On August 15, 2023, Vietnamese electric vehicle manufacturer Vinfast was listed on the Nasdaq Exchange in the United States.Yuan).
As a subsidiary of Vingroup, Vietnam, VINFAST first announced its listing financing plan in the United States for the first time in April 2021, and then applied for the first public sale (IPO) in December of the following year and gradually opened the listing listing.the road.
At the same time, in order to assist the listing in the United States and open the channel in which the international capital market, this Vietnamese auto manufacturer also relocated its financial and legal headquarters to Singapore.
VINFAST Vice President Pei Jinsong replied to an interview with the Morning Post: "We originally chose Singapore because of the first disclosure of sales (IPO), in order to achieve internationalization of business and promote legal interconnection."
After several months of scrutiny, VINFAST finally entered the US stock market by merging with a special purpose acquisition company (Spac).Coin), has surpassed old -fashioned car manufacturing companies such as GM.
Vietnam's largest consortium builds a local car brand
In 1993, Fan Riwang sent a fast -moving noodle in Ukraine. Later, he returned to China to start a business in the 2000s and entered the real estate industry.
For many years, Fan Rowewon's Wenda Group has repeatedly expanded the business map.Outside of real estate, it also involves many industries such as shopping malls, medical care, education and tourism.In 2018, VINHOMES, a subsidiary of its subsidiary, built the tallest building in Vietnam -Landmark 81 (Landmark 81), becoming an absolute landmark of the Ho Chi Minh City Architecture Skyrim.
Wenda Group has been deployed in major industries in Vietnam. In order to seek new growth points and discover potential business opportunities, Fan Rowewo invested in the establishment of VINFAST in 2017 to build a 3.35 -square -kilometer factory in the construction of the sea defense city.Essence
In recent years, the demand for cars in Vietnam has grown rapidly.Although there are more than a dozen car manufacturers in China, they are foreign or joint ventures.After VINFAST was founded, it became the first company in Vietnam's independent design and development and production of cars.
In order to catch up with experienced industry competitors and ensure the quality of its own products, VINFAST has introduced a large number of experienced foreign employees from Ford and GM and other automotive manufacturers since its establishment.One year after its establishment, VINFAST released the first two new models at the Paris Motorway Show, and officially launched the factory in 2019 to start sales in Vietnam.
However, according to Bloomberg report, three former employees told anonymous that they were frustrated by the company's fast -paced and decision -making process. The reason was that VINFAST's decision -making process did not count costs and quickly, and everything must follow Fan Rowe's idea.
In this regard, VINFAST responded to Bloomberg. As a startup, it requires "a certain degree of work flexibility and execution speed, which is not suitable for everyone."
Deliven the production of electric vehicles to go to the sea for a new market
With the booming development of new energy vehicles, VINFAST also participates in the wave of electric vehicle transformation.
In 2021, VINFAST proposed a strategy of electrifying the entire line of products, which is expected to stop generating fuel vehicles at the end of 2022 and comprehensively enter the electric vehicle market.
However, according to Reuters, VINFAST's electric vehicles have only 7,400 units in 2022, and they are all sold to the Vietnamese market.Compared with the rating of more than one million vehicles in the electric vehicle industry benchmark Tesla, VINFAST has a new way to make a new force in Vietnam.
Fan Rowe's first step is to open up overseas markets. In November 2022, VINFAST's first 999 electric vehicles boarded the ship at the port of the Kuang Port and officially exported to the United States, marking a big step to march in the European and American markets.Vietnamese Prime Minister Fan Mingzheng also attended the export ceremony in person to bless the Vietnamese car company.
Pei Jintun said to this newspaper: "VINFAST has opened 114 exhibition halls in Vietnam, the United States, Canada, Germany, and France, and is also formulating a plan to go to the Asianan country this year."
However, the price advantage of VINFAST Electric RV has limited prices for $ 47,000, and the response after entering the United States is mediocre.Not only that, in May this year, VINFAST also recalled all electric recreational vehicles sold to the United States due to software failure; the company also cut some people in the United States. Comprehensive factors, the company's net loss is expanding.
Even if it encounters twists and turns, Fan Riwang's strategy has not changed.In July this year, VINFAST started construction in the automotive factory in North Carolina, USA, and is expected to be officially put into production in 2025 to supply the North American market.
Roy Cooper, Governor of North Carolina, said at the signing conference that VINFAST's overseas factories will be the first car assembly plant in North Carolina and the second electric vehicle battery plant.US President Biden also issued a statement saying that VINFAST's new plant can create more than 7,000 new jobs for the United States.
Although the income in the first quarter of this year decreased by nearly half compared with the same period last year, the net loss was nearly 600 million US dollars, but FanRiwang and Wenda Group have invested billions of dollars to support VINFAST.
Today, VINFAST is successfully listed in the United States and is expected to get more financing opportunities.It said that enterprises are developing in the direction of "reducing costs in the future."
