You may have heard of towns which change their name for corporate bucks. Maybe he can change his name to Vin Electric. Start a movie series call Volts and Amps.
Vingroup main revenue is still coming from real estate division: they are mostly building and selling apartments. However, the problem with this is that it requires the VN government to provide them with lenient subsidies (you cannot build on lands without government approval). This is not a problem during 2000s, when the government is willing to give away land and resource for private companies to develop and improve upon than letting it stay empty. However, now, the government needs the country to be industrialized and be able to export industrial products, not just manual labor if they want to escape middle income trap. Therefore, Vinfast is forced to be created: the government will keep helping Vingroup on the real estate, but Vingroup must create high tech finished goods for the government to export. Same thing with Vinsmart: no matter how much of a loss financially for them, it is pollitically required to do so. Somehow, I suspect this is also the case for Evergrande. Vinfast is still lacking far behind other manufacturers in the technology department. Most of the technological basis of their cars are still imported from other legacy manufacturers. For example, the engine is still BMW. This might be a high hurdle for them. Vinfast also have a factory in Arizona. However, I suspect this is a money blackhole for them. The Biden admin must have said something like: we are not allowing you to sell your cars in our market without you creating jobs and pumping money into our economy. This is might also be a diplomatic move from VN government to have future access to US market for other future products. I hope Vinfast can find itself at least a niche in the future. One possible way I can see is Vinfast being able to vertically integrated itself with a domestic chip manufacturing base. Samsung has recently been required by the VN government to hand over their chip technology. In 2021, due to a supply chain disruption with chip shortage, a lot of car manufacturers were stiffled. Maybe Vinfast can be much more supply chain resilient car brand compared to others? Edit: some replies on this comment are very helpful and fixes some mistakes I made. The factory is in NC, and the Evergrand part is my conjectures which some corrected me on.
This was great context for the situation in VN. The United States situation will be difficult for them. The US government changed their electric car subsidies this year. Companies now have to assemble their cars and make the batteries in North America to receive the subsidy. Since vinfast cars aren’t currently made in the US, they will be more expensive than their subsidized competition. They need to build that US factory fast if they want to survive in the market, but will it be worth the cost to them? The factory they are building now is in North Carolina. I’m not aware of anything in Arizona. What are they doing there?
I don't think that the Evergrand case is the same. China has plenty of tech & industrial companies already, they aren't forced to create one from Evergrand.
slightly No, Vingroup is the largest and most resourceful Viamtam conglomerate, but on the other hand, Evergrand is located in the Shenzhen Guangdong Provinces, which has the most thriving private sector in China, and even some big names such as BYD, Tencent, DJI, and Huawei. Shenzhen city authority or Provincial government don't have the motivation to force real estate companies to like Evergrande enter a new industry instead of subsidies other mature firms in the manufacturing sector.
"hand over" is a bit overstated I think. VN asked SS on multiple occasions to do semiconductor stuff in VN, and now SS plan to do so. This doesn't necessarily mean transferring anything big.
@@nguyenduong8815 I should say that it was quite tasty and technically ready to be consumed in dry form. In our case it was actually more interesting. As a snack it was a big hit, it went viral at the time. At our school diners were privatised (maybe just a kitchen and food suplier). That whole dining business was under prinipals control. Headmaster was kind of fighting with the problem of kids eating unhealthy snacks, but the thing was that he didn't want to loose profit. When diners were owned by the state the food was great, but after it got privatised everything went south. The food became bad and very expensive. It was a lot cheaper (actually 4 times cheaper) to go outside the school and buy somethin at the local bakery. Instant noodles were on par, pricevise, with products from local bakery, but it was more ani-establishment and rebellious. Just if our school director allowed us to eat our own food in the diners those insta noodles would've been not only tasty, but quite healthy. It's more of a story of ruthless ukrainian capitalism, but Mivina was actualy very tasty, great quality. It was the best.
as a Ukrainian and a connoisseur of instant noodles I tell you that Mivina was the best stuff out there, closely followed by some of the best Korean ramyun. Mivina was superior until Nestle bought it and the quality tanked.
OMG! In my childhood, we ate MIVINA every day for years! It was amazing. We always ate it dry (raw), just adding spice on top. It was like potato chips for us. I can't believe that this guy has risen so high! Well done! P.S. In my childhood, when you bought it you had to share it with your friends. To avoid this, you needed to buy extra spicy mivina.
Never heard of Mivina in France. Probably because instant noodles were already imported/made from other brands like Nissin, Yum yum or extra spicy Korean brands.
The thing about Vingroup is, their real estate projects have been providing the life quality that many middle class in Vietnam can afford, but don’t have access to. The city planning in Vietnam is generally terrible, and Vingroup solved that problem for their customers. That was the recipe for success. The same thing, however, might not apply to Vinfast. Transportation infrastructure in Vietnam is generally not suitable for cars. Parking space is also lacking. Those are the underlying problems that need to go away first.
That's ahhhmazing. Noodles to billies. I just watched your video and I absolutely loved it! I found your presentation to be incredibly informative and engaging. You did a great job of breaking down complex concepts into easy-to-understand terms. I also appreciated the humor and personal anecdotes that you sprinkled throughout the video. It made the content more relatable and enjoyable. You're one of the few TH-camrs who I can consistently count on to deliver high-quality content. Keep up the great work! "I outsourced this feedback to AI"
Amazed there was no mention of VinFast’s in-the-works plant in NC (Moncure, specifically). My firm has the DOT contract for roadway construction and improvements in preparation for the plant, and I’ve been all over the site for field survey. It’s quite the headache with the accelerated schedule (which has already been significantly delayed), and there are several problematic adjacent property owners (unsurprising how generally rural the site currently is). In an amusing note, never seen so many people drive around road closure barricades, just to discover the road is indeed out due to culvert pipe replacements (Old US-1, if ya know the area). Literally watched log trucks drive around them, just to have to turn those monsters around on a little forestry road right before the culvert.
