VinFast sets up shop in US and Europe

VinFast, the Vietnamese car-maker that bought GM Holden’s Lang Lang proving ground in October 2020 for about $30 million, has entered the North American and European markets.

VinFast Commercial and Services Trading LLC officially opened branches in the US, Canada, France, Germany and the Netherlands on Monday (July 12), in preparation for its launch in those markets.

The ambitious Vietnamese start-up, owned by property developer Ph?m Nh?t Vu?ng, said the commencement of operations in those five markets moves it “closer towards the goal of becoming a global smart electric car company”.

The move comes earlier than promised in a recent investor report, which said VinFast would have offices in Amsterdam, Los Angeles, Paris and Frankfurt by 2022.

So far there’s no firm date for VinFast’s launch in Australia, where it continues to develop vehicles at Lang Lang but closed its Port Melbourne R&D facility in May.

Opened less than a year earlier in 2020, the R&D centre employed around 100 ex-Ford, Holden, Jaguar Land Rover and Toyota employees to develop a range of next-generation VinFast vehicles.

Among them was its first EV, the VinFast VF e34 (pictured here in blue) released in March, attracting a record 25,000 pre-orders in Vietnam, plus two other EVs and potentially a ute.

Announcing its move into five markets in the US and Europe this week, VinFast said that over the past year it has “promptly set up apparatus and foundation for business operations in these countries”.

“In terms of personnel, as well as the core of Vietnamese senior managers, VinFast has also recruited automotive and business experts from leading car-makers like Tesla, BMW, Porsche, Toyota, Nissan, etc,” the company said.

“Together, they have developed organisation, expanded partner networks and prepared for market entry for VinFast.

“Regarding business strategy, VinFast has designed relevant plans based on each market’s features.  In Europe, VinFast will particularly focus on France, Germany and the Netherlands before moving on to other countries.

“VinFast’s car models will be appropriately designed for customer needs and operating conditions in each country.”

VinFast currently produces four models based on BMW or General Motors platforms, plus a range of electric motorcycles.

However, it says it will launch the mid-size VF e35 (previously referred to as VF32 and pictured here in red) and the large VF e36 (nee VF33, pictured here in grey) electric SUVs globally in March 2022. Both models will be offered with a 150kW/320Nm e-motor and a range of at least 300km, while the big e36 will be available with a two-motor all-wheel drive powertrain outputting 300km/640Nm.

VinFast describes them as “breakthrough electric SUVs with impressive exterior designs and top-of-the-range conveniences, meeting the highest safety standards set by NHTSA and Euro NCAP”.

It says both models will feature advanced driver assistance systems (ADAS) and Smart Services infotainment systems developed by VinFast and its partners including Pininfarina, ZF, Durr, Bosch, ABB, Faurecia, Dassault and Google.

VinFast says it will announce its “complete list of electric cars in all segments” at the VinFast EV Day 2021 in October and has previously forecast annual production of 250,000 cars at its 700-hectare manufacturing site in Vietnam.

“With smart electric cars backed by VinFast’s proven research and production capabilities, we are confident that VinFast can be a competitive contender with leading brands in the US today,” said the chief growth officer of VinFast US, Jeremy Snyder, who previously held several senior executive positions at Tesla over a decade.

VinFast says it will offer a battery rental policy with attractive monthly subscription fees, a global warranty scheme and aftersales service packages that are “deemed to be the best in each market that VinFast participates in”.

“The fact that European and North American governments having announced roadmaps to ban internal combustion engine cars and switch to electric vehicles is a perfect opportunity for VinFast to conquer the global market,” said VinFast global CEO Thai Thi Thanh Hai.

“We are confident that VinFast will be positively welcomed around the world thanks to high quality, a flexible and innovative sales policy, and high-class aftersales services typical of oriental style.”