Billionaire Pham Nhat Vuong's group moves to enter Australia
Báo Dân trí•23/06/2024
Planning to increase revenue 30-40 times in the US this year, export cars to Europe and start distribution in Indonesia, Vingroup recently made a move to enter the Australian market.
Vingroup Corporation - JSC (stock code: VIC) has just announced that on June 21, the Board of Directors (BOD) of Vingroup issued a resolution approving the establishment of a representative office in Australia. Accordingly, the representative office of Vingroup Corporation in Australia will be located on the 7th floor, 24 Mitchell Street, Darwin, Northern Territory 0800 of this country. The scope of activities of the representative office is to research the market, seek and evaluate business opportunities in Australia. Vingroup's electric car company aims to reach about 400 points of sale globally by the end of the year (Photo: Bloomberg/Vingroup). According to the plan approved by the general meeting of shareholders, Vingroup aims to achieve a record revenue of VND200,000 billion and after-tax profit of VND4,500 billion in 2024. Compared to the previous year, revenue is expected to increase by 23.7% and profit by 119%. VinFast currently has 123 showrooms, including showrooms, VinFast service centers and dealers. By the end of 2023, VinFast will deliver nearly 35,000 electric cars and more than 72,000 electric motorbikes to consumers. In a recent interview with Bloomberg , Mr. Pham Nhat Vuong - Chairman of Vingroup - said that in the US, VinFast's revenue this year will increase 30-40 times, and the growth momentum will be maintained for the next 5 years. The company's current strategy is to develop a dealer network to increase sales, while implementing direct marketing for customers to experience the cars themselves. However, Mr. Vuong also acknowledged that "it will not be easy to succeed in the US, it requires a lot of time and investment". According to Mr. Vuong's assertion, VinFast will soon reach the break-even point and can be self-sufficient. He emphasized that he will financially support VinFast until he runs out of money. Vingroup, its member companies and financial institutions have provided VinFast with about 12.9 billion USD from 2017 to March this year.
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