The automobile division of Vietnam's largest business group, Vingroup, wants to get involved in the U.S. market. The group hopes its VinFast cars will be enough to take car buyers away from market leaders like Tesla and General Motors. VinFast is a recent arrival in automobile markets. It is ranked as the fifth biggest carmaker in Vietnam. VinFast’s chief is Nguyen Thi Van Anh. She told the Reuters news agency recently that the company plans to launch in North America and Europe in 2022. VinFast will join a large number of manufacturers seeking to compete with Tesla. Standing behind VinFast is Vingroup, Vietnam's biggest conglomerate, or multi-industry business group. VinGroup has interests in real estate, schools, hospitals, smartphones and other products. Even with such strong support, VinFast has difficult competition. Companies such as General Motors, Toyota and Volkswagen have spent tens of billions of dollars to develop electric and driverless vehicles. The company was established in 2017 with a team led by former General Motors officials.
What does it mean to launch?
Start or set in motion (an activity or enterprise)
Continue operating under new management
To eat a meal in the afternoon
To download finances to the cloud
What company did VinFast previously work for?
General Motors
Toyota
Jeep
Tesla
It is ranked as the fifth biggest carmaker in Vietnam.
Vietnam
Hungary
China
Taiwan