We can't deny that VinFast made waves at the 2018 Paris Motor Show. Being Vietnam's first mass-produce automaker wasn't just the headline; the VinFast cars themselves are eye-catching, which was expected since they were designed by Pininfarina. Those first VinFast vehicles – a sedan and an SUV – look like they can take over the world judging by their designs alone.
With that said, Pham Nhat Vuong, the man behind VinFast and owns 49 percent of the brand, wants to step it up a notch. According to a report by Bloomberg, Vuong said that he wants to sell VinFast cars in the U.S. market in 2021.
Gallery: Vinfast LUX A2.0 sedan and LUX SA2.0 SUV at the Paris Motor Show
The decision is so bold, in fact, Vuong is investing as much as $2 billion of his personal fortune for this plan to push through.
"Our ultimate goal is to create an international brand," said Vuong in an interview in Vingroup's headquarters, VinFast's parent group. "It will be a very difficult road and we will have to put in a lot of effort. But there’s only one road ahead."
The decision to go overseas roots back to the fact that VinFast isn't profitable if it will stick to selling cars to Vietnam exclusively. Vuong said that Vietnam's automotive market is too small, and the only way to jumpstart VinFast's profitability is to sell cars overseas.
While Vuong's commitment to enter the U.S. market is understandable, he would be facing a lot of challenges and jump through numerous tall hurdles in order to succeed. The most notable one would be brand recognition, which VinFast doesn't have among Americans just yet.
Another would be the demand for electric vehicles in the U.S. Of note, VinFast's first EV is yet to roll out of the production line, which is scheduled to happen late next year.