Bangkok Post – Vietnam’s Vinfast targeting Thailand’s EV market

Electric car maker Vinfast is competing with Chinese car companies to market its EVs in Southeast Asia, aiming to take advantage of the Asean Free Trade Agreement (Afta).

The company plans to first sell EVs to Thailand before deciding whether to invest in building an EV assembly plant here, said Vu Dang Yen Hang, chief executive of Vinfast Auto (Thailand).

Thailand is a target country because of the rapid growth of its EV market, which promises good business prospects, he said.

“The Thai government is promoting the EV industry through incentive packages. They are attractive and motivated Vinfast to expand its business in the country,” said Ms. Hang.

The company is in talks with the Board of Investment regarding preferential investment packages for foreign companies, he said.

“We have not yet made a decision to build an EV factory in Thailand. We are in the process of doing research. The final decision will be made by our parent company in Vietnam,” said Ms. Hang.

Vinfast initially wants to focus on selling more EVs in Asean. The company expects to see good sales because it is not subject to tax when exporting to countries under Afta.

Vinfast was founded in 2017 and started producing EVs in 2021.

The company is building EV factories in the US state of North Carolina and India and is also planning to build a new factory in Indonesia.

Vinfast set a goal of exporting EVs to 50 countries this year, said Ms. Hang. In addition to the United States, Canada and European countries, it brings its electric mobility technology to the countries of Asean, the Middle East and Africa.

In Thailand, Vinfast has built a network of 15 car dealers operating 22 showrooms in Bangkok, Chiang Mai, Khon Kaen, Ubon Ratchathani, Ayutthaya and Chon Buri.

“This marks our first step in introducing EVs in Thailand. Our dealers also see an opportunity to benefit from the trend of sustainable transportation,” said Ms. Hang.