TURIN Reuters - The Vietnam carmaker VinFast could add other markets in 2023 to expand its European strategy beyond a planned debut in Germany, France and the Netherlands next year.
The company, a unit of Vingroup JSC Vietnam's largest conglomerate which some have called Vietnam's answer to Tesla will debut in Europe next year with two battery electric SUV models, the four-seater VF e 35 and the midsize VF e 36, both designed by Italian Pininfarina.
The two models are released in Vietnam, North America and Europe around mid 2022, after an unveiling planned later this year.
VinFast became Vietnam's first fully-self-led automotive manufacturer when its first gasoline-powered diesel models built under its own badge hit the streets in 2019.
VinFast Emiel Hendriksen, the B 2 B Sales Vice President, said on Thursday that it was also looking at Italy, Scandinavia, Switzerland and Austria for a second step in its European strategy.
In 2023, we're considering those countries, he said at a presentation at the Pininfarina headquarters in Turin.
VinFast will rely on a direct distribution model in Germany, France and the Netherlands, based on property showrooms, but could later consider an agency-model for sales in other countries, Hendriksen said.
The company sold about 30,000 vehicles domestically last year and had set on buying 15,000 electric vehicles in 2022, although its representatives did not provide detailed forecasts for the European market on Thursday.
Earlier this year sources announced parent Vingroup JSC was considering an initial public offering IPO of its car unit that could value VinFast at about $60 billion, although an initial deadline for the deal mentioned by one of the sources was delayed.
VinFast Europe CEO Bich Tran said IPO decision was up to the company's headquarters in Vietnam.
Until then our European plans are independent of any IPO. We're with our plans, everything is moving in Europe as planned, she said.