This is personal investment worth $2 billion.
It’s not hard to believe that VinFast was a big hit at the 2018 Paris Motor Show. The headline of Vietnam’s first mass produced automaker was not enough. The VinFast cars are also eye-catching. They were designed by Pininfarina. The first VinFast vehicles, a sedan or an SUV, look like they could take over the world, judging from their designs. Pham Nhat Vuong is the man behind VinFast, and he owns 49 percent. He wants to take it to the next level. According to , Vuong stated that he would like to sell VinFast vehicles in the U.S. in 2021.
Vuong has made such bold decisions that he is willing to invest as much as $2Billion of his own fortune in this plan.
Vuong stated that the ultimate goal was to build an international brand. It will be a difficult road, and we will need to work hard. There is only one way. VinFast’s decision to sell cars overseas stems from the fact that it is not profitable to keep selling cars to Vietnam only. Vuong stated that Vietnam’s automobile market is too small and that selling cars overseas is the only way VinFast can regain its profitability. Vuong’s determination to get into the U.S. market makes sense, but he will have to face many obstacles and overcome many hurdles. VinFast has yet to gain brand recognition among Americans. Another reason would be the growing demand for electric cars in the U.S.