@@behoushi That's the only way I go between Raleigh and Concord, anything to stay off 40. The Asheboro Bypass, which cut about 15 minutes off the drive, was, coincidentally, also designed by my firm, though that wrapped before I came on.
as a Vietnamese born during the early 2000s, a lot of my childhood was built up upon by Vingroup's projects. I remember going to Vinpearl's first resort for vacation when it was still considered new. I spent so much hours playing in the arcade of Vincom Ba Trieu with my cousins. I've bought groceries from my local Vinmart (now Winmart...) countless if times. I even attended Vinschool, though after the amount of student going there became to much for the school to handle, I had to leave because I didn't have a place in Vinhomes. though it kinda sucks that the fact that I wasn't able to continue attending Vinschool because that, I still have respects for the place. I appreciate Vingroup as they have been carrying a lot of Vietnam's infrastructure and many of their projects helped modernize our cities without needing to collaborate with foreign companies. Dream big, Mr Pham Nhat Vuong.
I admire the marketing strategy of Vinfast. First, it created two car models Lux A2.0 and Lux SA 2.0 to see how people would embrace their car and which one would be more popular. It turned out that Vietnamese eagerly embrace its cars as it is doing well in making cars with good quality, 5-star NCAP, ... Moreover, it turned out that the SUV Lux SA 2.0 is more popular than the sedan Lux A2.0, which aligns with the world car trend that SUVs/Crossovers are being more and more popular than sedans. Building on the first (even small) success, Vinfast realizes that they would not be able to compete with ICE car well-known producers such as Toyota, GM, Ford, Honda, Hyundai, KIA, BMW, and Mercedes, ... and realize the opportunity to build up on electric car trend, Vinfast announced to stop making ICE cars and focus only on electric SUV/crossover car models which allow Vinfast to localized more, easier to make cars with higher quality and safety. And they realize that they can't be successful if only making luxury cars, it soon announces 5 models VF5 (A-class), VF6 (B-class), VF7 (C-class), VF8 (D-class) and VF9 (E-class). And knowing that the outlook of its cars is a very important factor in its car success, it works with the well-known car designer Pininfarina and some other well-known car designers. As a result, all their car models look great. And knowing that the battery is the most important part of an electric car, it works with StoreDot and CATL, ... to have the best battery in the world (5 minutes charging time or lighter/more efficient battery for a longer range). And more important, they try to create an AI-based car controller which takes advantage of the Vietnamese IT engineer pool and also, in turn, educates Vietnamese HW/SW engineers to advance the IT industry in Vietnam and for Vietnam. And I admire him for bringing Vinfast cars to the US market first knowing that if it is successful in the US then it could be successful anywhere else. I know this is a huge project with a lot of challenges but it is the only project for Vietnamese to create something worthy to compete in the world stage. And Pham is the first one who could overcome these challenges.
I admire the marketing strategy of Vinfast?!?! Was this comment written by a fucking bot? No seriously, how could someone read this comment and clicked the like button? Vinfast marketing should be cited in Business School on how not to market a new product and alienate customers. You don't see ANYTHING wrong at all with the name "VIN - FAST" for a car company? How about wasting billions of dollars on ICE because your market research is garbage? How about calling the cops on customers because they publicly criticized your products? Vinfast would have been better off as a car company had they spent the money building their auto plants on fucking Hyundai stock instead
Your analysis is very good. I also had the same opinions as you when refuting comments that bring down Vingroup. Mr. Vuong is an example for Vietnam to make breakthroughs in technology and industry, thereby bringing the country to development.
Hi Jon, wonderful video yet again. I'm Vietnamese and even I don't know 60-70% of the stuff you just presented. I honestly don't know how you can research different industries in such a short amount of time
Funny how the Vin- prefix makes all these businesses sound wine-related to Westerners like me.. Except for the car one, which sounds like it's about Vehicle Identification Numbers (VINs); super-confusing!
I feel adding the Vin prefix to everything makes them sound simplistic in their thinking. Similar to company names in cartoon businesses. I feel they would come across as more professional by using just one company name proceeding an industry (for example: Vin Automotive); or, just come up different company names for each company under the Vin Group.
It's just the way Vietnamese abbreviate. For example, there are many companies like Vinacafe, Vinamit, Vina..etc. None of those are related to Vin group, but Vina = VIet NAm and those names were already taken so Vin instead.
@crash.override So many foreigners and English speakers think the word FAST in Vinfast as QUICK, RAPID. Not at all! VIN is a short form of VIET NAM. Vietnamese language writes Vietnam with a space. FAST is a short form of 4 Vietnamese words. It's pretty much like their mission statement. F is PHONG CACH means STYLE. (Vietnamese pronunciation PH close to F in English) A is a short form of SAFETY in Vietnamese AN TOAN S is INNOVATIVE in Vietnamese SANG TAO T is PIONEER in Vietnamese TIEN PHONG
Another interesting video, thank you Asianometry! I lived and worked in Vietnam for a year, and wondered at the prevalence of "Vin___"-named supermarkets, buildings, etc. I had assumed that they were some kind of government-linked enterprise, to be so ubiquitous. I had also noticed old cement buildings scattered in rural villages with distinctly non-Vietnamese, Russian-looking lettering on them. A local friend told me that they are remnants of communist Russia's influence in Vietnam's past. Another friend's parents still work full-time in Russia, and send money home to VN, so that he hardly sees them for years. But it would never have occurred to me that Vingroup's founder made his first fortune in Ukraine before bringing his enterprise home and now, in some part, to my home country Singapore. Fascinating.
