Vinfast, the Vietnamese manufacturer, has been relatively quiet lately, raising concerns about its future. Despite facing challenges, such as limited sales and a high proportion of vehicles staying within Vinfast-affiliated companies, the owner, Phan Nhat Vuong, remains determined to push forward. Vuong, who owns a significant majority of Vinfast, continues to invest in the company’s development and expansion.
Established in 2017, Vinfast made its entry into the European market around a year ago and is now eyeing a presence in North America. This endeavor is backed by VinGroup, a major player in the industry, with Vuong holding substantial ownership in Vinfast. Collaborations with renowned names like BMW and Pininfarina underscore Vinfast’s commitment to the electric car business and its pursuit of innovative designs and technologies.
Despite showcasing fresh electric SUV models, Vinfast has faced challenges in achieving significant sales figures. In 2023, only 35,000 Vinfasts were sold globally, with a considerable portion staying within the Vinfast ecosystem. Notably, 70 percent of sales went to a taxi company owned by Vuong, while another 10 percent remained within VinGroup. These figures suggest that only a fraction of Vinfast’s sales reached external customers.
Nevertheless, Vuong remains resolute in his vision for Vinfast’s future and plans to inject an additional $1 billion into the company. He emphasizes his belief in the growth of the electric car market, asserting that it will eventually surpass the market for combustion engine vehicles. Despite the challenges, Vuong’s unwavering commitment signals his determination to establish Vinfast as a prominent player in the automotive industry.
