In an interview with Bloomberg on June 14, Vingroup Chairman expressed his commitment to seeing his dream of electric cars through to the end. The nearly 4-minute video interview took place at Vingroup’s office in Hanoi, where Mr. Vuong discussed the challenges and future of VinFast electric car company both in Vietnam and globally. VinFast has been manufacturing cars for over 5 years, but faces stiff competition from companies like Tesla and Hyundai as it enters the US market. Plans are also in place for VinFast to expand into the Indian and Indonesian markets.
Mr. Vuong stated that he will continue to invest in VinFast “until I run out of money,” emphasizing his confidence in steering the company through obstacles, similar to challenges faced by other automakers like Toyota and Volkswagen. Despite a fluctuating stock price, Mr. Vuong remains focused on long-term investment and is not rushing to increase the floating rate. VinFast has received substantial financial backing from Vingroup and other institutions, totaling $12.9 billion from 2017 to March 2023.
With plans to build factories in North Carolina, India, and Indonesia, VinFast aims to compete on a global scale. The company faces challenges in building its brand and standing out against major competitors in the US market. However, Mr. Vuong remains steadfast in his vision for VinFast to become a successful international brand. By focusing on quality products at reasonable prices, VinFast aims to elevate Vietnam’s manufacturing industry on a global level.
Despite initial challenges, VinFast is determined to gain market share in the US and expand its revenue significantly in the coming years. The company’s strategy includes developing a strong dealer network and direct marketing initiatives to boost sales and customer engagement. While VinFast holds a small market share in the US currently, the company is optimistic about its growth potential and aims to break even soon.
In conclusion, Vingroup Chairman’s unwavering commitment to VinFast’s success and dedication to elevating Vietnam’s manufacturing industry 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.