I think it's just purely lazy naming sense. My mom also named her companies over the years some variations of vina- viet- or vin- names solely because she couldn't be bothered with coming up with a name herself.
Same here, I was expecting this video to be about a formally state-owned company that got privatized, like for a Singaporean example Singtel, not a company that started with selling instant noodles.
Vietnam is far from a paradise (it does not exist anywhere), but Vietnam is a lovely country scenically. Furthermore, Vietnam has not gone down the dictatorship road; causing the violent and destructive excesses in the Soviet Union, China, North Korea and Cambodia. I don't quite understand how and why Vietnam has avoided this, but it's modern (and ancient) history does have a singular focus which may be a function of it's political stability; kick out all armed invaders (this is not a statement of religious or racial xenophobia that has blighted the history of many other nations), but an application of political independence. This history of resistance is still quite recent in Vietnam, i.e. the Vietnam War (which the Vietnamese may have a different title), finished only 50 years ago, and was singularly devastating is the nicest way i could describe it. Furthermore, coupled with the productive work ethic of the average Vietnamese, the lack of theocratic threats that plague the Middle East and the high social standing of education, gives Vietnam a definite edge in current times. Vietnam, if governed quite well as it seems to be, even without meaningful democracy, looks to have quite a bright future.
You just forgot about one of the biggest corruption in the world. The Vietnamese "communist" is completely corrupted, to the core. To fix this would require political revolution.
I saw a vinfast ev in person last week. Had a chance to talk to the owner. He said he had the second one in Northern California. So they have delivered some.
I have been driving a VinFast VF8 for the past 2 months in San Diego. It still has software bugs but is frequently fixed via software updates. Love the car though. It has become a conversational piece as everyone wants to know what it is. I get a lot of compliments on it, also.
Hearing you butcher Vietnamese names is hilarious - but great content as always. Very proud that my dad has been driving a VinFast car for 4 years and just switched to their VF8 electric car a few months ago.
thank you for your informative history of Vingroup. i was wondering about this when i first heard of their cars. i will say as an American trying to learn viet for 14 years, i think the fatal flaw often had by English speakers is not appreciating how important the tone is to pronouncing Viet words. I've had vietnamese assure me i can be understood saying it as you have, but as an American they're often just glad im trying. i do know from my teachers that the tones are heard more than the words, but since you're only reading names it makes it a lot easier than trying to express a thought and using my bad grammar. i applaud your efforts. I'm only slightly ahead, knowing enough vietnamese to entertain a 5 year old for about 5 minutes 😂.
Technically vingroup needs to think like Henry Ford. Yes the vietnamese population is huge, but their salary is low. Henry found a way to make it so his employees and general population could buy his cars. Vingroup needs to try to do the same.
They are trying to do the exact opposite by targeting the Premium segment like BMW , Audi etc given their high pricing strategy, albeit with little success so far.
Vietnam total population number might be quite significant but most of our cities' infrastructure is not suitable for car. If every vietname use automobile, the whole country will be choke up, or we have to totally raze up the whole country for cars ( which is really stupid). That's the reason why i think he is not super attached to the idea of making a cheap affordable car like Ford did. The U.S is vast while Vietnam is tiny.
@@minhtunghoang4743 too expensive for what is offered. Too much better competition. Ideal price for the VF5 with its design and quality, including bad SW should be around 15K.
@@dr.brysonsfamilymedicine2453 If you're talking about gas powered scooters the majority are Honda and built in Vietnam. I think Honda knows how to make a scooter. I rode a Vinfast Impes scooter for many months. It didn't stand out as attractive or ugly. It was functional.
@@ebx100 There's nobody who pronounces it COOP mart like he said. They say Copmart, but it's a tonal language, so they actually are saying caw-awp mart.
@@whaikuratuhaka7029 Most people (including me) don't understand how to research topics to this depth and would be something I'd pay to learn through an online course! I'd definitely pay @asianometry
Had a nice visit to Vietnam, Stayed in a VinHotel next to the VinBeach and then rented a VinCar it was going well untill i tried to fill up on fuel.... I tried to put VinDiesel in the car.. and was then arrested by the VinPolice for kidnapping.... VinEscape!!!!
@10:00++ Park-n-Shop grocery store -- there was one in Berkeley CA 50 years ago when I lived there. Everybody called it Shark-n-Pop. Knew a guy who got busted pushing a grocery cart *back* to the store.
Isn't it scary living in a Vingroup home, going to Vingroup school with a Vingroup car before going to a Vingroup hospital and afterward buying groceries in a Vingroup supermarket? Also, Kyiv.
a similar thing has already been happening with Samsung employee: woke up to Samsung phone alarm in a Samsung apartment building, open Samsung fridge to get food for breakfast, reheated by Samsung microwave, turn on Samsung TV for morning news, then go to work in Samsung car guess countries are not that different lmao
@@Game_Hero they do have Samsung hospitals. Samsung medical center is their network, although it's mostly tertiary hospitals with specialized treatments, rather than general care.
It remains to be seen if VinFast is going to take off in the US. But based on latest sales figures and some honest reviewers, they're not doing good. Competition in the EV industry is getting fierce with Tesla slashing prices, hence forcing VinFast to do the same and forego their unpopular battery-leasing option. The biggest drawback of the VF8 is its limited range which is way below the competition. They're going to have a hard time selling this product especially if they insist on almost the same price range as the competition. They should offer it at much lower prices and should have offered their products around Asia first before entering the US since they're just starting over and not market themselves as a semi luxury brand of some sorts. Like what Hyundai did with the Excel when they first offered it in the US in 1985. They marketed it as a budget economy sedan. I'm not confident on the upcoming VF9 either.
