Vietnamese conglomerate VinGroup announced the creation of VinBus, a non-profit electric bus service that aims to create a modern public transportation system that reduces emissions and noise, and improves public transport infrastructure. VinBus will be launched in Hanoi, Hai Phong, Da Nang, Ho Chi Minh City, and Can Tho in March 2020. VinBus plans to use up to 3,000 electric buses manufactured by the automotive start up VinFast, another subsidiary of the Group. With charter capital of one trillion VND (42.88 million USD), the Group will reinvest all of its profits back into the company for service and development improvements. The Group plans to expand the service to areas of the country in the future.
VinFast is constructing a factory where the first bus is expected to roll off the assembly line before the year’s end. Supply has been secured through Siemens Vietnam for components and batteries for the electric vehicles will be supplied by a joint venture between VinFast and LG Chem. VinFast also plans to manufacture electric motorcycles, electric vehicles, and motorised vehicles in their Haiphong City facility.