Vietnamese electric vehicle manufacturer Vinfast is strategically positioning itself in Southeast Asia’s burgeoning EV market, particularly in Thailand, to leverage benefits under the ASEAN Free Trade Agreement (AFTA) and compete with Chinese automakers.

Vinfast’s chief executive in Thailand, Vu Dang Yen Hang, outlined the company’s plans to export EVs to Thailand initially and assess the potential for establishing a local EV assembly plant based on market demand. Thailand’s rapid EV market growth, bolstered by government incentives and supportive policies, presents attractive business opportunities for Vinfast.

Engaging with Thailand’s Board of Investment, Vinfast is exploring investment privilege packages for foreign companies, underscoring its commitment to expanding operations in the country. However, the decision to establish an EV factory in Thailand hinges on a comprehensive study and approval from Vinfast’s parent company in Vietnam.

Vinfast’s immediate focus is on bolstering EV sales within ASEAN countries, leveraging the tariff-free advantage offered by AFTA. Established in 2017, Vinfast commenced EV production in 2021 and is actively expanding its global footprint, with plans to export EVs to 50 countries this year.

Beyond Thailand, Vinfast is aggressively expanding its presence, with manufacturing facilities planned in North Carolina, India, and Indonesia. The company is strategically introducing its electric mobility solutions to diverse markets, including ASEAN, the Middle East, and Africa.

In Thailand, Vinfast has established a robust network of 15 car dealers operating across 22 showrooms in key cities like Bangkok, Chiang Mai, and Khon Kaen. This dealership network not only serves as a crucial distribution channel but also reflects Vinfast’s commitment to promoting sustainable transportation solutions.

Vinfast’s foray into Thailand signifies the company’s strategic vision to capitalize on emerging market trends and consumer preferences for eco-friendly vehicles. With a strong dealership network and government support, Vinfast is poised to make significant inroads into Thailand’s dynamic EV landscape, paving the way for sustainable transportation solutions in the region.