Tesla is absolutly deadly in the Auto space, they inovate at a rate that is bizar. When you watch videos of MonroLive its very impressive. Alowing them as mentiond to absolutly slash prices. Klilling Newcommers and legacy auto on there way.
I bought the Tesla Model 3 when it was first released in 2018. At first, may people complained about the build quality of Tesla and paint job. The car died on me twice on the road and a few times at home and i had to reboot it. My sister bought one in 2022 and had a few problems. Vinfast car I test drove and it drives very well. Looks much better than Tesla and have more high-tech stuff. Also much more color options and comes with the industry best 10-year 125, 000 mile warranty. Tesla is only at 6 years or 60K miles warranty. Vinfast car don't quite measured up to Tesla drive and hi-tech yet but they are close. To me, their cars are still better than the other non-Tesla EV in their price range. They're also improving and there are many videos online now of customers raving and loving it. The EV mileage range is comparable to other EVs that are non Tesla. This City Edition you mentioned about range is much higher than the range advertised. There are drivers who showed they got up to 260-270 range on the VF8 City Edition and the models coming in now gets up to 290 miles. Give it time and they will improve. Just look at how KIA and Hyundai started out and see where they are now.
Totally agree , Vinfast automotive products are totally subpar compared to Tesla (which pretty much sets the standard)but also inferior to most other EVs both European, American and Chinese . Vinfast tried desperately to enter the US market early by cutting many corners (and bribing many TH-camrs and journalists 😂) and it definitely shows , and hence they failed and will probably fail in Europe too as their products can simply not compete with their US , EU and most importantly Chinese counterparts products that have much better performance, design, technology content and lower costs . Vinfast are a basic good solution for Vietnam only, given the governments heavy subsidies. Only good thing to come out of this disaster however will probably be that they donate a few million dollars to the NC area while they are temporarily building their “factory” . Can’t wait to see what will happen when the GOP is back in office in 2024.
I am in Vietnam right now and the desire for a car company is baffling. Vietnamese people LOVE their bikes, and the climate and terrain here suites it so embrace it. Idk what the service is called but in certain Chinese cities have have e-bikes with swappable batteries and stations where you can quickly hand swap it in few seconds. Vietnam would hugely benefit from a similar thing. Even if you have to subsidize it switching to e-bikes would be hugely beneficial in many ways. It would clean up the smog filled streets, reduce oil dependence, reduce noise and improve health of the citizens. Vietnam has so much potential, hopefully the CPV won't repeat the mistakes of China.
@@quoccuongtran724 yep, the urban planning in Vietnam cities is not really good and can't catch up with the population increasing rate, individual traffic vehicles only worsening the traffic jams and pollution ( we can just take a ride around Hanoi or HCM city in rush hours to see how bad it is). For the long term Public transportation is still the best, but well, they are very expensive and considering the mess in construction projects like Cat Linh - Ha Dong or Ben Thanh - Suoi Tien high railway it gonna take decades for Vietnam to catch up to thailand let alone China or Japan
Hi guys, my name is Nam. I am from (obviously) Vietnam and really appreciate your effort here. It's been a interesting and fun video to watch. Can't agree with you more on some of the insights related to South Korean and Chinese companies. You can not build a delevoped country without a highly competitive pool of world-class firms. Have a good one Jon❤
I welcome my Vietnamese overlords. Looking forward to Pho'Tai and flying Vietjet's lovely, umm hospitality. The new president of the Navajo Nation is part Vietnamese. Buu Van Nygren (Ngyuen) he also speaks Navajo well. In America, everyone is invited to the party, there's room for all. Especially when they bring great food to the cookout.
Apparently Vincom Mega Mall Royal City isn't Asia's biggest undeground mall - a South Korean one called 'Starfield Coex' beats that one out instead : D
If your country does not have any technology and you want to start up a car business in scale, you need to license one. As long as your company does not have capable R&D, which is really expensive, you can only garner a captive local market due to govt subsidy. In the long run, it would not work as the govt cannot forever provide subsidy. Malaysia's National Car project "Proton" is telling lesson about failed enterprise subsidized by the government to the tune of more than $50 billion over 3 decades. Personally, I don't think VN govt has enough finance to support Vinfast for as long as 3 decades like the Malaysian govt did and still it failed. I give at most 10 years before Vinfast declares no-go forward.
yea, VN's industrial specialization isnt even car (most of our export are electronic components & broadcasting equipments, which are where most technology & expertise are being grown in). VNmese companies already in the car business, like THACO, builds trucks & coach buses on licenses from japan, south korea, italia,... if, say, thailand has a car company, it would be easy for them because thailand already have car manufacturing infrastructure & expertise - engineers that build cars for them, so they wouldnt need any license and could build their own designs instead
Exactly right! Vinfast, with allot of the Vin government’s subsidies,tried to jumpstart into the auto industry, falsely thinking they had a head start in the EV transition, by trying to buy the technology and the expertise that they lacked from the market ( on the cheap with older outdated solutions) instead of building the capability locally and totally ignored the competition coming not just from the dominant players (Tesla, et al.) but also more importantly and disturbingly ignoring the fact that they could not ever enter into China nor compete with multiverse of Chinese EV OEMs that are now delivering excellent products globally , which Vinfast has no chance competing against . It’s a real shame that the Vietnamese government’s funds have been squandered in this “global venture” that was doomed from the start . It could have been put to better use for Vietnam without necessarily having the pride of being in the “auto industry” 😂. The real question now is how much money will they continue to waste to “save face” before they realize their failure? Or how much money will they try to bamboozle from “share holders “ with the upcoming IPO ? Has anyone actually gotten any information on what the gross profit margin for their cars is ? Or will they need to wait until they announce their first official earnings report and the stock tanks 40 % ? Maybe they should stick to making scooters and noodles.
