VinFast to get steady backing from Vingroup, company chair assures

MANILA: The leadership of Vingroup gave assurance that its automotive arm VinFast shall enjoy the mother company’s strong financial backing.

In a recent interview with Bloomberg, Vingroup Chairman and VinFast Chief Executive Officer (CEO) Pham Nhat Vuong expressed confidence in the Vietnam electric vehicle (EV) manufacturer's ability to thrive.

When asked on how long will the conglomerate continue to help its EV manufacturing arm, Vuong responded with “Until I run out of money” — expressing his personal commitment in the project.

 

Aside from VinFast, the Vingroup conglomerate also has various business entities in real estate, with its vast network of consumer goods, property development, shopping malls, and educational institutions.

Further, Vuong shared his belief that the automaker shall eventually be financially self-sufficient. “VinFast will reach break-even point soon and be able to stand on its own feet,” he said.

While established automakers are hitting the brakes on expansion or delaying battery plant construction, Vuong remains bullish on the future of electric vehicles. 

The company CEO outlined in the said interview VinFast's plans of opening its Indian factory six months ahead of schedule, in the first half of next year. Construction on a new Indonesian plant is also slated to begin within the next two months.

“I’m not worried about electric vehicle sales,” he said. “The growth of electric vehicles will be inevitable,” he said.

Last month, VinFast officially entered the Philippine market and is expected to start its retail operations soon. The company is set to sell to the local market the VF e34, VF 5, VF 7, and VF 9 to be followed by the VF 3.

Photos from Bloomberg/VinFast Philippines

Also read:

VinFast mulls over VF 3 introduction to PH

VinFast VF8 secures numerous awards in ASEAN NCAP Grand Prix 2024

Here are the available VinFast models in PH