VinFast US production plans on track

Vietnamese automaker VinFast said this week it was on track to start vehicle production in the US in July 2024, as the first phase of its expansion into overseas electric vehicle (EV) markets.

The company targeted global sales of approximately 1 million vehicles per year over the next five or six years.

VinFast, part of Vietnam’s largest privately owned conglomerate VinGroup JSC, is set to begin construction on its first overseas facility, an EV plant in North Carolina, in September.

CEO Le Thi Thu Thuy said the company was on track with its investment plans in an interview with Bloomberg TV on the sidelines of the Qatar Economic Forum.

Earlier this year, it announced it would launch an initial public offering (IPO) in the fourth quarter of 2022, expected to raise approximately US$2 billion to fund the first phase of its global expansion.

Ms Thuy said the company is currently facing “challenging” market conditions and that it was “looking for the opportunity to go (launch the IPO), but we are still waiting”.

VinFast has already invested in a US headquarters in Los Angeles and an R&D center in San Francisco.

The company’s domestic sales declined slightly to 12,205 vehicles in the first five months of 2022. Most of these were combustion engine vehicles, but also some of the new VF e34 battery-powered SUV launched at the end of December 2021.

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