Vietnam EV firm VinFast still struggling at home

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Vietnam’s first electric vehicle (EV) car company, VinFast, has dreams of making it big in the international market. But the firm owned by the country’s biggest conglomerate Vingroup has been finding it tough to crack its own domestic market. The carmaker went public on the Nasdaq in August, 2023. The company said it aimed to sell up to 50,000 vehicles worldwide in 2023, but as of October had only sold around 21,000 cars.

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[MinhLe-wjcd]

As a Vietnamese myself, even though, yes VinFast is indeed very expensive. But also cars aren't the main transport in Vietnam, but rather mortocycles. Indeed 95% of the Vietnamese population has a mortocycle.

[RespectOthers]

Strange that a brand tries to expand globally before first creating a following in the home market.

[aluisious]

Correction, they're struggling in every market, because they're bad cars. The idiot making them rushed to market to cash in on the EV trend. He's buying his own cars for a "taxi service." Obvious and blatant fraud.

[xinyiquan]

what is a vietnam EV? vinfast is designed by Italy, using a chinese battery and 100% chinese parts and electonics, manufactured on a US GM streamline, how could you call it a vietnam EV?

[randomname]

They have been among the worst reviewed cars ever. I would be surprised if the company is still around in 2 years. Most of their sales are to themselves, their own rental companies.

[biboloxo]

One of their strategies to increase their sales is to force their employees to buy EVs and deduct the money directly from the employee's salary. If the employee doesn't want to buy? They will make up some reasons to fire them.

[dongle]

BYD = Burn your dream; Wuling= waste your life; Geely = greedy guys. What else?

[johnc]

I had made a reservation for a Vinfast 3 years ago but I had to change my mind because they didn't think of the average consumer. They made it relatively affordable to buy but they think they can fool us with their battery lease. The battery lease costs more than pouring gas and then in the long run you would be paying 20-30 thousand extra on top of the purchase price. If Vinfast wants to succeed, they must first appeal to the masses and not take us for fools who would fall into their battery con.

[Zagaara]

It's not reliable is SEA market due to limited charging station.

[ajorbista]

0:53 this is literally the main reason why Vinfast is struggling. If it’s a brand dogged by reliability issues (and bad reviews worldwide) even local Vietnamese won’t trust your product even if the owner is well, the richest man and the most successful businessman in Vietnam.

I understand that building your own car marque from scratch is NOT an easy feat at all and I do feel that Vinfast is doing it’s hard work to establish itself as a car marque, but people will trust them more if they improve the quality of the cars and prove the critics who have questioned the cars’ quality wrong.

[tantaihuynh]

Vinfast is stopping delivering VF8 in Canada because of serious issues

[thelastdefenderofcamelot]

VF is not well known enough at this point. Parts are unknown. Quality unknown. Performance unknown. Any company today can build a car by buying parts from others. Who wants to take chances?

[godori]

The automobile industry is not easy without base technology and industry

[dannyhang]

I won't buy Venfast because I'm scared when it goings to fast wheels might fall out.

[Pram]

Europe and China dominated the industry, this car still has many problem

[AnythingJW]

Even Vietnamese won't buy their own made goods tell you alot about that product

[zchu]

I checked out a Vinfast in California. The build quality looks really awful. It reminds me of Chinese brand cars in the 1990s.

[Sjalabais]

Norway is one of the best penetrated EV markets in the world, with about 95% of new, private sales being electric. But Vinfast has stayed clear of Norway. Lots of Chinese manufacturers started selling their EV offerings here first, because great infrastructure helps sales, and the tough climate is excellent for testing. When Vinfast decided to only sell their cars in D, NL and UK, it was interpreted as a vote of no confidence in their own cars in Europe. You can't try Norway? You don't trust your own product.

[Pujastanto]

The competition with China is stiff, even US, German, Japan, and Korean carmaker are struggling to compete in EV against China. China is predicted to dominate EV markets sell by 2030

[Jason-sfvx]

I believe VinFast won't survive for too long, the best is 1-3 years