24 May 2023

VinFast to expand into Southeast Asia e-mobility market

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VinFast to expand into Southeast Asia e-mobility market

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Vinfast announces plans to expand into the Southeast Asian electric vehicle market with its full range of EVs plus right-hand steering versions

Vietnamese auto manufacturer VinFast reveals its plans to introduce its electric vehicles into the Southeast Asia electric mobility market, and, in order to meet the market’s specific needs, the company also intends to introduce right-hand steering versions of its EV models.

Global expansion

Up until now, Vinfast’s has been focused on its home market and more recently on the United States, Canada and Europe, but now plans to bring its cars to Southeast Asia as a part of the firm’s broader expansion strategy.

“Expanding to the Southeast Asia region is part of VinFast’s global development strategy. We have set a target to provide ASEAN countries with smart and safe mobility solutions, delivering excellent experiences and ultimately promoting a greener future for all,” said Le Thi Thu Thuy, Vice Chairman of Vingroup and Chairman of VinFast.

The company kicked off its regional growth plans at a recent event in Thailand where it highlighted three of its electric vehicle models –VF e34, VF 8, and VF 9 – offering local consumers the opportunity to test drive its EVs while actively seeking new partners to expand its market presence in the region.

With the intention of adapting to specific needs within the Southeast Asian market, VinFast also announced its intention to introduce right-hand steering versions of its EV models VF 5, VF 6, VF 7, and VF e34.

According to the company, countries in Southeast Asia represent potential markets for EVs, offering the car maker significant room for development and fast-paced growth. With favourable geographical locations and similar business environments, says VinFast, the Southeast Asian market will be an effective catalyst for promoting the comprehensive development of its products and services and that of its parent company, Vingroup, in the future.

Expansion into Southeast Asia | Credit: VinFast

A Vietnamese leader goes global

After its creation in 2017 under parent company Vingroup, Vietnam’s largest private company, VinFast quickly advanced its automotive development and launched its first gasoline-powered vehicles to Vietnamese drivers in 2019. VinFast then went on to become a major player on the Vietnamese automotive market and even became the fourth best-selling brand in the country, just behind Hyundai, Toyota, and Kia.

In 2021, VinFast’s launch of its first electric vehicle for the Vietnamese market, the e34 compact crossover, spearheaded what became the firm’s gamble on electric-only and its plans to stop building cars with internal combustion engines.

Global expansion began and in 2022 when VinFast opened showrooms in the US, Canada and Europe, and became the world’s first global Vietnamese electric vehicle company. Global deliveries of its VF 8 and VF 9 began this year.

Apart from its comprehensive line up of electric car models, the firm provides a range of 8 e-scooter models as well as e-buses. Moreover, with the awareness that batteries are what make EVs so expensive, VinFast has also developed advanced battery and charging solutions. Among these solutions are the automaker’s battery leasing options, which help to make its EV models more affordable to consumers.

In addition, the conglomerate, Vingroup, is also setting up charging stations in Vietnam and wants to contribute to a global network of affordable charging in other markets.

Today, the car maker’s vehicles come out of its automotive manufacturing complex in Hai Phong, Vietnam, but VinFast also has its sights on expanding its production footprint and last year announced plans to build a vehicle assembly and battery plant in North Carolina with production slated to begin in 2024.

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