During a live interview on Bloomberg TV on the morning of October 16th (Vietnam time), VinFast CEO Le Thi Thu Thuy affirmed that the Vietnamese carmaker is confident in achieving the goal of selling 40,000-50,000 electric vehicles worldwide this year.
VinFast to expand to 50 markets by the end of 2024
Commenting on the current Southeast Asian market, CEO Le Thi Thu Thuy stated that it is a very promising market because the proportion of electric cars is still very low. In addition, the governments of various countries have set very positive goals for the market. Therefore, according to her, VinFast will have many advantages in expanding its business to this region.
VinFast CEO Le Thi Thu Thuy highly appreciates VinFast’s potential in Southeast Asia (Screenshot)
Specifically, regarding the market expansion plan, Thuy said that VinFast is aiming to expand to 50 markets by the end of 2024, including Indonesia, India, along with previously announced markets such as the United States, Canada, the Netherlands, Germany, France, and many other markets under consideration.
Regarding the Indian market, amidst information that VinFast will acquire Ford’s plant in India, Thuy said that the company has considered many options and currently has narrowed it down to 3 choices for discussion. At the same time, VinFast is currently in discussions with the Indian government regarding specific plans and will announce more details when available.
Given the bold plan that requires a large investment from VinFast, Bloomberg TV asked whether VinFast needs to raise even more capital. Thuy said that over the next 18 months, VinFast will continue to receive financial support from Vingroup and the Chairman of the Group, so the company still has enough resources to implement its business plans. However, like any other business, VinFast is always looking for opportunities to raise capital after going public. Currently, the company is in discussions with many investors to raise capital for its global development goals.
Confident in achieving the goal of selling 40,000-50,000 vehicles this year
Regarding market concerns about VinFast’s business performance by the end of the year, Thuy said that the company is currently in the process of signing contracts with distributors and retailers in the United States. This year, VinFast will focus on connecting and collaborating with the first group of retailers in the United States, which will enable the distribution and sale of its products through existing systems and customer base.
VF 9 – VinFast’s flagship SUV
According to Thuy, VinFast has set a goal of selling 40,000-50,000 vehicles globally this year and is confident in achieving this goal. “VinFast is currently the only carmaker with 7 electric car models, of which 4 models are already on the market. When new models are released, consumers will have more choices and become increasingly familiar with VinFast electric cars. Therefore, VinFast is confident in achieving the set goal,” VinFast CEO affirmed.
In fact, the fourth quarter is considered a period of strong growth in demand for cars compared to other periods in the year. According to VinFast’s plan, in addition to the VF e34, VF 5 Plus, VF 8, and VF 9 models being delivered as planned in domestic and North American markets, VinFast is expected to start delivering the VF 8 model in Europe and the VF 9 model in North America in the fourth quarter, contributing to the sales plan in 2023.
In response to Bloomberg’s question about the possibility of going public by the end of 2025, VinFast’s leadership affirmed that the past few years have been a period focused on building the foundation and laying the groundwork for VinFast. VinFast has made substantial investments in the 7 models that have been launched on the market as well as production facilities in Vietnam. Additionally, VinFast has production centers located in places with low cost bases.
“Systematic investment in production and operation has helped VinFast build a solid foundation to achieve profitable growth in the future. We hope that VinFast is heading in the right direction and will move towards the goal of going public and being profitable,” Thuy affirmed.
Regarding VinFast’s stock after listing, VinFast’s CEO believes that investors are aware of and beginning to pay attention to VinFast as well as recognize the potential and commitments of the company to the electric vehicle revolution. “In fact, VinFast does not regularly monitor stock price movements but focuses on business objectives,” Thuy shared.
Representatives of VinFast believe that after accomplishing growth targets, VinFast’s stock price will gradually stabilize. Currently, only about 1% of the shares are floating on the market. However, as the company announced two weeks ago, about 76 million registered shares will contribute to the liquidity of VFS shares. VinFast is also working and expanding relationships with investors to issue more shares on the stock market.