Vingroup, Vietnam’s biggest conglomerate, plans to take VinFast, the country’s first homegrown car brand, overseas.
The group is making plans to enter the US, one of the world’s most competitive car markets. And it does not want to sell just cars but high-end vehicles — including electric cars, a segment that is still establishing a foothold among consumers.
The company recently received a licence to test autonomous electric vehicles with self-driving features on roads in California, alongside the likes of Tesla. Vingroup has spoken of building a US research office and even a factory. The company’s ultimate aim is to conquer consumers in the world’s second-largest car market, where Vingroup says it also plans to build a factory. Veni, Vidi, VinFast, as Julius Caesar might have said of its ambitions.
It is an extraordinary leap of faith and confidence on the part of Pham Nhat Vuong, Vingroup’s founder and Vietnam’s richest…