Vietnam Weekly - June 28, 2019
Last week VinFast, the automotive arm of Vingroup, delivered their first cars to customers after completing the first phase of their automobile assembly plant well ahead of schedule.
The first model off the line is the Fadil (?), a hatchback which uses a chassis developed by Opel (all three of VinFast's announced cars are heavily reliant on foreign designs and systems).
Bloomberg reports that the company claims to have received 10,000 pre-orders a year ago, while no current figures have been provided (I've seen a few of their electric motorbikes on the road, but no cars yet). A luxury sedan and SUV are on the way as well, while more models are expected to be announced as the year progresses.
The factory completion and car launch got plenty of international coverage, while Prime Minister Nguyen Xuan Phuc attended the opening ceremony and was photographed being driven around the facility in an electric car by Vingroup CEO Pham Nhat Vuong.
VinFast has its work cut out going up against established rivals like Toyota and Honda, but they have piles of cash and plenty of government support. Meanwhile, VnExpress reports that car sales rose 22% in the first five months of this year.
Finally, friend of the letter John Reed wrote a fantastic, and much-needed, long read on Vingroup in the Financial Times Magazine.
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