Vietnamese automaker VinFast plans to sell its electric vehicles in Thailand. It has partnered with several dealers to open showrooms in Bangkok and other cities. The company, which only began exporting its EVs last year, faces stiff competition in Thailand from Chinese automakers like BYD. Tesla also recently entered the fray.
Vu Dang Yen Hang, chief executive officer of VinFast Thailand, smiles in front of its electric vehicle “VF7" during the 45th Bangkok Motor Show in Nonthaburi, Thailand, Tuesday, March 26, 2024. Vu Dang Yen Hang, chief executive officer of VinFast Thailand, poses in front of its electric vehicle VF7 during the 45th Bangkok Motor Show in Nonthaburi, Thailand, Tuesday, March 26, 2024.
Thailand is trying to change this with incentives to promote manufacturing and sales of EVs, such as reducing import duties and paying subsidies to make them more price competitive.Initially it’ll rely on existing charging developers in Thailand, but the long term plan was to work alongside V-Green, a company that builds EV charging stations and is owned by VinFast’s parent company, said Hang.
V-Green was launched this month and plans to spend $404 million in the next two years to build charging stations for VinFast cars in different countries. Like VinFast, it is a part of the sprawling conglomerate Vingroup, that began as an instant noodle company in Ukraine in the 1990s. It is founded and run by Vietnam’s richest man, Pham Nhat Vuong.
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