VinFast aims to overcome challenges with determination and a resourceful talent pool

Your company has been so agile so far. Started off only in 2017 and now you are the largest OEM in Vietnam. Just 21 months to commission the Hai Phong facility and just 15 months to commission the Thoothukudi facility. Could you give us a sense of where this growth capital is coming from for such rapid expansion?

This growth has been made possible not only in Vietnam but also in India and that’s thanks to a number of factors. Number one, the vision of the Chairman Mr. Pham Nhat Vuong, who is very determined. You know now he is the 227th richest man in the world, with a net worth of about $10 billion.

Vingroup’s market cap is $35 billion, with 26 subsidiaries in different fields. With that money, he is a very rich man and can spend a lot of money for many years. But he decided to venture into a new business, making EVs under VinFast.

We are making EVs already in Vietnam. Now we have big success. We now want to make cars in other countries too. So, for him this is a passionate journey full of excitement. He does this for the future generation to save our earth from being polluted. So that is why we need to move fast.

Number two, the resourcefulness of our parent group. We make a lot of money in real estate. We make money leasing shopping malls, entertaining guests at our hotels, amusement parks. So, all this money we put in developing our EV business.

And then there is the third factor, which is our chairman knows how to get the best out of all the best people. In India too, we move fast because number one, we have the strong determination. We have good vision. But number two, we get the support from the Government of Tamil Nadu.

So those are the factors that make our story a great story.

Right now, the capacity at the Thoothukudi plant is 50,000 units per year. Is there scope for expansion at the same location?

Yes, sometime down the line, of course. We already have plans for Phase 2 of the factory. In the future, the plant will ramp up its capacity to meet market demand and explore export opportunities, potentially reaching up to 150,000 vehicles annually.

MG Motor’s Windsor EV is a big hit in the Indian market because the company offers battery subscription service. Do you have similar plans?

We are looking into that. We don’t exclude any possibility in order to make sure we can sell the cars well.

Do you have an assessment of at what level of volume you will be breaking even?

Our Vietnam operations will break even in 2025. We sell nearly hundred thousand cars per year. We are the top OEM now in Vietnam. We have surpassed Toyota, Hyundai and Kia. But for other markets, we will continue to work on that.

Growth has been nothing short of impressive and what VinFast has achieved today is no mean feat. Going forward, where do you think the challenges lie?

We have challenges everywhere, because we are a startup company. But we think that with our strong determination, with our resourceful pool of talents we will be able to address them.

You’ve been a diplomat for decades and now you are heading Asia operations for VinFast. How do you see this career shift?

Yes, from a diplomatic political life to a corporate life. The two worlds are completely different. But there are a number of things which remain the same, which is, you need to be determined and motivated.

This applies to both serving the country and the company. If you are less motivated, if you don’t have a strong determination, then you cannot translate the strategy into actions. Yes, that is the similarity. If you work hard, if you are motivated and if you have strong determination, you deliver the results in both the worlds.

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