VinFast, a Vietnamese electric car company that has been producing cars for over 5 years, is currently facing stiff competition from established players like Tesla and Hyundai as it enters the US market. Despite this, the company is also making plans to expand into the Indian and Indonesian markets. In an interview with Bloomberg on June 14, Vingroup Chairman Mr. Pham Nhat Vuong expressed his unwavering commitment to realizing his electric car dream.
When asked how long he plans to invest in VinFast, Mr. Vuong confidently stated that he would continue to do so “until I run out of money.” He remains optimistic about VinFast’s future, despite challenges faced globally by other automakers like Toyota and Volkswagen. Mr. Vuong explained that while the company’s stock price experienced significant growth last August, he is in no rush to increase the floating rate at the moment. According to him, the current floating rate does not significantly impact long-term investors.
VinFast is confronted with numerous obstacles as it strives to establish itself as a successful brand on a global scale. Chinese electric vehicle manufacturers are aggressively exporting low-cost vehicles, while Tesla continues to reduce prices. In the US market, VinFast struggled to meet its sales targets in the first quarter of the year. However, the company continues to invest in expanding its production capacity and market presence in countries like India and Indonesia.
Despite these challenges, Mr. Vuong remains steadfast in his commitment to VinFast’s success. He emphasized that the company’s strong promotion efforts aim to elevate Vietnam’s manufacturing industry to an international level. VinFast is not just a business project for Mr. Vuong but a dedication project to bring high-quality products to the market at reasonable prices
