Vietnam Wants to Make Own Cars; Vingroup to Invest $3.5 Billion

Vietnam’s ambitions are similar to efforts by companies in China and Malaysia, which have also tried to create cheaper, local brands to woo consumers in a region where foreign brands including Toyota Motor Corp. and Volkswagen AG have had years of dominance. Vingroup will face the same challenges as Chinese automakers, which have struggled to win over buyers in the world’s biggest vehicle market, said Steve Man, a Hong Kong-based automobile industry analyst for Bloomberg Intelligence.

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