VinFast will have steady support until financially stable, Vingroup chair says

Vuong says aid to continue until he ‘runs out of money’

Pham Nhat Vuong

VinFast will have the full support of Vingroup, the mother company’s chief executive officer (CEO) said.

KEY TAKEAWAYS

  • How optimistic is Vingroup Chairman Pham Nhat Vuong on VinFast?

    Vuong said that the conglomerate will continue to support the EV maker "until he runs out of money."
  • What countries will VinFast establish its EV manufacturing plants?

    The company will put up facilities in India and Indonesia.
  • Vingroup Chairman and VinFast Chief Executive Officer (CEO) Pham Nhat Vuong gave the assurance in a recent interview with Bloomberg, expressing his confidence in the automotive marque’s capability to succeed.

    Asked on how long the conglomerate will provide aid to the Vietnamese electric vehicle (EV) manufacturer, Vuong responded with “Until I run out of money.”

    Pham Nhat Vuong

    To note, Vingroup conglomerate also has various business entities in real estate, with its vast network of consumer goods, property development, shopping malls, and educational institutions.

    Vuong also said that the automaker will eventually be financially self-sufficient. “VinFast will reach break-even point soon and be able to stand on its own feet,” he said.

    While established automakers are hitting the brakes on expansion or delaying battery plant construction, the company chief remains optimistic on the future of electric vehicles.

    According to him, VinFast will open its Indian factory six months ahead of schedule — likely in the first half of next year. Within the next two months, the construction for its new Indonesian facility shall begin.

    “I’m not worried about electric vehicle sales,” he said. “The growth of electric vehicles will be inevitable,” he said.

    To recall, VinFast officially entered the Philippine market and is expected to start its retail operations soon. It shall be selling the VF e34VF 5, VF 7, and VF 9 — to be followed by the VF 3.

    Photos from Bloomberg/VinFast Philippines

    Also read:

    VinFast now in PH

    EVAP, AFEVA push VinFast to start Vietnam EV group

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