Finance

Vietnam’s VinFast starts operations in North America and Europe By Reuters

© Reuters. FILE PHOTO: Labourers work in VinFast’s factory in Hai Phong City, Vietnam, April 22, 2021. REUTERS/Thanh Hue

HANOI (Reuters) – Vietnam’s first domestic car manufacturer, Vinfast, said on Monday it has started operations in North America and Europe, joining a crowded field of players seeking to woo customers with smart electric cars.

VinFast, a unit of Vietnam’s largest conglomerate Vingroup JSC, became the country’s first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

The company said in a statement it considered the United States, Canada, France, Germany and the Netherlands its key markets in its international business expansion plan.

Two electric car models VF (NYSE:) e35 and VF e36 will be officially launched in March next year, the statement added.

VinFast sold about 30,000 vehicles last year and has forecast sales of more than 45,000 for 2021.

It flagged in April that it would consider an initial public offering in the United States or merger with a Special Purpose Acquisition Company.

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