VIETNAMESE auto startup VinFast plans to invest up to US$2 billion (RM8.32 billion) to break into the lucrative United States auto market. Vietnam’s richest man and billionaire Pham Nhat Vuong, who is charge of the new automaker, is so intent on exporting electric vehicles to the US in 2021 that he’s using his own funds to achieve it. But there’s only one road ahead.”In Vietnam, VinFast Trading and Production LLC has formidable competition from established foreign players such as Toyota, Ford Motor Co and Hyundai. Many Chinese startups, backed by billions of dollars in funding, bet on the prospects for EVs in the world’s biggest auto market, but few are making money. “We have the desire to build a Vietnamese brand that has a world class reputation.

Source: New Strait Times December 10, 2019 12:00 UTC