VinFast Aims to Achieve Break-Even Point by 2024

During a press conference on August 16, VinFast’s Global CEO, Le Thi Thu Thuy, discussed the company’s plans following its successful listing on the US stock exchange. Expressing gratitude for the warm reception during its first trading session, Thuy emphasized VinFast’s goal of becoming a global company focused on zero-emission electric vehicles (EVs) and transforming the industry.

VinFast currently offers seven EV models, including the VF e34 and VF 5 for the Southeast Asian market, and the VF3, VF6, VF7, VF8, and VF9 for the US and European markets. However, based on positive customer feedback from research and sales in the US, Thuy mentioned that the VF3 and VF5 have also been well-received. As a result, the company plans to adjust its strategy to capitalize on these opportunities. VinFast intends to expand its presence in the Southeast Asian EV market with a diverse range of models and introduce right-hand drive EVs to the international market by the end of this year.

Thuy highlighted VinFast’s competitive advantages, emphasizing their focus on high-quality products, competitive prices, and excellent service. In addition to their car lineup, the company has already introduced premium e-buses and e-motorbikes to the market. Thuy also emphasized VinFast’s strong production capabilities, stating that only Tesla can rival them worldwide, while other companies face supply chain challenges.

VinFast’s business strategy involves entering the US market as the initial step, followed by expansion into Europe, ASEAN, and the Middle East. Thuy acknowledged the numerous opportunities ahead but emphasized the challenges that lie ahead, stating the need for increased efforts. She further stated that VinFast aims to achieve a break-even point by 2024, as the global demand for EVs continues to rise due to changing perceptions among governments and the general public towards green transportation. However, she noted the necessity for infrastructure improvements.

In July, VinFast commenced the construction of an EV factory in North Carolina, with a first-phase investment of $2 billion and an expected annual capacity of 150,000 vehicles. Priority for component supplies will be given to the US, Vietnam, and other countries in the region.