Having already dominated the majority of sectors domestically, the upbeat leaders of conglomerate Vingroup are raising the bar as they intensify their ambitions to introduce the first Vietnamese automobile to the vast US market.
The chairman, Pham Nhat Vuong, is the richest man in Vietnam. He began his career selling dry noodles in the former Soviet Union and built his $5 billion fortune in a variety of industries, including real estate, tourism, and education. Electric vehicles (EVs) made by his company’s automotive division VinFast are already on the streets of Hanoi, but the rich American market is too alluring to pass up.
The company acknowledges that it would be a difficult but important mission to compete in the crowded and challenging US market, which is controlled by Tesla. CEO Le Thi Thu Thuy told AFP from the facility where the VF8, a stylish mid-size electric SUV, was receiving its final touches, “If we can produce it there, we can make it everywhere.” She uttered:
“We want to show people who might not have the correct understanding of Vietnam that Vietnam today is quite different to Vietnam during the war, or even to Vietnam 10 years ago”.
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