@@dullumullu as recently seen, i saw more money being dumped in viettel's electronics & radars than vinfast's electric cars VN auto industry is a dead cause, we dont have car engineers in any meaningful numbers
@@dullumullu thấy ông đi nói xấu vin hơi nhiều đó .có cần thiết là chổ nào ông củng vào nói xấu vin không .Chắc có mấy chục cái bình luận của ông trong bài này 😂😂😂😂😂
In the same city, if you are Vinhomes complexes, the air quality is better than surrounding. That what I experienced when I rented A Vin apartment 2 weeks ago in District 9, hcm city
If Phạm Nhật Vượng is reading the comments... I've heard from reliable sources that Dutch EV startup Lightyear is for sale. With it also come the IP for some technical innovations they gained after their founders won a couple of World Solar Challenges in their student days. They also come with the IP to make them, which is interesting as The Netherlands is a very small country which lacks any automaker of name, so they have to do a lot of things from scratch with scarce production facilities.
Opening a car manufacturing and research center in NC is a very smart move. It is a bootstrap to the learning curve with a good technology transfer if they can attract the best US engineers. Unlike with China, US welcomes Vietnam and is willing to transfer the knowledge like they did with Japan, and Korea.
ironically, china Evergrande Auto Group's revenue in 2020, Total revenue 155B, Real estate 153B, EV sales 188M. VinFast EVs basically say, it full supply chain is from china manufacturing. from prototype, engineering design, molding, Fixture, frame assembly, interior and exterior assembly. they are going to list in Nasdaq this year(not recommend to buy )
@@kioly_ah You do know what happens to the shorts… when the stock price gets manipulated higher…. 😀 Shorting is a game that is capable of earning infinite losses… It is tough using capitalism when the government can change the fate of a company over night…
Nope their supplier are from Germany. Look at who set up shop next to them in Hai Phong. Their first 2 cars were licensedBMW and that got them in touch with BMW’s entire supply chain partners.
let's say. Real estate is certainly a mean for money laundering or any kinds of 'bribe' sadly to say, my parent worked for government and before retired, they have been offered to buy one Vinhomes house with price about 383 630 USD. It was about 5 years ago and now it worths at least 1 million sure, my family is not going to sell it because we stay in it. But also lots of rumor around other people and other projects and other companies and other government officers. Then, jobs and everything. But in general people are worse off because someone like us buying house at discounted prices and get rich for no real reason business could be hard. And the story of Vingroup is too simple to convince anyone. and yes, rumor says Vingroup is not remotely unique. I feel like I should talk a bit more. Vinhomes can sell houses well because, for example, it provides safety for my parent without worrying about ownership of a right to use land according to current Vietnamese law which could be considered to be the financial muscle of Vietnam communist party. Because the arbitrary of changing land use purpose can bring so much profit, can raise land's value from nothing up to thousands dollar per meter squared as land price of any shophouse on regular streets. basically, ownership of a right to use land is becoming the bread and butter for even high ranking communist officers to earn money by giving authorization to house projects, which mostly convert farm land to residential land.
I'd give VinFast a 5% chance to succeed due to a lack of any competitive advantage and a tiny local car market. Chinese EV companies succeed by selling cars in China, the largest EV market by far (and now they start to export EVs), Tesla succeeds by extreme innovation. Legacy car manufacturers are trying but none is making a real profit by selling EVs as of 2023. VinGroups best bet is to close down VinFast and focus on where they have an advantage (local realestate/healthcare/hotels) .
As a vietnamese living abroad, its scary to come back home and see one company literally owning entire quarters of Hanoi, including schools, homes, and public transport. And their public transport is miles away from the local governmental one... its like a tuk-tuk from india vs the most modern bus of Norway coupled with japanese hospitality. Kinda scary seeing them.
Isn't the tittle of this video quite overlooked? Irc VinGroup is only the largest conglomerate in the private sector while the biggest business in term of revenues and size are still holding by state-owned companies like Viettel and PVN?
What is significant and not mentioned in the video is Vinfast have got 65,000 pre-orders for its EVs last year (mostly from North America and Europe) and thousands more so far this year for the newer models. Vinfast understood it requires huge initial investments in this industry and takes several years to reach profitability and the challenge is not easy. So far, things have mostly gone as planned for Vinfast, though very ambitious. Even Tesla took many years to reach profitability. Credit where credit is due. Vinfast have surprised many industry experts (who said cannot be done) with its unusual pace of achievements. It has already delivered its first batch of EVs to U.S. customers this year. The EV market has been a booming market in recent years and is expected to grow further in the years to come. Also, EV is a different animal. Moving into this market is understandable for Vinfast as EVs encompass many technologies and industries, promoting their development. The time is now or sooner. Vinsmart was a technological stepping stone. The EV market (like other markets) will have its good years and not so good years ahead. Also, comparing VinGroup with Evergrande in this case is way off mark. Evergrande business is based on huge Ponzi RE scheme and many huge, poorly planned development projects. Not just Evergrande, but with nearly all big RE developers in China which are facing financial difficultties, while the CCP government is trying to prop up the mega bubble (largest in world history) from collapsing further. Lastly, the future industry is in ICT (AI, big data, blockchain, 5G, Fintech, IoT, etc), not heavy industry. Vietnam has world-class tech companies such as FPT/FPT Software, Viettel, CMC Corp, and VinAI. Stressing on the past auto industry in Vietnam is not that important as there are already several well established auto industries within free-trade ASEAN to compete against. The auto industry have been very competitive and low profit margin with many long established companies struggling in past years. Developing countries such as Mexico, Thailand, Malaysia and Indonesia have been actively involved in the auto industry for decades and have struggled economically to break the middle income trap. However, the EV market now is a another matter and it offers new opportunities.
