Mr. Pham Nhat Vuong is determined to pursue the dream of electric cars.

Mr. Pham Nhat Vuong - Chairman of Vingroup , affirmed the strong promotion of VinFast to bring Vietnam's manufacturing industry to international level.

The company does not produce cheap cars, but focuses on products with reasonable prices, true to their real value. And his wish is to leave a green ecosystem for life. The exclusive interview with Mr. Pham Nhat Vuong by the American magazine Bloomberg was published on the occasion of the 5th anniversary of the inauguration of the VinFast automobile factory (June 14, 2019 - June 14, 2024). Although it only started producing cars more than 5 years ago, VinFast is now competing with giants like Tesla or Hyundai when entering the US market. The company is also penetrating markets like India and Indonesia.

VinFast's world- leading modern factory in Hai Phong - Photo source: Bloomberg

How long will Mr. Pham Nhat Vuong continue to financially support the car company? "Until I run out of money," he affirmed in an interview with Bloomberg TV at Vingroup's headquarters in Hanoi . Mr. Vuong, who owns assets of about 5.3 billion USD, is confident that he can steer the car company through challenges, despite the difficulties of global giants.

VinFast plans to open more factories in the US, India and Indonesia - Photo source: Bloomberg

The automaker listed on the US stock exchange last August, with its shares rising 700% in the first two weeks. Although the share price has since fallen and the float is only about 2%, Mr. Vuong is in no hurry to increase the float. "We are not concerned about the share price at the moment and are not in a hurry to put more shares on the market. The float does not affect large and long-term investors," he explained.

Mr. Pham Nhat Vuong - Chairman of Vingroup - Photo: D.H

The automaker faces many challenges to become a successful global brand. Chinese electric car makers are pushing to export low-cost electric cars and Tesla is cutting prices. VinFast is also facing many challenges in the US. The electric car industry has seen many efforts like what billionaire Elon Musk has done with Tesla. The company delivered 9,689 cars in the first quarter of this year, only about 10% of the total plan of 100,000 cars. Bloomberg Intelligence analyst Ken Foong said the automaker needs to build its brand and compete with big rivals. "It will not be easy to succeed in the US. It will take a lot of time and investment," he said. Vingroup, its member companies and financial institutions have provided VinFast with about $ 12.9 billion from 2017 to March this year. The automaker is building a factory in North Carolina, has broken ground in India and plans to build a factory in Indonesia. Mr. Vuong shows no signs of slowing down in the face of challenges. Every morning he wakes up to play with his grandchildren. "I sleep eight hours a day and have no worries," he said. "VinFast will soon break even and become self-sufficient." Mr. Vuong is Vietnam's most influential business leader. Vingroup operates in many fields in Vietnam.

VinFast plans to open more factories in the US, India and Indonesia - Photo source: Bloomberg

Vingroup's chairman affirmed that the strong promotion of the car company aims to bring Vietnam's manufacturing industry to the international level because: "VinFast is not only a business project, but also a dedication project." The company does not produce cheap cars, but focuses on products with reasonable prices, true to real value. Regarding the plan in the US, Mr. Vuong said that this year's revenue here will increase 30-40 times, and the growth momentum will be maintained for the next 5 years. The current strategy of the car company is to develop a dealer network to increase sales, and at the same time implement direct marketing so that customers can experience the cars themselves.

D.FACULTY - PHUONG HO

source: https://tuoitre.vn/ong-pham-nhat-vuong-quyet-di-den-cung-giac-mo-xe-dien-2024061412450087.htm