Will VinFast break into Indonesia?

Vingroup’s automaker subsidiary, VinFast, has reportedly filed intellectual property (IP) rights in Indonesia for three of its models, according to newswire OtoDriver.

Particularly, VinFast has filled for IP rights for the Lux A2.0, Lux SA2.0, and a battery electric (BEV) SUV, the VF e35.

According to DetikOto, the rights, filed under “VinFast Trading And Production LLC" would cover a 10-year period between September 2018 to September 2028.

Besides Indonesia, VinFast aims to occupy a decent portion of the US electric vehicle (EV) market.

In its annual general meeting in June, Vingroup announced its ambition to capture 1 per cent of the US market, equivalent to 160,000-180,000 EVs annually.

In Europe, France, Germany, and the Netherlands will be the first priority markets of VinFast.

The manufacturer has built a specific business plan for each of these markets, and its products are also tailored in terms of design and function for local customers and conditions.

VinFast will prepare the sale of VF e35 and VF e36 models within the next few months. These two models are expected to be released globally from March 2022.

Last week, VIR has reported on VinFast’s co-operation with Gotion High-tech Co., Ltd. from China, a leading clean energy group, to produce Gotion lithium iron phosphate (LFP) batteries.

The two sides will also discuss the possibility to establishing an LFP battery factory in Vietnam.

If successful, this will be the first-ever LFP battery cell production facility in Vietnam.

In mid-August, Vingroup registered to sell around 3 per cent stake in Vinhomes' charter capital, its real estate subsidiary, also one of Vietnam’s largest property providers.

The proceeds from the sale of this 3 per cent sale of Vinhomes will help Vingroup invest in advanced technology, including VinFast's electric vehicles and to accelerate its "go global" strategy.

VinFast had initially targeted to sell 56,000 EVs in 2022 but then adjusted its objectives to around 15,000 EVs due to semiconductor crisis.