@@dullumullu Demand is so high that a new business is so busy, trying to expand production. It also takes time to hire and train many more staff. The point is there is plenty of demand much more than Vinfast had initially hoped. It's not uncommon since it also takes many months for Tesla (and others) deliveries of their preorders.
@@DanKann86 VinFast sold just 1,700 vehicles in Vietnam in the first quarter of 2023. They delivered 865 VF 8 units in the US in Q1 2023. Vinfast has an annual production capacity of 250,000. VinFast has said it secured 55,000 orders globally (incl. Vietnam) as of December last year for all it EV range, of which 12,000 are from the U.S. market. Seems not so much demand in the US or globally.
@@dullumullu Not my original point according to your response. Any case, poduction capacity and current production are two different things. It takes time to ramp up to full capacity and that requires increase of various inputs (supplies, staff, budgets/financials). Aside obtaining more parts from suppliers and negotiating new partnerships, Vinfast is building battery plants to meet its needs. There are many challenges ahead, that's a given and success is not a guarantee. Also, please point me to your source for the 12,000 orders from the U.S.? Just right after Pres. Biden announcement in regards to Vinfast, it got 10,000 preorders. Many more new orders the months that followed. EV leasing company, Autonomy, ordered 2500. More recently, Vinfast received 3000 orders for the VF5 within 9 hours of opening orders.
@@dullumullu Thanks, for the link as i'm curious about the breakdown in numbers in the various markets, Europe, U.S, Canada, and elsewhere. I have also seen different media sources quoting different numbers at different times. That's understandable. As for Vinfast's EV, it switched completely from ICE to EV in recent years. EV is a different animal. In the auto industry, it normally takes 5 years to bring a new car model to the market. Vinfast is a startup. It is noteworthy given what it had achieved so far and its willingness to take on the challenges and risks. It had achieved what several big Chinese companies have attempted and not achieved in the U.S. My original point here was to show another angle the video have missed.
White collar crime in both government and private enterprises has to be considered be solid advancement can be achieved. Street crime is relatively low. Bribery to achieve land or expediting goals is common. To learn of actual in-country crime you have to read Vietnamese language publications.
I put in my preorder for a VinFast car at $56k, couple months later they raised the price to $85k. After battling with them for over a month, I still didn't get my deposit back. Will never do any business with Vin group again.
you should should see how landmark 81 looks. It's... Horrible lmao. The planning parking lot is all over the place, interior is confusing, the toilets are never maintained, the shops are dirty It's all just for looks, that tall building.
I don't understand why a company is allowed to build so many homes in one go, in a city centre. Surely, the infrastructure down at street level, is nowhere near adequate to support that many extra people. Unless they took out tarmac roads and replace them by paved pedestrian/bicycle squares, and ban motor vehicles. But somehow I don't think most countries or cities would take that leap.
The distinction between the Chaebols and nearly every emerging market conglomerates is that the SK government pretty much forced them into heavy industries, and of course they forced them to export to survive, protected the domestic market only allowing 2-3 companies licenses to operate ensuring high prices, Vingroup might try to replicate that but without the government support on exports like SK did and export discipline, that won't happen, the Chaebol Chairmen also realized that the Korean market was too small to compete for so they had to expand everywhere and anywhere they could. Businessmen would rather take the route exploiting an economy for all its worth, than do something for the national economy, the few who do will be remembered in their countries histories as nation builders, and the ones who do not will die rich
Vietnamese here. If anyone wonder with all bussiness VinGroup put their foot in is effecting the Vietnamese people like how Samsung in South Korea, the answer is no. In VietNam, Vin services and products is still for upper middle class and rich people(other than Vinmart and their smartphones),other people still have a lot of choices over VinGroup.
That's not true, Vinfast started with ICE cars (based on 5 series and x5) but they annouced to completely stopped making those models, now they are purely EVs focus
@@KhanhKhuong Well, what I’m saying is that they are not a pure electric vehicle manufacturer like Tesla, as they started with licensed BMW 5 Series with ICE. They are switching to electric vehicles because is the way to go now, if in the future hydrogen is the way to go, they would switch their powerplants, Tesla certainly woudnt do it. But yeah you are right.
If only they didn't totally screw up their American vehicle launch with an absolutely baffling business model of leasing the battery. That's right, you buy the vehicle itself, but not the energy pack that makes it work. Not only that, but the prices are a bit ludicrous for what looks like an entry-level electric vehicle from an entirely unproven automaker with no service network.
The car space is extreamly tough. Especially EVs. Tesla is one beast of a production house when it comes to manufacturing, BYD isnt bad to and they have acsess to CCP cash if they need it. They are to big to fail for them (China). Germany will gurd VW and supedise the hell out of it to make it compatitive (to big to fail to) but there tech isnt at the level of tesla and BYD. For a new compamy to get a hold in that makret its hard and extreamly money intensive. To say it in Teslas words you need to build the mashine that builds the maschine.
