Vietnamese car manufacturer VinFast is setting its sights on European countries, including the Netherlands. The company wants to launch several electric models. What kind of company is VinFast and what can we expect from them?
That VinFast was coming to Europe has been known for some time. However, Nguyen Thi Van Anh, CEO of VinFast, now confirms to Reuters that the Vietnamese company also has the Netherlands in its sights in doing so. Besides the Netherlands, Germany and France are also explicitly mentioned as markets.
Well-known name in Vietnam
Although VinFast is an unknown name in the Netherlands, that is certainly not the case in Vietnam. For instance, Reuters figures show that in Vietnam, with more than 30,000 models sold by 2020, VinFast sold more vehicles than Mitsubishi, Ford, Honda and Suzuki, for instance. The company only has to beat Hyundai, Toyota, KIA and Mazda.
VinFast is part of Vingroup, Vietnam's largest conglomerate. Vingroup engages in a variety of activities ranging from smartphones and hospitals to real estate and education. VinFast was founded in 2017.
Three models
The Vietnamese company is believed to be bringing several models to the European market. These include a trio of all-electric SUVs: the VF31, VF32 and VF33. The models were shown to the public by VinFast early this year.
The VF31 features 116 hp and a range of 300 km. The VF32 is available with a 204 hp motor, or two motors that jointly deliver 409 hp. The range is 504 km. The VF33 is the largest model, is available with 409 hp and offers a range of 550 km.
Leasing batteries
Another characteristic of VinFast is the leasing model it uses to offer batteries for its vehicles. The battery is one of the most expensive components of an electric vehicle. Offering it through a leasing model keeps the purchase price of a vehicle relatively low. This lower purchase price is something with which VinFast aims to differentiate itself in the market, according to a presentation aimed at investors, Reuters reports.
Europe, incidentally, is not the only new market the Vietnamese carmaker wants to target. For instance, the company is also working on its introduction in the North American market, where it will compete with General Motors and Tesla, among others.
Van Ahn expects VinFast's first models to go on sale in Europe by 2022.
Author: Wouter Hoeffnagel
