Amidst the many players entering the electric vehicle (EV) market to take advantage of the green trend, VinFast confidently competes thanks to its production capacity, competitiveness, and diverse product range.
At a press conference on August 16, Le Thi Thu Thuy, Global CEO of VinFast, spoke about the company's next moves after successfully listing on the US stock exchange. The CEO expressed cheer for the warm welcome the company received during its first trading session.
"The goal of VinFast is to improve internally and become a global company with the mission of transforming the industry to zero-emission EVs," Thuy said.
Therefore, its business development strategy remains the company's top priority.
She said that VinFast currently has seven EV models, including the VF e34 and VF 5, the VF3 for the Southeast Asian market, and the VF6, VF7, VF8, and VF9 for the US and European markets.
However, through its research and sales in the United States, the CEO noted that the VF3 and VF5 were also well-received by customers. Therefore, the company will adjust its plan to take advantage of these opportunities. In addition, VinFast will expand the Southeast Asian EV market with a diversified model range, and debut right-hand drive EVs on the international market by the end of this year.
Regarding VinFast's competitive advantages, Thuy said, "We work on the general principle of high-quality products, competitive prices, and good service. They are the three key points that all companies constantly strive for."
Along with its lineup of cars, the company has already delivered e-buses and e-motorbikes that are seen as premium products in the market right now.
She also reaffirmed VinFast's production ability. "Around the world right now, only Tesla can rival our production capabilities. Other companies face many challenges in their supply chain," Thuy said.
|Le Thi Thu Thuy, Global CEO of VinFast |
Thuy made VinFast's business strategy clear. In the first step, they reached the most difficult market, the US, and from there will expand into Europe, ASEAN, and the Middle East.
"There are countless opportunities, but the road ahead is definitely not easy. We will have to redouble our efforts," the CEO said.
She further stated that VinFast will break even by 2024.
"The demand for EVs around the world is very high. The perception of governments and the general public has undergone considerable changes, soaring the demand for green transportation. However, additional improvements are required in terms of infrastructure," she said.
At the end of July, VinFast started the construction of an EV factory in North Carolina with a total investment of $2 billion in the first phase and an expected capacity of 150,000 vehicles per year. The supply of components for production will give priority to the US, Vietnam, and some other countries in the region.
Vero, an ASEAN brand communication consulting company, has just released a whitepaper on the development potential and current barriers for electric cars in the Vietnamese market amidst the trend of sustainable transport.
With a population of about 100 million people, Vietnam has made significant strides in accepting electric motorbikes, becoming the second-largest market in the world, following China.
Although VinFast and other well-known global brands have already launched electric models in Vietnam, the use of electric cars in the country is much lower than the regional average.
The survey found that 79 per cent of Vietnamese consumers see electric cars as an effective solution to reduce environmental problems, and two-thirds of respondents said they had researched and considered buying an EV.
However, the disparities in Infrastructure leave users concerned about the range of EVs. One-third of respondents said they had no intention of buying one, and 87 per cent of them said that this was due to the lack of charging stations, especially when travelling long distances.
Familiarity with EV technologies is still low. More than half said that they would not consider buying an EV because they have yet to become acquainted with the technology and were unable to distinguish between the various models.
Gen Z and millennial consumers were particularly disinterested. The growth of ride-hailing apps and the current economic situation make young users shy away from using EVs, according to the report.
| ||VinFast to break ground on its EV factory in the US next week |
Vietnamese automaker VinFast will hold a groundbreaking ceremony for its electric vehicle (EV) factory in North Carolina on July 28.
| ||EV maker VinFast to list in US in August |
VinFast will list in the United States via a merger with a blank-cheque company after the Securities and Exchange Commission greenlit its proposed business combination.
| ||Vingroup’s revenues see a soar in the second quarter of 2023 |
Vingroup reported a revenue increase in the first half of 2023 thanks to the contribution from the sale of electric vehicle products.
| ||VinFast's Nasdaq debut boosts Pham Nhat Vuong's wealth |
VinFast, the automotive member of Vingroup, wrote history on August 15, 2023, as it celebrated its official listing on the Nasdaq Stock Market, a momentous achievement marking the culmination of its merger with Black Spade Acquisition Co., a special purpose acquisition company (SPAC). The stock is trading under the ticker, VFS.