On November 25, the press actively reported on the export ceremony of 999 VinFast electric cars to the US market. The ceremony took place very magnificently, with Vietnamese Prime Minister Pham Minh Chinh attending. As if VinFast cars will definitely succeed.
It can be said that VinFast invited PM Chinh, former Permanent Secretary of the Secretariat Tran Quoc Vuong and also the US Ambassador to Vietnam, showing the strength of VinGroup in Vietnam. So far, despite rumors about the financial health of VinGroup and the rumor that its Chairman Pham Nhat Vuong is banned from leaving the country, he still proves to be a tycoon who can control everything in this country.
In Vietnam, newspapers that write articles unfavorable to VinGroup are pressured to remove their articles. It proves that the strength of VinGroup is not inferior to the power of the government. Even to refute rumors that Chairman Vuong was banned from leaving the country, the Ministry of Public Security had to speak up for VinGroup. That is a fact that everyone knows.
In Vietnam, VinGroup is inviolable, so some people say that VinGroup is a tiger of a private business group. This business can “call the rain and the wind” in the territory of Vietnam. But when it goes to the big sea, what will it be like?
VinFast is a failed business in the gasoline car segment, however, in Vietnam, it is praised as a car company with large sales. Even larger than the sales of some big players in the Vietnamese market. However, among those giants, no one has failed so much that they have to abandon production of petrol cars like VinFast. The state of the car business is bleak right in the yard, but almost no newspaper dares to talk about it, because people are afraid of Mr. Pham Nhat Vuong.
The export of electric cars to the US market, although the ceremony is very loud, now many people have pointed out the stalemate of VinFast cars in the US. That is, the fact that VinFast cars are not produced in the US shows that raising capital to build a factory in the US has failed. The second failure is, trouble will occur when VinFast cars start to be sold in the US market. What are those troubles?
That is, if you buy a VinFast car, you will not receive the US Government’s support of $ 7,500 for electric cars, like Tesla cars are entitled to. Banks will not lend to buy VinFast cars, because they don’t know what kind of car VinFast is. Buyers cannot buy insurance for their VinFast cars, because VinFast is not in the system, because the car has not yet circulated. If there is a problem, there are no spare parts to fix, because the number of VinFast cars in the US is almost negligible.
Most Americans buy cars with loans and installments, being refused a loan by a bank to buy a VinFast car is considered a difficult challenge to overcome. The United States is a country that consumes millions of cars every year, but VinFast brings it to this market only in units of thousands of cars, not less than ten thousand cars, which is considered a waste of salt.
Perhaps VinFast car buyers are mainly Vietnamese in the US. They bought it because VinFast took advantage of their blind patriotism. In Vietnam, there are some cases in which VinFast cars burned themselves and killed drivers, but it seems that some people do not care.
VinFast is a real tiger in Vietnam because of the political power that supports it, but when it comes to America, it will only be a paper tiger. It is difficult for VinFast to overcome obstacles. In the US, giants around the world are ready to fight each other, this land may not have a part for VinFast. Perhaps VinFast only exports to the US to polish its name at home, but finding a foothold in the US when it cannot raise capital in the US market, it is considered an inevitable failure.