Vingroup Chairman, Pham Nhat Vuong, has reaffirmed his commitment to making electric cars a reality through VinFast. In an exclusive interview with Bloomberg on June 14, Mr. Vuong discussed the challenges and future of VinFast, both in Vietnam and globally. Despite stiff competition from companies like Tesla and Hyundai, VinFast has been manufacturing cars for over 5 years and plans to expand into the Indian and Indonesian markets.
In the interview, Mr. Vuong emphasized his long-term investment focus and commitment to steering the company through obstacles, similar to challenges faced by other automakers like Toyota and Volkswagen. Although VinFast’s stock price fluctuates, Mr. Vuong remains focused on quality products at reasonable prices, which he believes will elevate Vietnam’s manufacturing industry on a global level.
VinFast aims to compete on a global scale by building factories in North Carolina, India, and Indonesia. However, the company faces challenges in building its brand and standing out against major competitors in the US market. Despite these challenges, Mr. Vuong remains steadfast in his vision for VinFast to become a successful international brand.
The company’s strategy includes developing a strong dealer network and direct marketing initiatives to boost sales and customer engagement. While VinFast currently holds a small market share in the US, the company is optimistic about its growth potential and aims to break even soon. With substantial financial backing from Vingroup and other institutions totaling $12.9 billion from 2017 to March 2023, VinFast is well-positioned for success on the global stage.
In conclusion, Vingroup Chairman’s unwavering commitment to VinFast’s success underscores the company’s ambitious goals on the global stage. Through strategic investments, market expansion, and a focus on quality products, VinFast is poised to make a mark in the electric car market despite challenges and competition from established players like Tesla and Hyundai.
