Vietnamese electric automaker VinFast has just unveiled new strategies to pursue its global expansion goals while establishing a strong presence in the US.
For instance, it recently announced a change in its leadership and electric vehicle distribution model.
VinFast announces new CEO
VinFast officially announced the reorganization of the company on January 5. According to the press release, Vingroup Founder and Chairman Pham Nhat Vuong will become the new Chief Executive Officer of VinFast.
Notably, he was originally VinFast’s Chairman of the Board of Directors. Despite the changes, he will remain a member of the board as a Managing Director.
On the other hand, ex-CEO Madame Le Thi Thu Thuy will now serve as the Chairwoman of the Board of Directors.
In addition, the company replaced Mr. David Mansfield with Ms. Nguyen Thi Lan Anh as the new Chief Financial Officer.
“VinFast is now well equipped to accelerate its global expansion. I strongly believe that VinFast will continue to thrive as it benefits from Mr. Pham’s leadership and business acumen, and I am looking forward to working with him and the rest of the management team in my new role to guide and support VinFast’s continued growth.”
Ex-CEO Madame Le Thi Thu Thuy
Hybrid distribution model
VinFast also changed its electric vehicle distribution model from “direct-to-customer” to “hybrid,” which involves dealers.
In that sense, VinFast launched its inaugural North Carolina dealership at the end of December 2023. Then, it announced new partnerships with five other US dealers, as reported by Car Scoops. These new dealerships include the following:
- Leith VinFast in North Carolina
- Smith Haven VinFast in New York
- Principle VinFast Grapevine in Texas
- Hiley VinFast of Fort Worth, Texas
- VinFast Wichita, in Kansas
VinFast reportedly aims to further expand to 123 points of sale throughout the US.
“This is an important step affirming VinFasts commitment to expanding its retail sales network and shortening the time to deliver our products to market. Collaboration with dealers allows VinFast to quickly bring US customers high-quality electric vehicles, good price and excellent aftersales policies, further promoting our mission of a sustainable future for all.”
Tran Mai Hoa, deputy CEO of sales and marketing
New VinFast factories
VinFast is currently developing its new $4 billion North Carolina electric vehicle factory in Chatham County.
The Vietnamese automaker expects this new factory to hit an annual production capacity of 150,000 EVs in 2025. It will also enable VinFast EVs to access federal tax credits of up to $7,500 in the US for local production.
Apart from this, VinFast also confirmed plans to invest in a new Indian factory in Tamil Nadu. VinFast and the state government officially inked a Memorandum of Understanding (MoU), indicating both parties’ commitment to work toward a total investment of $2 billion.
They expect the new factory to also reach an annual production output of 150,000 EVs and generate approximately about 3,000 to 3,500 job prospects in the state.
VinFast’s aggressive electrification and expansion efforts will undoubtedly aid its goals of advancing as one of the leading electric automakers worldwide. It can also boost the brand’s global electric vehicle sales to hit its target of 750,000 units annually by 2026.
