Recently, the world auto industry has recorded drastic changes when big companies with a long tradition in the world such as Toyota, Ford, Hyundai, BMW… have spent a lot of money on research. , develop electric vehicles.
However, a special feature is that at the Los Angeles Auto Show 2021, for the first time a Vietnamese car company has appeared on the exhibition grounds: VinFast.
Established in 2017, VinFast has continuously affirmed its ambition to penetrate the global auto market. In 2017, Chairman Pham Nhat Vuong once emphasized: “VinFast is the main pillar of Vingroup in business in the coming time”.
Most recently, when sharing with the media on April 9 about the event that VinFast submitted a draft IPO dossier in the US, Mr. Pham Nhat Vuong affirmed that the highest goal for this IPO is not to find financial sources. but to bring VinFast to the global market.
This ambition has been realized by the car company during the past time.
In the interview Bloomberg back in May 6/2020Mr. Pham Nhat Vuong shared his desire to do things that people consider difficult, things that other Vietnamese private enterprises have not done successfully. It is the duty and responsibility of people like him to develop a prestigious Vietnamese brand in the world.
Head 2021Vingroup suddenly announced its withdrawal from the smartphone and TV production segment to focus its resources on developing electronic products and “Infotainment” features for VinFast cars.
Arrive June 2021At the 2020 Annual General Meeting of Shareholders, Vingroup informed that, in order to prepare for the sale of electric vehicles in the global market, over the past time, the company has recruited former senior executives from many countries. major car manufacturers in the world such as Tesla, BMW, Porsche, Toyota and Nissan. Besides, the company also established branches throughout the US, Canada, France, Germany and the Netherlands.
During the meeting, billionaire Pham Nhat Vuong emphasized that the immediate market VinFast wants to focus on is the US. After the success, VinFast will develop other markets.
Vuong calculates that each year in the US will sell about 16 to 18 million cars, if VinFast holds only 1% of the market share, it will sell 160,000 to 180,000 cars. By 2026, the company plans to sell hundreds of thousands of vehicles in this market. The time period that Vingroup gives for VinFast to start making a name in the US is 3-5 years and the company accepts to compensate for losses.
Last 2021which announced plans to list VinFast, its electric car division in the US this year, will open showrooms across the West and sell 42,000 electric vehicles (EVS) globally by 2022, an increase against the previous target of 15,000.
Step to 2022In March, VinFast announced that it had signed a memorandum of understanding with the North Carolina state government to launch the first US-based vehicle factory. The 800-hectare complex will be capable of producing 150,000 vehicles per year, which will mainly produce electric cars, buses and EV batteries.
Right on the day of announcing the signing of the memorandum of understanding, US President Joe Biden posted on his personal Twitter: “Today, VinFast announced that it will build a $4 billion electric vehicle and battery factory in North Carolina, creating 7,000 jobs. It’s the latest example of my economic growth strategy.”
Arrive April 7, 2022, VinFast’s website posted a notice that VinFast Trading & Investment Pte. Ltd., a subsidiary incorporated in Singapore of Vingroup, announced that it has submitted a draft preliminary listing application form F-1 with the US Securities Commission (“SEC”) regarding the proposed stock offering. disseminated to the public.
The size of the issuance and the offering price of the shares are yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, and is subject to market and other conditions.
In the past, many Vietnamese enterprises have invested abroad, but only in Southeast Asia (such as Laos, Cambodia…), or Africa. But, the Vingroup case of Chairman Pham Nhat Vuong is completely different.
Specialized page Driving of Canada once wrote about VinFast: “The question remains whether a seemingly small, historically inexperienced company in auto manufacturing can match the strength of established automakers. or not, not to mention all the similar startups in Silicon Valley that have sprung up recently. But one thing is for sure: VinFast has no shortage of ambition.”
In fact, VinFast’s attraction to international media has partly confirmed the automaker’s ambition to become a global brand. Page The Driven In the past 5 years, VinFast has developed at a rapid pace, becoming a leading name in the domestic market.
Most recently, April 9Vingroup Chairman Pham Nhat Vuong shared that VinFast will seek financial support from the Biden administration to expand the planned factory in North Carolina.
“It is also one of our financial options, but we need to prove to the US government that VinFast is capable,” said the head of the group.
According to Chairman Pham Nhat Vuong, VinFast is determined to IPO because this deal will help turn the Vietnamese electric vehicle manufacturer into a global brand. However, Mr. Vuong also noted: “If the conditions are not suitable, we can continue to wait”.
“We ourselves are determined to carry out the IPO plan, but the highest goal for this IPO is not to find financial sources but to bring VinFast to the global market.“, the billionaire added.
Vuong said, borrowing money from the US Government’s advanced technology vehicle manufacturing (AVTM) loan program is another option that VinFast is exploring.
The $ 25 billion AVTM Fund was established by the US Congress in 2007, when Detroit auto manufacturers fell into crisis. According to information from AVTM’s website, the fund is managed by the US Department of Energy and has a lending capacity of nearly $18 billion.
at Blogtuan.info – Source: autopro.com.vn – Read the original article here