Vietnam’s VinFast quick to make an impression on the global car market

Vietnam’s VinFast, a homegrown car manufacturer founded in 2017 as part of the country’s diversified industrial conglomerate VinGroup, is quietly making its mark as an emerging car brand in the global automobile industry.

Since its launch a little over three years ago, the company has set up a large main manufacturing facility in Hai Phong, northern Vietnam, and also opened research and development centers not only at home, but also in the US, Germany and Australia, where it recently acquired a testing facility of General Motors’ former Australian subsidiary, Holden.

Additionally, General Motors recently announced a partnership between Chevrolet and VinFast, through which VinFast will have exclusive rights to distribute Chevrolet cars in Vietnam and will take ownership of the existing General Motors factory in Hanoi originally run by GM Korea. That factory plans to build a GM-licensed “all-new global small car” to be sold under the VinFast name.

Partnership with German companies

VinFast also has a licensing partnership with Germany’s BMW and a technology supply contract with Siemens Vietnam. It also recently announced a design competition for global showrooms.

For its electric car line-up, VinFast and South Korea’s LG Chem In April 2019 announced the establishment of a battery manufacturing and packaging joint venture to produce batteries for VinFast’s electric motorcycles and electric cars.

Overall, founder Pham Nhat Vuong, Vietnam’s richest man and VinGroup founder, has pledged $2 billion of his own fortune to see VinFast become a globally recognised brand. The company also produces motorcycles and is in the process of setting up a bus production under the brand VinBus.

Vuong said he was confident to reach the breakeven point for his vehicle operations in five years from now.

Electric car line-up targeting North American and European markets

In a latest development, VinFast presented a trio of battery-electric sports utility vehicles, the compact VF31, small VF32 and mid-size VF33 due for delivery from 2022. According to VinFast, the VF32 and VF33 will be sold in the US, Canada and on European markets, with the order books to open by November this year.

All three cars offer a range of steering and self-driving assistance options and are equipped with safety and intelligence features, the company noted.



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Vietnam’s VinFast, a homegrown car manufacturer founded in 2017 as part of the country’s diversified industrial conglomerate VinGroup, is quietly making its mark as an emerging car brand in the global automobile industry. Since its launch a little over three years ago, the company has set up a large main manufacturing facility in Hai Phong, northern Vietnam, and also opened research and development centers not only at home, but also in the US, Germany and Australia, where it recently acquired a testing facility of General Motors' former Australian subsidiary, Holden. Additionally, General Motors recently announced a partnership between Chevrolet and...

Vietnam’s VinFast, a homegrown car manufacturer founded in 2017 as part of the country’s diversified industrial conglomerate VinGroup, is quietly making its mark as an emerging car brand in the global automobile industry.

Since its launch a little over three years ago, the company has set up a large main manufacturing facility in Hai Phong, northern Vietnam, and also opened research and development centers not only at home, but also in the US, Germany and Australia, where it recently acquired a testing facility of General Motors’ former Australian subsidiary, Holden.

Additionally, General Motors recently announced a partnership between Chevrolet and VinFast, through which VinFast will have exclusive rights to distribute Chevrolet cars in Vietnam and will take ownership of the existing General Motors factory in Hanoi originally run by GM Korea. That factory plans to build a GM-licensed “all-new global small car” to be sold under the VinFast name.

Partnership with German companies

VinFast also has a licensing partnership with Germany’s BMW and a technology supply contract with Siemens Vietnam. It also recently announced a design competition for global showrooms.

For its electric car line-up, VinFast and South Korea’s LG Chem In April 2019 announced the establishment of a battery manufacturing and packaging joint venture to produce batteries for VinFast’s electric motorcycles and electric cars.

Overall, founder Pham Nhat Vuong, Vietnam’s richest man and VinGroup founder, has pledged $2 billion of his own fortune to see VinFast become a globally recognised brand. The company also produces motorcycles and is in the process of setting up a bus production under the brand VinBus.

Vuong said he was confident to reach the breakeven point for his vehicle operations in five years from now.

Electric car line-up targeting North American and European markets

In a latest development, VinFast presented a trio of battery-electric sports utility vehicles, the compact VF31, small VF32 and mid-size VF33 due for delivery from 2022. According to VinFast, the VF32 and VF33 will be sold in the US, Canada and on European markets, with the order books to open by November this year.

All three cars offer a range of steering and self-driving assistance options and are equipped with safety and intelligence features, the company noted.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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