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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

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