VinFast has ambitious plans to expand its presence to 50 markets by the end of 2024.
VinFast CEO Le Thi Thu Thuy expressed her optimism about the Southeast Asian market, citing its untapped potential for electric cars and supportive government policies. This puts VinFast in a favorable position to expand its business in the region.
VinFast CEO Le Thi Thu Thuy recognizes the immense opportunities for VinFast in Southeast Asia (Screenshot).
Concerning the expansion plan, Ms. Thuy mentioned that VinFast targets 50 markets by the end of 2024, including high-potential markets such as Indonesia and India. The United States, Canada, the Netherlands, Germany, France, and other markets are currently under assessment.
Regarding the Indian market, Ms. Thuy revealed that VinFast is currently considering three options for discussion. The company is engaging in dialogues with the Indian Government to determine specific plans and will provide more detailed information in due course.
When asked about the necessity for additional capital to support VinFast’s ambitious plans, Ms. Thuy affirmed that financial support from Vingroup and the Group’s Chairman would continue in the next 18 months. VinFast possesses sufficient resources to execute its business strategies. Nonetheless, the company remains open to investment opportunities as it strives for global expansion. Capital-raising discussions with potential investors are already underway.
VinFast remains confident in achieving its sales target of 40,000-50,000 cars this year.
Addressing market concerns about VinFast’s business outlook for the rest of the year, Ms. Thuy revealed that VinFast is currently finalizing contracts with distributors and retailers in the United States. The focus for this year revolves around establishing connections and partnerships with the initial group of retailers in the country, which will allow VinFast to leverage their existing systems and customer base for product distribution and sales.
VinFast VF 9 – VinFast’s premier SUV.
Ms. Thuy emphasized that VinFast is determined to sell 40,000-50,000 cars worldwide this year and radiates confidence in this target. “As the only car company with 7 electric car models, of which 4 are already on the market, VinFast’s upcoming models will present consumers with more choices and greater familiarity with VinFast electric cars. We are confident in achieving our sales target,” assured VinFast’s CEO.
Historically, the fourth quarter experiences strong growth in car demand compared to other quarters. According to VinFast’s plan, in addition to delivering VF e34, VF 5 Plus, VF 8, and VF 9 models as scheduled in the domestic and North American markets, VinFast anticipates commencing deliveries of VF 8 models in Europe and VF 9 models in North America during the fourth quarter. These launches will contribute to the attainment of the 2023 sales plan.
Responding to questions about potential capital raising by the end of 2025, VinFast’s leadership stressed the company’s focus over the past few years on establishing a solid foundation. VinFast has made significant investments in launching 7 car models, as well as production facilities in Vietnam. Additionally, VinFast strategically situated its manufacturing centers in locations with low infrastructure costs.
“Investments in production and operations have positioned the company for sustainable growth in the near future. We are confident in heading in the right direction and moving toward achieving breakeven and profitability,” stated Ms. Thuy.
Regarding VinFast’s stock performance post-listing, the CEO acknowledged the growing interest of investors and their recognition of VinFast’s potential and commitment to the electric vehicle revolution. “Currently, we do not actively monitor stock price fluctuations but focus on our business objectives,” she shared.
A VinFast representative expressed belief that as the company achieves its growth targets, stock price stability will follow. Currently, only approximately 1% of shares are available on the market. However, as previously disclosed, around 76 million registered shares will be made available, enhancing VinFast’s stock liquidity. VinFast is also actively expanding relationships with investors to issue more shares to the stock market.
Anh Quan (forum.autodaily.vn)
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