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VinFast|Seeing the ambition of "Made in Vietnam" from Vietnamese electric vehicles

2022-07-18T09:41:09.262Z


At the end of March this year, Vietnam's only automaker, "Vinfast" (Vinfast) announced that it had signed an agreement with the North Carolina state government to build a $2 billion (about 15.7 billion Hong Kong dollar) electric car factory there.


At the end of March this year, Vietnam's only automaker, Vinfast, announced that it had signed an agreement with the North Carolina government to build a $2 billion (about 15.7 billion Hong Kong dollar) electric vehicle factory there. Operation in July 2024, with an annual output of 150,000 vehicles.

U.S. President Joe Biden tweeted his congratulations on the same day, praising the move, which will bring 7,000 jobs to the U.S., "the latest example of his economic policy working."


The astonishing rise of this Vietnamese company from working in instant noodles to producing electric vehicles in less than 30 years can be described as a best portrayal of Vietnam's rapid economic development in recent years.


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The Faster car factory will be built in the Triangle Innovation Point industrial area in North Carolina. The factory includes three blocks: production of electric cars and electric buses, production of batteries, and a block to serve various suppliers .

At the end of last year, there was also news that the company was planning to raise capital in the United States through its Singapore holding company, and planned to set up a factory in Germany.

You may be unfamiliar with the name Yuekuai. It was established in Haiphong City in northern Vietnam in 2017 and belongs to Vingroup, the largest private enterprise group in Vietnam. Haiphong City is the founder of Vingroup Group and the richest man in Vietnam, with a net worth of more than 6.2 billion. The hometown of Phạm Nhật Vương of US dollars (about 48.7 billion Hong Kong dollars).

Vingroup Group Vice Chairman and CEO of Yuekuai Lai Thi Qiu Shui (middle) admitted that the development of the auto industry was not favored by the outside world in the early stage.

(Getty Images)

The early days of the establishment of the sooner were not favored by the outside world, because Vietnam was still mainly engaged in low-end manufacturing, and the industrial chain supporting of the manufacturing industry was also seriously insufficient.

Le Thi Thu Thuy, Vice Chairman of Vingroup Group and CEO of Yuekuai, said: "Since September 2017, I have traveled around the world to communicate with all the people in the auto industry. They thought we were crazy, but then they started to believe it. Our plan. We had a good relationship with BMW from the very beginning, and we had a pretty good communication with GM.”

In a historic moment for the Southeast Asian car company, the company debuted two finished cars - LUX A2.0 and LUX SA2.0 - at the Paris Motor Show in 2018; it was also the first time in history that a local automaker had joined the ranks of Vietnam. Events of internationally renowned car brands.

In November of the same year, Kuai Kuai started to set up a factory to produce smart electric motorcycles. The following year, VinBus, which operates public bus transportation, was established to put into use the electric buses produced by Kuai Kuai.

As of January 2020, Yue Kuai has sold 17,000 cars and 50,000 motorcycles.

At present, the company produces five types of vehicles, including four gasoline vehicles and one electric vehicle "VFe34". The latter has a maximum speed of 110 kilometers per hour and is fully charged in 18 minutes. The price is about HK$233,000.

There are also five other electric motorcycles, priced between HK$73.5 million and HK$23,600, all produced in Vietnam.

In recent years, the faster and more began to enter the international market, and has established comprehensive cooperative relations with about 20 major European companies.

With the huge sales network established by the parent company Vingroup in Vietnam, the sooner it will open about 200 dealers in the country.

Some analysts pointed out that although the faster cars cannot compete with European and American brands in traditional cars, there are some chances of success in the rise of electric cars.

Through international multi-party cooperation, Faster seems to be able to support its own road of independent research and development.

As early as 2019, Vietnam's annual export volume has surpassed Shenzhen.

(Getty Images)

However, Chris Robinson, research director of Lux Research, an American technology innovation research and consulting agency, is skeptical about the competitiveness of the faster, and believes that it will not be easy to gain a high market share in markets other than Southeast Asia as soon as possible.

That, coupled with waning enthusiasm on Wall Street for a new U.S. electric-vehicle plant, could make the New York listing less than expected.

Secondly, the difficulty of automobile manufacturing should not be underestimated. Even electric vehicles often require tens of thousands of parts. Vietnam is unlikely to cultivate local auto parts manufacturers. Given the lack of major foreign suppliers in Vietnam, the stability of future auto parts procurement It will definitely be questioned, or it will eventually affect the quality of the faster cars, which may bring unstable factors to the group's finances...

Series reports:

Looking at the ambition of "Made in Vietnam" from Vietnam's electric vehicles

Is Vietnam's industrial chain high-speed cultivation still better than China's?

For details, please read the 326th issue of "Hong Kong 01" e-Weekly Newsletter (July 18, 2022) "

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Source: hk1

All news articles on 2022-07-18

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