Southeast Asia is a region in Southeast Asia.

Indonesia
Singapore\sMalaysia
Vietnam\sThailand
Philippines
Myanmar

India

Greater China is a term used to describe a

Asia’s rest

World

Internet Economy & E-Commerce

Technology

Infrastructure and Real Estate

Services in the Financial Sector

Infrastructure for Social Development

With its electric vehicles, Vietnam’s Vingroup hopes to grab 1% of the overall US auto market.
Workers at Vinfast’s car manufacturing in Hai Phong, Vietnam, on the occasion of the plant’s inauguration ceremony on June 14, 2019. REUTERS/Kham

Tomoya Onishi is the author of this piece.
5th of July, 2021

Vingroup, a leading Vietnamese corporation, wants to sell 160,000 to 180,000 electric vehicles in the United States each year, accounting for around 1% of all autos sold in the country.
According to local media sources, chairman and founder Pham Nhat Vuong stated the target at the annual general meeting in late June.
To begin, the company aims to sell 15,000 electric vehicles in the United States next year, followed by hundreds of thousands over the next five years.
Vuong, Vietnam’s richest man, stated that he is “absolutely convinced” that Vingroup can achieve these objectives, and that he will put $2 billion of his own money into the sales effort in the United States.
In June 2019, Vingroup committed around $3.5 billion to establish an auto manufacturing in Hai Phong, Vietnam’s northernmost city. The plant currently has a capacity of around 250,000 automobiles per year. In 2020, the firm sold approximately 30,000 automobiles in Vietnam, with intentions to begin selling electric vehicles in the country by the end of this year and in Europe in 2022.
Vingroup is considering listing its automobile company VinFast in the United States as part of its expansion. According to earlier press reports, the debut might happen as early as the April-June quarter, although preparations are expected to take longer than planned due to differences in accounting systems and other concerns.
According to Vingroup vice chair Le Thi Thu Thuy, the company has been preparing for a stock market debut, although she did not specify a target date.
Nikkei Asia was the first to publish the article.

Vingroup Vinfast

Every day, you’ll receive articles like these in your email.

Sign up for The Daily Brief, our daily newsletter.
Register for the Newsletter

Related Articles

VinSmart, a division of Vingroup, has agreed to discontinue producing smartphones and televisions in order to focus on electric vehicle technology.

VinSmart has shifted its focus to developing smart automotive and home solutions.

Markets & Initial Public Offerings
Vingroup is aiming for a $60 billion valuation for its automobile division in a future IPO in the United States.

For the anticipated NYSE IPO, Vingroup is collaborating with Credit Suisse HK.

Markets & Initial Public Offerings
Vingroup, a Vietnamese conglomerate, will seek $500 million in its first overseas bond offering.

The bonds will be issued this year and will be traded on the Singapore Exchange (SGX).

Markets & Initial Public Offerings
Vingroup, a Vietnamese conglomerate, plans to raise $304 million through bonds for its phone and auto businesses.

Vingroup has risen to become Vietnam’s largest publicly traded company, with a market capitalization of more than $15.4 billion.

To continue reading our free content, create an account.

If you don’t want to get The Daily Brief in your inbox every day, unsubscribe.

REGISTER

Do you already have a login? Here is where you may log in./nRead More