Not only the United States. The Vietnamese giant VinFast also aims to expand into the European market. With a strategy that appears to be winning
Vietnamese electric vehicle brand VinFast aims to expand into the European market. Following the opening of the flagship store in Cologne scheduled for November 2022, the company plans to open new offices in Frankfurt, Paris, Nice, Amsterdam, Berlin, Munich and Hamburg by the end of the year. The company's expansion of EVs (electric vehicles) in EU countries will include a retail network designed to meet the specific needs of the local market, the carmaker said on Monday. As the leading economy in Southeast Asian countries, Vietnam continues to drive growth in the region. At the Paris Motor Show, which was held from 17-23 October, VinFast CEO Le Thi Thu Thuy said his company is proud to return to the Motor Show "to show that Vietnam is not only capable of producing cars, but is also making a big leap towards the electrified revolution". VinFast is the main brand of the Vietnamese conglomerate VinGroup, which is involved in technology, industry, property development, retail and services, and seems intent on expanding into global markets as much as possible. It also announced earlier this year that it will launch a $4 billion assembly plant on US soil. It is a strategy that is consistent with the great success VinFast is also acquiring in the domestic market: between cheaper cars and luxury cars, the carmaker is fully experiencing the 'golden moment' of the Vietnamese electric sector driven by demands for sustainability. The surge in sales recorded in July 2022 was only limited by the component shortage experienced the following August. But according to a report by the Vietnam Petroleum Institute, if the government acts promptly with policies aimed at supporting the sector, Hanoi can take a leading role in the EV market in South-East Asia and abroad.