Owning 49% of Vinfast stake, Pham Nhat Vuong plans on exporting electric vehicles to America in 2021 apart from entering other developed markets in Europe and Russia.
According to Vuong, overseas sales is the way for Vinfast to be profitable within five years as the size of the Vietnamese market is too small to achieve its target.
The Vietnamese automaker will most likely face challenges to sell EV in the US market as multibillion-dollar-backed Chinese auto startups such as BAIC BluePark New Energy Technology Co. and NIO Inc. are not making big returns selling EV in the US in 2019.
Operating a 335-hectare factory in the northern port city of Haiphong, Vinfast is selling its first line of vehicles at below cost — a hatchback, sedan, and SUV.
“Our ultimate goal is to create an international brand…It will be a very difficult road and we will have to put in a lot of effort. But there’s only one road ahead,” the 51-year-old tycoon said in an interview.