September 2, 2017 / 5:46 AM / a year ago

Vietnam's Vingroup starts construction on $1-1.5 bln first phase car factory

HANOI, Sept 2 (Reuters) - Vietnam's property conglomerate Vingroup on Saturday started construction of the first phase of a car factory in a project worth $1-1.5 billion, it said.

Vingroup expects to produce 100,000-200,000 vehicles, including 5-seat sedans, 7-seat SUVs and electric motorbikes in the first phase.

Vingroup's spokeswoman said it would introduce the first electric motorbikes in 12 months and first cars in 24 months.

Vingroup's construction brand VINFAST signed a memorandum to borrow $800 million from Credit Suisse AG to build the 335-hectare (827.8 acres) factory, located in Vietnam's northern city of Haiphong. (Reporting by Mi Nguyen; Editing by Nick Macfie)

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