“VinFast is considered to compete with Tesla and other major American automakers in the domestic market. US President Joe Biden also commented that this is “the latest proof that his economic strategy is working”, The Wall Street Journal – America’s leading economic and financial newspaper, recently said. There is an article commenting on the strategy and prospects of the Vietnamese car company.
“Rookies” are welcomed by the US government
VinFast – an electric car company established just 6 years ago, has made rapid progress when launching car models with modern designs thanks to joining hands with “giants” such as BMW and leading designers of Vietnam. Italy also successfully recruited many talented people in the industry. VinFast is considered to compete with Tesla and other major US automakers in the domestic market.
Mr. Roy Cooper – Governor of North Carolina said that his administration praised VinFast’s decision to build a factory and emphasized that this is the largest economic development project in the state’s history. US President Joe Biden also commented that this is “the latest proof that his economic strategy is working”.
VinFast’s bold decision to list on the Nasdaq stock exchange, along with the company’s ambitious plans, has attracted a lot of special attention. In August this year, VinFast’s stock price skyrocketed, bringing the company’s capitalization to a level higher than the total value of Ford and GM combined. With a large automobile factory operating in Vietnam, VinFast sold about 10,000 electric vehicles globally in the first 6 months of this year. VinFast said that the company had to call for large investments as a “new recruit” entering the auto industry.
Governor Cooper told The Wall Street Journal that he believes in VinFast’s commitment. With its electric vehicle plant in Chatham County, North Carolina has become the epicenter of the clean energy economy.
VinFast Global General Director Le Thi Thu Thuy said the company is confident it will gain traction in key markets. According to her, America loves brands that come from scratch and have the ability to compete with big names.
Long-term commitment to the US market
Vingroup founder, billionaire Pham Nhat Vuong, had the desire to build Vietnam’s first global brand when he decided to invest in VinFast. Mr. Vuong – Chairman of Vingroup and ranked by Forbes as the richest person in Vietnam – controls more than 98% of VinFast shares.
Vingroup invests heavily to learn foreign expertise and technology. VinFast’s first General Director, Jim DeLuca, spent 37 years working at General Motors, where he held the position of Executive Vice President of Global Manufacturing.
The company completed the factory and successfully developed three car models in just 21 months, much faster than traditional automakers. But since last year, VinFast has stopped producing internal combustion engine cars to switch to pure electric vehicles.
VinFast also said that the company’s exported electric vehicles have a price advantage thanks to free trade agreements between Vietnam and markets such as the European Union. VinFast is selling cars in the US, Canada, Vietnam and will soon enter the EU market.
The capacity of the VinFast factory is up to 300,000 electric vehicles per year, but the company plans to produce only 40,000 – 50,000 vehicles this year. A major partner of VinFast is the GSM carrier, which brings great efficiency in promoting electric vehicles in the Vietnamese market.
“We want VinFast electric cars to appear on the streets of Hanoi as quickly, as many, as possible,” affirmed David Mansfield – VinFast’s Chief Financial Officer.
“If we want to become a part of the US economy, and want to affirm that VinFast will make a long-term commitment to this market, we will have to invest heavily” – Ms. Thuy said.
Source: The Wall Street Journal
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