Calling them a cheabol is telling cause their desired model is very much like samsung. They want to be all encompassing in the lives of vietnamese (they even have electric busses that links their properties and recently is seeking to get the local ride apps to use their EVs) and they are run like a closed box family business. But they do need a crown jewel that they can siphon profits from to fund the diversification. That used to be real estate but with the crackdown in the sector they are definitely hoping that EVs are to them what electronics is to samsung. Also wasn't noted here but they also have an AI division, a biotech division that made vaccines during the pandemic and iirc is also trying to partner up to get into the semiconductor business. They definitely want to be samsung
judging by that goal, from what i see, they are shrinking; vingroup sold their supermarket + convenient store chain vinmart last year or so and it got renamed to winmart
Electric vehicles are the new gold rush with so many companies entering the market. So many share the same underpinnings from Bosch sized OEMs that you wonder if they will end up like PCs with standard parts in all of them, and one company outside of it, an Apple or Tesla, that is for the rich kids. None of the electric cars hit the sweet spot of an affordable ride that just works, instead we have so many cup holders and other nonsense people are expected to buy. Vin group could do well to ignore what the competitors are doing and to do their own thing, with an open source, upgradable platform for an electric vehicle that you can add any shape body to.
Yeah good plan except Foxconn already did that better. Still doesn’t work well though. Ever asked yourself how many famous end PC assemblers are left in the world Vs. PC components manufacturers? Thee Auto (EV) OEMs business is driven by gross profit margin on vehicles sold. If you follow the just assembling off the shelf components strategy , like PC assembling , you never achieve a good margin as each individual supplier will mark up his product to you with their profit margin. The only way to Win (not vin 😂) in the auto industry is to to vertically integrate as much as possible, like Tesla. Vinfast can’t do this because there just isn’t (and probably won’t be) the infrastructure nor expertise in Vietnam to support this strategy.
@@dullumullu I like what you are saying. A century ago Ford was vertically integrated even down to Fordlandia! Nowadays companies like Johnson Controls do all of the interiors but no auto journalist knows that half of what they sit in comes from the same OEMs. Consider the TSMC business model and how it works for Apple. Also look at the electronics side, suppliers are competing with tech. Going back to Apple, it is branding that makes their silicon sell more than their rivals. Marketing over substance. It is the same with cars.
Indeed and what would be the marketing appeal of a Vinfast over say a VW ? Marketing drives higher margins if there is good base to start . Meaning high quality both for HW and SW , high technological content , innovation , ability to scale up rapidly and competitive pricing. Non of which are in Vinfast’s favor if you compare it even to some mid range Chinese EV competitors / start-up. And good example for Apple . They are indeed repackaged silicon, however the image and prestige of owning an Apple product, “designed in California” is what most consumers aspire to, and what Apple spent decades developing. Designed in Hanoi by the king of noodles doesn’t have the same grasp I gather .
@@dullumullu The West is expensive due to rent seeking and the rentier class. However, they tell us it is because the workers demand too much pay and strike too often. If cars become made where the labour is cheapest then Vietnam does nicely. The rentier class have not priced everyone out of a home. The OEMs can be persuaded to setup shop on the doorstep of Vin. I don't like the idea of Vin because it sounds like a conglomerate where there is no focus. It is like the Virgin brand, it means nothing. They are more successful than me so I am not knocking them and wish them the greatest of success in the future. I just prefer working in a place that does one thing. The idea of a conglomerate is that some key functions are shared, for example IT systems. If you work on bicycles and the other half of the company is in the fishing business (Shimano), how can you be motivated and understanding of both? What next, one company that does everything? Korea with Hyundai and Kia are doing really well in Europe and knocking it out the park with design excellence. Vietnam can get the same confidence with their own style.
wonder if they've hired Vin Diesel to do commercial for their Vin-products and services
You may have heard of towns which change their name for corporate bucks. Maybe he can change his name to Vin Electric. Start a movie series call Volts and Amps.
And show off a VIN number.
😂😂 probadly soon.
Can you imagine the next “the fast and the furious” film installment (part 37 ?) featuring all-Vinfast branded vehicles ?
A marketer’s dream!
Or former NBA star Vin Baker
They could also try the black vinegar market and call it Vin Nigga
The automobile industry is never easy. It takes a long-term plan and a lot of effort. I wish Vietnam success.
Vingroup main revenue is still coming from real estate division: they are mostly building and selling apartments. However, the problem with this is that it requires the VN government to provide them with lenient subsidies (you cannot build on lands without government approval). This is not a problem during 2000s, when the government is willing to give away land and resource for private companies to develop and improve upon than letting it stay empty. However, now, the government needs the country to be industrialized and be able to export industrial products, not just manual labor if they want to escape middle income trap. Therefore, Vinfast is forced to be created: the government will keep helping Vingroup on the real estate, but Vingroup must create high tech finished goods for the government to export. Same thing with Vinsmart: no matter how much of a loss financially for them, it is pollitically required to do so. Somehow, I suspect this is also the case for Evergrande.
Vinfast is still lacking far behind other manufacturers in the technology department. Most of the technological basis of their cars are still imported from other legacy manufacturers. For example, the engine is still BMW. This might be a high hurdle for them.
Vinfast also have a factory in Arizona. However, I suspect this is a money blackhole for them. The Biden admin must have said something like: we are not allowing you to sell your cars in our market without you creating jobs and pumping money into our economy. This is might also be a diplomatic move from VN government to have future access to US market for other future products.
I hope Vinfast can find itself at least a niche in the future. One possible way I can see is Vinfast being able to vertically integrated itself with a domestic chip manufacturing base. Samsung has recently been required by the VN government to hand over their chip technology. In 2021, due to a supply chain disruption with chip shortage, a lot of car manufacturers were stiffled. Maybe Vinfast can be much more supply chain resilient car brand compared to others?
