Solving financial problems

VinFast 's practical financial policies provide an opportunity for Vietnamese consumers to own electric cars, while also strongly promoting the green transition process in Vietnam.

The electrification of transportation is a priority for governments around the world .

From financial support policies for electric vehicles around the world...

According to market research firm Rho Motion, global sales of all-electric and hybrid vehicles reached 13.6 million in 2023, a 31% increase compared to 2022. Of these, 9.5 million were all-electric and 4.1 million were hybrids. Sales of all-electric vehicles increased by 50% in the US and Canada, and by 27% and 15% respectively in Europe and China in 2023.

The spectacular growth in electric vehicle sales over the past few years, in addition to investment from major players in the automotive industry, is largely due to supportive financial policies from governments around the world. To stimulate demand and help people make quicker decisions to buy electric vehicles, since 2020, governments worldwide have spent $14 billion on direct incentives or deductions when purchasing electric vehicles.

For example, in China, a subsidy policy offering cashback of up to $8,300 to electric vehicle buyers between 2012 and 2022 helped the electric vehicle industry boom. Currently, China's electric vehicle sales have reached 7.6 million units, accounting for approximately 55.5% of the global market and showing continuous growth.

In the US, with the Inflation Reduction Act (IRA) passed and effective from January 1, 2023, buyers of electric vehicles will receive subsidies of up to $7,500. As a result, compared to 2022, electric vehicle sales in the US market in 2023 have been up to 40% higher.

In Europe, to boost the electric vehicle market, the French government implemented a "Green Promotion" program. Under this program, starting January 1, 2023, electric vehicle buyers in France will receive government subsidies of up to 7,000 Euros. Similarly, Spain also provides subsidies of up to 6,000 Euros for electric vehicle buyers. According to Canalys data, 3.2 million electric vehicles were sold in Europe in 2023 alone.

Based on these results, experts believe that solving the financial challenges for consumers has played a crucial role in stimulating and changing consumer behavior. However, this is not an easy solution due to the significant resources required. Therefore, in addition to the general government policy, many large global automobile manufacturers do not proactively support consumers in this way.

...Towards VinFast's green transformation efforts

In Vietnam, along with positive government incentives for electric vehicles such as: registration fee exemption, reduced special consumption tax... VinFast is a pioneering electric vehicle manufacturer offering exceptionally good financial solutions, helping to "untangle" the difficulties for customers when buying electric vehicles.

Consumers benefit from VinFast's preferential policies in the second "Strong Vietnamese Spirit" campaign.

As part of the second "Strong Vietnamese Spirit" campaign launched on February 29, 2024, VinFast is offering for the first time a "3 Best" installment purchase package: the longest loan term (up to 8 years), the highest loan value (up to 80% of the car price), and the most attractive interest rate. All interest rate subsidies and risk-related costs throughout the 8 years will be covered by the manufacturer.

In addition, customers who already own a VinFast gasoline vehicle will receive an extra 5% discount on the vehicle price, along with a thank-you maintenance package worth up to 5 million VND.

Observers consider this one of VinFast's most ambitious programs to date. These moves will act as a catalyst, making it easier for people to switch from internal combustion engine vehicles to purely electric vehicles.

In fact, within just two years of VinFast launching the VF e34, electric vehicles have become a popular mode of transportation, widely accepted by users. In 2023, VinFast's electric car sales reached nearly 35,000 units, a five-fold increase compared to the number of electric vehicles the company delivered in 2022.

VinFast's policy strongly supports customers in switching to electric vehicles.

These figures demonstrate that VinFast's green transformation efforts have gained the trust of Vietnamese consumers. Furthermore, VinFast is one of the rare businesses to receive significant recognition and support from international organizations. Many prestigious organizations, such as the Asian Development Bank (ADB) and the U.S. Development Finance Corporation (DFC), have expressed their desire to partner with and support the Vietnamese automaker to promote the development of electric vehicles in Vietnam, aiming for net-zero emissions.

Recently, at the "Make the Future Green" awards ceremony within the framework of the Vietnam Innovation Conference 2023, VinFast was awarded the prestigious "Outstanding Green Industry Project" award by Autobest (a long-standing car evaluation organization in Europe).

Speaking earlier, Associate Professor Dr. Dinh Trong Thinh stated that VinFast has demonstrated its capabilities and stature to create change in the green mobility sector. However, the expert also suggested that to achieve even more significant transformative results, VinFast needs strong support domestically, including the collaboration of the business community, consumers, and especially timely support from the government.

"Many issues require collaborative efforts, such as developing charging station systems and policies to encourage users to switch to green vehicles... This is not about preferential treatment or support for any specific business, but for the entire automotive industry and, more broadly, the national economy," Associate Professor Dr. Dinh Trong Thinh stated.

NL

Source: https://baothanhhoa.vn/giai-bai-toan-tai-chinh-cach-vinfast-giup-viet-nam-tang-toc-chuyen-doi-xanh-211615.htm