VinFast licensed to test autonomous cars in US
February 8, 2021 | 11:30 am GMT+7

An artist's impression of an electric car manufactured by VinFast. Photo courtesy of VinFast.
VinFast has received licenses to test autonomous vehicles in California, the U.S., one of the first foreign markets the Vietnamese automaker targets.
The subsidiary of Vietnam’s largest private conglomerate, Vingroup, was one of 57 auto companies allowed to test self-driving vehicles with a driver along with Apple, Tesla, BMW, and Volkswagen, according to the state Department of Motor Vehicles website.
An auto company needs to acquire testing permits with and without a driver each before it can receive permit for deployment in the state.
VinFast last month unveiled three new self-driving electric SUVs saying they all meet the highest global safety standards including five-star ratings from the U.S. National Highway Traffic Safety Administration and the European New Car Assessment Programme.
Customers can start ordering the cars in May this year in Vietnam and in November in the U.S., Canada and the E.U.
VinFast sold 31,500 cars in Vietnam last year, with its VinFast sedan and SUV models among the bestsellers in their respective segments.
The company entered the auto industry three years ago. It has an auto plant in the northern province of Hai Phong and research and development centers in Australia, Germany and the U.S.
It said the manufacturing of electric bikes, buses and cars is part of a strategy to become a hi-tech global auto manufacturer and help develop green transportation and reduce emissions.
Cars, phones deliver one-fifth of Vingroup revenues
February 2, 2021 | 08:00 am GMT+7

An artist's impression of a new self-driving electric SUV to be manufactured by VinFast. Photo courtesy of VinFast.
Automobiles and smartphones accounted for 19 percent of private conglomerate Vingroup’s revenues in the last quarter of 2020.
This marked a 40 percent year-on-year increase to VND6.9 trillion ($299.45 million).
The largest private conglomerate in Vietnam sold 31,500 cars last year, with its VinFast sedan and SUV models among the bestsellers in their respective segments.
The group’s VinSmart phones were also among the bestsellers in Q4, 2020.
The company saw revenues from real estate in the quarter rising 47 percent year-on-year to over VND22.2 trillion after handing over three major Vinhomes projects.
Revenue from tourism and entertainment, however, fell 40 percent to VND1 trillion because of the Covid-19 pandemic.
For the whole year, Vingroup’s pre-tax profit fell 11 percent to VND13.96 trillion, while revenue fell 15 percent to VND110.46 trillion.
Vingroup plans $300 mln bond issuance for auto, smartphone production
in VND, postpaid for 12-month term deposits by Vietcombank, VietinBank, BIDV and Agribank. The banks currently offer interest rates of around 4.9-5.6 percent.
Over VND5.1 trillion of the raised amount will be invested in VinFast, the country’s first indigenous carmaker; and VND1.86 trillion in smartphone-maker VinSmart, which launched its first products at the end of 2018.
The first round, worth VND1.52 trillion, will be issued on February 18, where individual and institutional buyers must purchase bonds worth least VND100 billion, and VND500 billion, respectively.
The dates for the second and third rounds, worth VND2.86 trillion and VND2.6 trillion, respectively, have not been announced.
According to brokerage KB Securities, automaker VinFast plans to break even in EBITDA (earnings before interest, tax, depreciation and armortization) within the next 5 years by increasing output and increasing market share, as well as reducing production costs.
It posted losses of nearly VND6.6 trillion in the first half of last year.
Vingroup chairman Pham Nhat Vuong had earlier said that both automaker VinFast and smartphone producer VinSmart were expected to make losses for three to five years as they worked to increase their market shares.
The KB Securities report said that VinFast planned to launch two gasoline-powered cars and three electric cars in 2022, and VinBus electric buses this year. It targets acquiring around 30 percent of the domestic car market, and export electric cars.
At Vingroup’s annual general meeting in May 2020, Vuong said that in the future, VinFast and VinSmart would be export-oriented, starting with the U.S. and moving to other markets once certain sales targets had been met.
Vingroup, originally a real estate and retail heavyweight, has grown to become Vietnam’s largest private diversified conglomerate, and now sells cars, scooters, television sets and smartphones. It is also looking to enter the artificial intelligence sector.
Vingroup’s pre-tax profit in the first nine months of 2020, as per its latest financial statement, was up 3.7 percent year-on-year to VND9.73 trillion, but revenues fell 19.3 percent to VND74.8 trillion.