Peter Lyon
May 24, 2023
- VinFast launched products at Future Mobility Asai in Thailand
- The Vietnamese brand staged its first test drives in the US in March
- Company founder Pham Nhat Vuong said that the EV maker should break even within two years
At Future Mobility Asia 2023 held last week in Thailand, VinFast marked a significant milestone by officially launching its brand and products for the first time in Asia, highlighting the next phase of its global development strategy.
Founded in 2017 by Vietnam’s richest man, Pham Nhat Vuong, the Singapore-based VinFast introduced three of its electric vehicle (EV) models – the VF e34, VF 8, and VF 9 and gave attendees the opportunity to test drive the vehicles and experience their smart features firsthand. In March, media test drove the first Vietnamese cars on U.S. roads in California while a second group evaluated vehicles in Canada last week. The company also engaged in active discussions with potential partners as part of its strategy to expand its regional market presence and promote sustainable mobility solutions.
The brand’s first planned expansion in Asia comes as the Vingroup division gears up to reach profitability from 2025 and to list in the U.S. Vuong commented at a recent shareholders meeting that the EV maker should break even within two years.
At the Future Mobility event, VinFast laid out its plans to penetrate the Southeast Asian market—which includes Indonesia, Malaysia, Philippines, Thailand, and Singapore, adding to its focus on key markets such as North America and Europe. The company also announced plans to unveil right-hand-drive steering versions of its EV models including the VF 5, VF 6, VF 7, and VF e34, to cater to the unique requirements and preferences of these markets. It also makes a lineup of e-scooters including the Klara, Tempest, and Feliz as well as e-buses and advanced battery and charging solutions.
To help fund its operations, VinFast aims to merge with a New York Stock Exchange-listed special purpose acquisition company (SPAC) in the second half of 2023. This action will also help it to get listed. VinFast recently received a $1b cash injection from Vuong, whose wealth is estimated at over $4 billion according to Forbes.
The company operates a state-of-the-art automotive manufacturing complex in Hai Phong, Vietnam, with an impressive 90% automation level. Committed to a sustainable future, VinFast continually innovates to deliver high-quality products, advanced smart services, seamless customer experiences, and an inclusive pricing strategy, aimed at inspiring global customers to join the movement towards smart mobility and a sustainable planet.
OUR THOUGHTS
VinFast currently dominates Vietnam’s small EV market, but Chinese rivals like BYD and Hongguang are slowly making their presence felt. The Southeast Asian market offers a distinct opportunity for VinFast, particularly as Tesla, a major competitor, has yet to establish a substantial foothold in this region.
