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Bruce Newton26 Feb 2020
NEWS

Holden targeted by Vietnamese start-up

VinFast sets up in Melbourne, signs engineers, signals interest in test and design centres, plans local launch

Holden engineers are being scooped up by cashed-up little-known Vietnamese automotive start-up VinFast, which has just established an engineering centre in Melbourne and eventually plans to launch into the Australian market.

And VinFast has also guardedly signalled an interest in acquiring the General Motors design and engineering facilities – including the Lang Lang test centre - that are about to be closed along with the Holden brand.

“We currently work with business partners to do vehicle styling and validation,” VinFast deputy chief executive Jim DeLuca offered when asked about GM’s Australian facilities by carsales.com.au during an exclusive interview.

“We are interested in any type of vertical integration that makes us more efficient and the business more cost effective.”

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It’s not a confirmation, but it’s not a denial either…

VinFast made headlines in 2018 when soccer superstar David Beckham launched a two-model sedan and SUV range at the Paris motor show in 2018.

But much more quietly, the company moved into Port Melbourne last December, establishing VinFast Engineering Australia in Port Melbourne.

DeLuca confirmed the intention was to initially employ “a few hundred” engineers at its new centre, which is a stone’s throw from Holden’s Salmon St headquarters.

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“Australia is a developed automobile market which has available suppliers, skills that VinFast wants to tap into,” DeLuca said in response to emailed questions.

“VinFast Engineering Australia is responsible for product development for some of our future car models.”

On Australian VinFast sales, DeLuca offered: “Stay tuned! Our vision is to become a global automobile company and brand”.

VinFast has already hired a slew of Australian automotive managers in recent times, including manufacturing global vice-president manufacturing and engineering Shaun Calvert, who worked for Holden and GM from 2001 to 2017.

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“We have many Australian colleagues in our plant in Vietnam who have joined us right at the beginning of the project,” said DeLuca. “They have been a critical part of our family and contributing to the success of our company.”

Senior hires at VinFast Engineering Australia include 25-year Holden and General Motors veteran Kevin Yardley and chassis and powertrain integration chief Joe Sawyer, a 23-year Holden veteran.

Up to 800 people are currently employed at Holden, including hundreds of engineering and design staff.

VinFast’s two models shown in Paris are based on BMW architectures and drivetrains supplied under license. Even though they are rebodied, their relationship with the 5 Series and X5 is obvious.

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Both VinFast models are powered by 2.0-litre turbo-petrol engines offered in 130kW and 170kW tunes mated with an eight-speed ZF automatic transmissions. Rear-wheel drive is standard, with all-wheel drive optional for the SUV.

VinFast is part of the Vingroup, Vietnam’s largest privately held business, with assets valued at up to $35 billion.

The owner is a Russian-educated Vietnamese Pham Nhat Vuong, who began his business career selling noodles in the Ukraine. He made his first fortune when he sold that business to Nestle for $150m and then returned home 25 years ago to establish Vingroup.

The multi-faceted corporation with interests in real estate, the health industry and education, is reported to have already invested up to $3.5 billion in VinFast.

Vuong has declared his intention for VinFast to launch in the USA in 2021.

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