Vietnamese VinFast prepares to become a global automotive brandDecember 15, 2019
Vietnam is not at all associated with car manufacturing, but local billionaire Fan Nhat Wuong hopes to change that with his own company, VinFast.
Over the past few years, VinFast has been steadily developing and recently launched the production of the first three cars, a hatchback, a sedan and an SUV, while working on its first electric car. However, this is not Wuong’s most ambitious goal, as he wants to enter the US market by 2021 and is ready to spend 2 billion of his own money to succeed.
“Our ultimate goal is to create an international brand. It will be a very difficult way, and we will have to make a lot of effort. But there is only one road ahead. Our biggest problem is that … for many international friends, Vietnam is still a poor, backward country. We will need to find a way to the market and prove that our products are dynamically developing Vietnam, which has reached the highest world standards, ”said Wuong.
Vuong aims to launch in the United States, despite the fact that the company does not yet have a strong position, but will strive for this, even if VinFast has not been profitable for five years. Moreover, the company sells its first three models at a lower cost, and according to Woong, Vingroup will spend the equivalent of $ 777 million a year annually to cover VinFast’s losses.
The businessman believes that in order to be successful, a company must go beyond the limits of a too small Vietnamese market, which means that entering the US market will be accompanied by expansion into Europe
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