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    VIC   VN000000VIC9

VINGROUP JOINT STOCK COMPANY

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Vingroup Joint Stock : Vietnam's VinFast starts operations in North America and Europe

07/12/2021 | 04:45am EDT
FILE PHOTO: Labourers work in VinFast's factory in Hai Phong City

HANOI (Reuters) - Vietnam's first domestic car manufacturer, Vinfast, said on Monday it has opened offices in North America and Europe, joining a crowded field of players seeking to woo customers with smart electric cars.

VinFast, a unit of Vietnam's largest conglomerate Vingroup JSC, became the country's first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

"VinFast has set up representative offices in five international markets and will soon open showrooms in California," Vingroup said.

"VinFast USA's CEO has already relocated to the U.S. from Vietnam recently," the company added.

The company had set a target of selling 56,000 electric vehicles in 2022, but had scaled that back to 15,000 units due to global chip shortage, Vingroup's chairman Pham Nhat Vuong told the company's annual meeting in June.

VinFast, which achieved annual sales of around 30,000 units last year in Vietnam, has yet to make a profit.

In an interview with Reuters in April, the CEO of VinFast USA said they were betting on a battery leasing scheme and planning on conducting most of its U.S. sales online, removing the need for a costly dealership network.

The company said two electric car models, the VF e35 and VF e36, would be officially launched in March next year.

To support its growth, VinFast will need more cash. It flagged in April that it would consider an initial public offering in the United States or merger with a Special Purpose Acquisition Company.

However, sources told Reuters in May VinFast's offering, which was slated for the second quarter and could help the company raise at least $2 billion, faced a delay.

(Editing by Martin Petty and Ed Davies)


© Reuters 2021
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Analyst Recommendations on VINGROUP JOINT STOCK COMPANY
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Financials
Sales 2021 135 887 B 5 979 M 5 979 M
Net income 2021 3 621 B 159 M 159 M
Net Debt 2021 108 332 B 4 767 M 4 767 M
P/E ratio 2021 69,9x
Yield 2021 -
Capitalization 321 296 B 14 083 M 14 137 M
EV / Sales 2021 3,16x
EV / Sales 2022 2,36x
Nbr of Employees 44 120
Free-Float 13,5%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 86 800,00 VND
Average target price 126 703,82 VND
Spread / Average Target 46,0%
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Managers and Directors
Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Chung Yee Ling Independent Director
Marc Villiers Townsend Independent Director
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