Vinfast Philippines

[ice15]

Select Motech Centers Will Now Service VinFast EVs | CarGuide

VinFast and Motech will actively work together toward the goal of accrediting 63 Motech service workshops as authorized VinFast service centers. These service centers will be authorized to perform repairs, warranties, and maintenance for VinFast electric vehicles in the Philippines.

[Vodka]

[ice15]

Current And New VinFast Vehicles Come With Free Charging Until May 1, 2027 | CarGuide

While V-GREEN operates as an independent provider, the agreement with VinFast grants exclusive free-charging privileges to VinFast customers at all participating stations.

[ice15]

VinFast Limo Green MPV gets LTO approval | Autoindustriya

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VinFast PH lowers battery subscription costs, removes monthly distance cap* for its EVs | TopGear PH

[Verbl Kint]

Vinfast has just announced that a new shipment of VF3's is on its way to the Philippines. Apparently, their entire PH inventory sold out last week.

[_Cathy_]

The seats look so uncomfortable...

[ice15]

VinFast PH extends free charging until March 2029 amid rising fuel prices | Visor

[Verbl Kint]

Vinfast is supposedly the country's no.2 BEV brand now (BYD being no.1). They're not part of CAMPI but friends within the industry are confirming the numbers. Quite a feat considering the competition -- i.e. Geely and Chery are both distributed by their parent companies here.

[bxr monkey]

Vinfast is supposedly the country's no.2 BEV brand now (BYD being no.1). They're not part of CAMPI but friends within the industry are confirming the numbers. Quite a feat considering the competition -- i.e. Geely and Chery are both distributed by their parent companies here.

Galing. Nagdadala malamang nito iyong VF3 at Green GSM. Magandang stress test ang fleet use. Madedemo agad ang tibay at charge discharge cycles nito.

Sana sa future update ng VF3, malagyan ng frunk. Kahit plastic tray option gaya ng sa old Dacia Spring. Sayang space sa harap.

[Dr.Kamiya]

Seems like there's some creative accounting going on at Vinfast

Vietnamese EV maker VinFast's move to shift $7 billion in debt raises 'red flags' | Reuters

HANOI, May 21 (Reuters) - Over the last decade, Vietnamese electric vehicle maker VinFast Auto has ​burned through billions of dollars on an aggressive expansion.
Now, a plan to sell its two main factories and shift $7 billion worth of debt off its books has sparked concerns *about governance at billionaire Pham Nhat Vuong's Vingroup (VIC.HM), opens new tab conglomerate.
Vuong, who got his start selling instant noodles in Ukraine in the 1990s, has built Vingroup into Vietnam's largest company. Through it, he owns hotels, amusement parks and Nasdaq-listed VinFast (VFS.O), opens new tab. He has also developed a reputation for complex, intragroup transactions - Reuters previously detailed VinFast's reliance on Vingroup-related companies for sales and financing.
Under a multi-party deal unveiled last week, VinFast will sell its Vietnamese manufacturing business for 13.3 trillion dong ($506 million) to a group of investors who ​will also assume roughly $6.9 billion in debt. In a regulatory filing, the company said this will allow it to adopt an "asset-light" model focused on research and product development rather than manufacturing.
With the ​manufacturing unit off its books, VinFast will become largely debt-free, Vingroup told Reuters in a statement. Manufacturing costs were a major driver of the EV maker's $3.9 ⁠billion loss last year and VinFast has yet to turn a profit since its 2017 founding.
But the deal has raised eyebrows among some analysts and retail shareholders both for its complexity and the involvement of ​investors with ties to Vingroup and Vuong, the founder.
"From a strategic and financial perspective, this move makes sense and provides a solid foundation for VinFast to grow," said Mehdi Jaouadi, an auto industry analyst and partner ​at Singapore-based consultancy YCP. "However, from a governance perspective, this strategic decision has some red flags and raises some question marks."
One issue is the involvement of real estate businessman Nguyen Hoai Nam, who just this month took control of the company that will acquire more than 95% of the manufacturing business. Nam is a board member of Vincom Retail (VRE.HM), opens new tab, which was formerly Vingroup's shopping mall arm.
Days before the factory deal was unveiled, he acquired majority control of Future Investment and Trading Development (FIRD), ​a company that was carved out of VinFast and until January, was owned by Vingroup and Vuong. FIRD holds patents for VinFast's first-generation EVs and has registered capital of $4.6 billion, nearly 92% of which is ​contributed by Nam.
It is not clear why FIRD "became the lead buyer so soon after these ownership changes," Jaouadi said.
Vincom declined to comment. Reuters was unable to reach Nam for comment.
In a statement, VinFast said it "was not a party to *these transactions and ⁠therefore does not have the basis or authority to comment."

'PRECIOUS STONE'
Another concern is the transaction structure. The manufacturing business will first be acquired by Vuong, FIRD and another company, Ngoc Quy Investment and Trading Development, before the ownership is reshuffled again. Once the deal is completed by September, only two of the three investors will remain: FIRD, which will own 95.5%, and Vuong, who will retain less than 5%, according to the filing.
The process "raises the question of the role and involvement" of Ngoc Quy Investment, Jaouadi said, since it will not ultimately hold a stake.
The real estate company, whose name means "precious stone" in Vietnamese, declined to comment. Some ​of its shareholders have been business partners with Pham, ​according to a filing.
Vuong will be participating in ⁠the factory transaction as both a buyer and a seller.
VinFast will retain its assembly plants in Indonesia and India, along with patents for its newest generation of EVs. VinFast's shares have fallen about 12% since the deal was unveiled on May 12.
Vingroup is controlled by Vuong and the firm does not have any ​large institutional investors.
Dragon Capital, a foreign-owned, Vietnam-focused fund based in Ho Chi Minh City that is one of the few foreign investors in Vingroup, said ​the transaction was "a positive structural ⁠development" as it would cut debt and expenses.

FOXCONN INTERESTED IN 2021
By outsourcing its manufacturing, a smaller EV maker like VinFast could focus its precious resources on areas that are more important, like developing better software, according to Felipe Munoz, a veteran auto industry analyst.
As part of the deal, the new owners can use VinFast's plants to produce cars and batteries for third parties.
One Vietnam-based financial analyst who declined to be named because of the sensitivity of ⁠the matter, said ​it was possible that there was another manufacturer who was waiting in the wings to tie up with the new investors.
In ​2021, Vingroup said it was approached by Taiwanese contract manufacturer Foxconn (2317.TW), opens new tab regarding VinFast's production lines, but no deal materialised.
"We have no plans to sell VinFast's manufacturing facilities in Vietnam to Foxconn or any other original equipment manufacturer," Vingroup said when asked about potential fresh ​talks.
Foxconn, which is trying to expand in the EV sector, did not respond to a request for comment.

Reporting by Phuong Nguyen, Francesco Guarascio in Hanoi; Additional reporting by Wen-Yee Lee in Taipei; Editing by Thomas Derpinghaus