VinFast to continue to grow

April 26, 2024 | 17:19
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Pham Nhat Vuong, chairman of Vingroup Corporation, announced he will provide an additional $1 billion in sponsorship for VinFast in the near future and devote all efforts to building the brand at the company's AGM on April 25 in Hanoi.

As he addressed the shareholders, Vuong expressed confidence that the toughest period had passed, citing a resurgence in the electric vehicle (EV) market.

"VinFast's vehicle sales have shown improvement, becoming the top-selling brand in Vietnam for the first time," he said. "Our aim is for VinFast to lead the globe as it embodies the mission, honour, and future of Vingroup. I will therefore continue to pay special attention to the brand."

VinFast to continue to grow

"There is no basis to doubt VinFast's capabilities or cash flow. At this point, no bank has yet to experience a delayed interest payment, let alone on the principal," Vuong stated.

"EVs play a crucial role in making cities cleaner. Particularly with the decreasing cost of batteries, VinFast can compete fiercely with conventional petrol-fuelled cars thanks to its technological edge," he added.

In addition to the $1 billion allocated to strengthen the group's internal capabilities, the wealthiest Vietnamese will invest nearly $417 million over the next three years to establish charging stations throughout the country.

He said that this initiative will primarily address psychological concerns, as most journeys are below 100km per day and can be easily charged at home.

VinFast has taken initial steps to establish dealership networks in North America, signing cooperation agreements with 10 distributors to expand its sales network and provide after-sales services.

In parallel with its actions in the Americas, VinFast is also intensifying its presence in existing markets such as Europe by opening additional showrooms, aiming to be present in at least 50 markets later this year.

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VinFast is building on advances made in 2023 by strategically expanding into markets such as India, Indonesia, and Oman.

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VinFast has signed an MoU with 15 Thai dealers at the 2024 Bangkok International Motor Show, taking place from March 27 to April 7.

VinFast reports Q1 revenue of $302.6 million VinFast reports Q1 revenue of $302.6 million

VinFast Auto Ltd. (Nasdaq: VFS) announced its unaudited financial results for Q1/2024 on April 17, with total revenues of $302.6 million, representing an on-year increase of just under 270 per cent.

By Hoang Minh - Ky Thanh

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