In an interview with Bloomberg, billionaire Phạm Nhật Vượng stated that the vigorous promotion of VinFast aims to elevate Vietnam's manufacturing industry to the international level. VinFast is not just a business venture; it is a project of dedication. VinFast does not produce low-cost cars but focuses on products that are reasonably priced and true to their real value.

With a commitment to investing $2 billion in the fledgling electric vehicle startup VinFast, Phạm Nhật Vượng aims to leave behind a green ecosystem for future generations.

On the occasion of the 5th anniversary of the VinFast car manufacturing plant’s inauguration (June 14, 2019 - June 14, 2024), the American news agency Bloomberg interviewed Vingroup Chairman Phạm Nhật Vượng.

Despite having only started car production just over five years ago, VinFast is now competing with giants like Tesla and Hyundai as it enters the U.S. market. VinFast is also expanding into markets such as India and Indonesia.

When asked how long he will continue to financially support VinFast, Phạm Nhật Vượng replied, “Until I run out of money,” during an interview with Bloomberg TV at Vingroup's headquarters in Hanoi.

With a net worth of approximately $5.3 billion, Vượng is confident he can steer VinFast through challenges, even as global giants like Toyota and Volkswagen face difficulties.

VinFast was listed on the U.S. stock exchange last August, and its stock price surged 700% in the first two weeks. Although the stock price has since declined and the float is only about 2%, Vượng is not in a hurry to increase the float.

“We are not concerned about the stock price at this moment and are not rushing to release more shares to the market. The float does not affect major long-term investors,” Vượng explained.

VinFast is confronting numerous challenges to become a successful global brand. Chinese electric vehicle manufacturers are ramping up exports of low-cost EVs, and Tesla is cutting prices. VinFast is also facing significant challenges in the U.S.

The electric vehicle sector has seen efforts similar to what Elon Musk achieved with Tesla. VinFast delivered 9,689 cars in the first quarter of this year, only about 10% of its target of 100,000 vehicles.

Ken Foong, an analyst at Bloomberg Intelligence, stated that VinFast needs to build its brand and compete with major rivals. “Success in the U.S. won’t come easy. It requires a lot of time and investment,” he said.

Vingroup, its subsidiaries, and financial institutions have provided VinFast with approximately $12.9 billion from 2017 to this March. VinFast is building a factory in North Carolina, has broken ground in India, and plans to construct a plant in Indonesia.

Vượng remains undeterred by challenges. He starts each morning playing with his grandchildren. “I sleep eight hours a day and don’t worry about anything,” he said. “VinFast will soon break even and become self-sufficient.”

Vượng is one of the most influential business leaders in Vietnam. The Vingroup conglomerate operates in numerous sectors within the country.

The Vingroup Chairman emphasized that the vigorous promotion of VinFast aims to elevate Vietnam’s manufacturing industry to the international level, stating, “VinFast is not just a business venture; it is a project of dedication.” VinFast does not produce low-cost cars but focuses on reasonably priced products that are true to their value.

Regarding plans in the U.S., Vượng said that revenue this year will increase 30-40 times and that this growth will continue for the next five years. VinFast’s current strategy is to expand its dealership network to boost sales while implementing direct marketing for customers to experience the cars firsthand.