. KfW IPEX-Bank is participating in the financing of the new VinFast production facility in Hai Phong. The cars will be based on German models, produced using German machines as well as equipment from other European countries and consist of over 40% of parts from German companies. The mechanical engineering firm Schuler is to supply the press shop, Eisenmann the general assembly and finishing line, and Grob the engine shop. The paint shop will be supplied by Dürr, the robots manufactured by ABB Germany and Siemens will take care of connecting the facility.
In an initial production stage, starting in mid-2019 three cars as well as three e-bike and three electric scooter models will be brought onto the domestic market. For KfW IPEX-Bank the participation serves a dual purpose: The bank contributes to supporting the German and European export industry, which is tapping into the Vietnamese market through its involvement in this project and may use Vietnam as a stepping stone to reach out to other markets. It also enables the bank to support investments in innovation and sustainability in the form of e-mobility.