Vietnam's VinFast has grand ambitions of selling its electric vehicles in the United States and Europe to compete with the likes of Elon Musk's Tesla, but it is struggling to find buyers for its cars at home.With poor demand in Vietnam, and limited sales and bad press in the United States, VinFast may be producing more cars than it can sell, Guild said.
Vietnamese electric vehicle maker VinFast will merge with battery maker VinES under private conglomerate VinGroup in a move that will involve VinGroup chairman Pham Nhat Vuong donating 99.8% of VinES shares to the automaker.
Vingroup has dissolved its subsidiary Vantix, a provider of AI & data management services and solutions, the largest private conglomerate in Vietnam announced on Friday.
Vinfast Sales Growth: In the filing, VinFast also said it would launch an assembly facility in India, the world s third biggest car producing nation, to take advantage of the South Asian government s incentives for EVs.
Vietnam Rare Earth Mining: Vietnam has the second-largest rare-earth deposits, according to the U.S. Geological Survey. But they have remained largely untapped, with investment discouraged by low prices that are effectively set by China because of its near-monopoly on the global market. Visiting Hanoi this month to upgrade bilateral relations, U.S. President Joe Biden signed an agreement to boost Vietnam s ability to lure investors for its rare-earth reserves.