VinFast Chairman Reveals New Plans, with 3 More Neighbors Besides Indonesia “Checked Off”
VinFast’s Chairwoman, Le Thi Thu Thuy, recently attended and spoke at a seminar organized by Nikkei and the Financial Times. Currently, VinFast is making efforts to expand the use of its electric vehicles beyond personal use. Thuy stated that electrifying public transportation and promoting its usage is crucial in making cities more environmentally friendly.
In addition to producing cars, electric motorcycles, and soon electric bicycles for personal use, VinFast also has hundreds of electric buses serving Vietnam’s public transportation system. Furthermore, the company has delivered tens of thousands of electric motorcycles to transportation partners such as Grab and Uber.
Thuy expressed, “We have helped bring environmentally-friendly public transportation to people who have never used it before. Our mission is to make electric vehicles more accessible to everyone and move closer to a greener future of transportation.” She also noted that the majority of people in Vietnam rely on two-wheeled vehicles to navigate crowded streets.
VinFast initially introduced two gasoline-powered car models at the Paris Motor Show in 2018. By 2021, the company transitioned to producing electric vehicles and has been continuously expanding its presence in the global market. Indonesia is the latest market that VinFast officially entered, planning to establish a factory there by 2026.
In the upcoming plans, VinFast aims to enter markets such as the Philippines, Malaysia, Thailand, and India. Thuy revealed, “This year, we are going global.” Among Southeast Asian countries, Indonesia is the only market, apart from Vietnam, where VinFast has officially announced its entry.
VinFast’s goal is to be present in 50 foreign markets worldwide by the end of this year. Thuy believes that “electric vehicles are the future of the automotive industry.”
Although electric vehicle sales in Southeast Asia currently account for less than 2% of global sales, the region has seen rapid growth, indicating increasing competition in the electric vehicle market as smaller car manufacturers face off against giants like China’s BYD and Elon Musk’s Tesla.
Similarly, electric vehicle sales in countries such as Indonesia, Malaysia, Thailand, Vietnam, the Philippines, and Singapore have been rising significantly. According to a reputable consulting firm, the value of the electric vehicle business in Southeast Asia is estimated to reach between $80 billion and $100 billion by 2035, increasing by $2 billion compared to 2021.
Isao Sekiguchi, Chairman of Nissan Motor in Southeast Asia, believes that the electric vehicle landscape has “changed significantly” in recent years in emerging markets like Thailand, the Philippines, and Indonesia. Governments in these countries are promoting electrification through supportive policies, making electric vehicles more accessible.
However, Sekiguchi also acknowledges the challenges that the automotive industry must overcome, such as market maturity concerning electricity and the cost of infrastructure development for charging stations. He stated, “We have noticed different growth rates and competitive landscapes in each market.”
Reducing carbon emissions is crucial, and the key lies in introducing the most energy-efficient vehicles, including regular hybrid and plug-in hybrid electric vehicles (PHEVs) – both of which have batteries and electric motors to assist the gasoline engine.
VinFast has introduced steering wheel-right models in Indonesia, expanding its reach into more markets.
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