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The American newspaper believes that VinFast will mark a drastic change in the Vietnamese economy

Recently, Forbes reported, with a net worth of about 6.2 billion USD and the richest person VietnamBillionaire Pham Nhat Vuong is currently intending to become a global auto tycoon. Whereby, VinFast plans to have two electric models on sale in the US by the end of this year.

In addition, in March 2022, the company also signed a preliminary agreement to pour an initial investment of $ 2 billion to build an electric vehicle and battery factory in North State. Carolina of America.

According to Forbes, although there are many manufacturing industries in Vietnambut most manufacturing industries are concentrated in labor-intensive sectors such as apparel.

“So, the launch of VinFast will mark a drastic change that can completely change the economy of this Southeast Asian country,” emphasized Forbes. “At least, that’s Vuong’s goal.”

According to Forbes, with a population of more than 97 million people, Vietnam is absolutely a potential market for VinFast. However, Mr. Pham Nhat Vuong soon made it clear that his ambitions do not stop at Vietnam.

“Despite being a young business, VinFast has huge ambitions,” the billionaire shared.

At CES 2022, VinFast introduced 5 electric car models, including 2 models VF 8 and VF 9, which are expected to be sold in the US market by the end of 2022. According to Ms. Le Thi Thu Thuy, Managing Director VinFast, a third SUV model with a smaller size will be launched in 2023.

VinFast is not a new enterprise in the field of manufacturing electric vehicles. Specifically, the company has produced electric motorbikes and electric buses in Vietnam. According to Deputy CEO Shaun Calvert, the VinFast factory in Hai Phong has the capacity to produce an average of 38 cars an hour, equivalent to 250,000 EVs a year. The long-term goal is to bring production output in Vietnam to nearly 1 million vehicles per year.

Joe Phillippi, a senior analyst at AutoTrends Consulting, said targeting a home market like Vietnam is one thing, targeting the vibrant US electric vehicle market is quite another.

“It’s going to be a competition when a new wave of battery-powered cars hits the market in the next few years,” said Joe Phillippi.

Specifically, VinFast will have to contend with a host of familiar names that are rapidly expanding their presence in the electric vehicle market, including GM, Volkswagen, Ford and Hyundai.

To compete with other brands in the market, VinFast offers consumers luxury products at “more affordable” prices than competitors. Specifically, the VF 8 model starts at $40,700, while the starting price for the VF 9 is $55,500.

Notably, VinFast will provide customers with battery rental services. Accordingly, VinFast will bring 2 subscription packages for customers to choose from: Fixed Package and Flexible Package. The Flexible Plan is for customers who travel less often, with a monthly subscription of $35 for the VF 8 and $44 for the VF 9. This rate applies to 310 miles of travel per month.

Fixed monthly subscription price for VF 8 is $110 and VF 9 is $160, with no mileage limit. In particular, customers who order VF 8 and VF 9 in 2022 and use the Fixed subscription plan will enjoy the same lifetime battery subscription price. This policy is also automatically applied to the new owner after the vehicle is sold.

In addition, VinFast also commits to a lifetime battery warranty and covers all maintenance, repair and replacement costs for free when the battery capacity drops below 70%.

During a press conference in Vietnam, Vingroup founder Pham Nhat Vuong was questioned about entering the US market. He remains optimistic, acknowledging that this will be a long-term goal.

“There is no easy or quick way to be successful in the US, but I believe we can do it,” Vuong said.

Source: Forbes


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