Edit: some replies on this comment are very helpful and fixes some mistakes I made. The factory is in NC, and the Evergrand part is my conjectures which some corrected me on.
This was great context for the situation in VN.
The United States situation will be difficult for them. The US government changed their electric car subsidies this year. Companies now have to assemble their cars and make the batteries in North America to receive the subsidy. Since vinfast cars aren’t currently made in the US, they will be more expensive than their subsidized competition. They need to build that US factory fast if they want to survive in the market, but will it be worth the cost to them?
The factory they are building now is in North Carolina. I’m not aware of anything in Arizona. What are they doing there?
Insightful post that helps me wrap my head around Vingroup.
Thank you!
I don't think that the Evergrand case is the same. China has plenty of tech & industrial companies already, they aren't forced to create one from Evergrand.
slightly No, Vingroup is the largest and most resourceful Viamtam conglomerate, but on the other hand, Evergrand is located in the Shenzhen Guangdong Provinces, which has the most thriving private sector in China, and even some big names such as BYD, Tencent, DJI, and Huawei. Shenzhen city authority or Provincial government don't have the motivation to force real estate companies to like Evergrande enter a new industry instead of subsidies other mature firms in the manufacturing sector.
"hand over" is a bit overstated I think. VN asked SS on multiple occasions to do semiconductor stuff in VN, and now SS plan to do so. This doesn't necessarily mean transferring anything big.
"Mivina" is so nostalgic, we used to eat it dry at school. What a great way to destroy your stomach when you are young.
Yes but keep in mind that not only you but a big majority of vietnamese youth in the past used to do this too (including me).
@@nguyenduong8815 I should say that it was quite tasty and technically ready to be consumed in dry form.
In our case it was actually more interesting. As a snack it was a big hit, it went viral at the time. At our school diners were privatised (maybe just a kitchen and food suplier). That whole dining business was under prinipals control. Headmaster was kind of fighting with the problem of kids eating unhealthy snacks, but the thing was that he didn't want to loose profit. When diners were owned by the state the food was great, but after it got privatised everything went south. The food became bad and very expensive. It was a lot cheaper (actually 4 times cheaper) to go outside the school and buy somethin at the local bakery. Instant noodles were on par, pricevise, with products from local bakery, but it was more ani-establishment and rebellious. Just if our school director allowed us to eat our own food in the diners those insta noodles would've been not only tasty, but quite healthy.
It's more of a story of ruthless ukrainian capitalism, but Mivina was actualy very tasty, great quality. It was the best.
as a Ukrainian and a connoisseur of instant noodles I tell you that Mivina was the best stuff out there, closely followed by some of the best Korean ramyun. Mivina was superior until Nestle bought it and the quality tanked.
Thank you for the information. A real feedback from a real Ukrainian customer is invaluable.
@@thumtlnguyen3626
hình như bạn viết lộn chữ cuối cùng. Chữ cuối cùng nghĩa là "không có giá trị "
Ý bạn muốn dùng chữ "vô giá" đúng không ???
@@MyKheBeach Invaluable nghĩa là rất hữu ích ( extremely useful).
@@MyKheBeach 'invaluable' đúng là vô giá bạn ạ
'valueless' mới là 0 có giá trị
Could you give us more details about the quality drop? Is it the taste of the spice or the texture of the noodles?
OMG! In my childhood, we ate MIVINA every day for years! It was amazing. We always ate it dry (raw), just adding spice on top. It was like potato chips for us. I can't believe that this guy has risen so high! Well done!
P.S. In my childhood, when you bought it you had to share it with your friends. To avoid this, you needed to buy extra spicy mivina.
yup its a young guilty pleasure of me and my friends too 😅
Same shte here in Vietnam. Like if you don't eat raw noodles, do you even have a childhood?
Do you remember the sweet Mivina flavours?
Raw instant noodle is also something in my Vietnamese childhood 🥲
Never heard of Mivina in France. Probably because instant noodles were already imported/made from other brands like Nissin, Yum yum or extra spicy Korean brands.
HOLY MOLY! Mivina was invented by that fellow? Bless his soul, sincerely from Ukraine
Its name is actually short for Mi (means Noodles in Vietnamese) Viet Nam = MiViNa
Mi = Noodle, Vina = Vietnam
The thing about Vingroup is, their real estate projects have been providing the life quality that many middle class in Vietnam can afford, but don’t have access to. The city planning in Vietnam is generally terrible, and Vingroup solved that problem for their customers. That was the recipe for success. The same thing, however, might not apply to Vinfast. Transportation infrastructure in Vietnam is generally not suitable for cars. Parking space is also lacking. Those are the underlying problems that need to go away first.
Your humour is underated. The first sentence delivered so dry made ma laugh
That's ahhhmazing. Noodles to billies. I just watched your video and I absolutely loved it! I found your presentation to be incredibly informative and engaging. You did a great job of breaking down complex concepts into easy-to-understand terms. I also appreciated the humor and personal anecdotes that you sprinkled throughout the video. It made the content more relatable and enjoyable. You're one of the few TH-camrs who I can consistently count on to deliver high-quality content. Keep up the great work! "I outsourced this feedback to AI"
Amazed there was no mention of VinFast’s in-the-works plant in NC (Moncure, specifically). My firm has the DOT contract for roadway construction and improvements in preparation for the plant, and I’ve been all over the site for field survey. It’s quite the headache with the accelerated schedule (which has already been significantly delayed), and there are several problematic adjacent property owners (unsurprising how generally rural the site currently is). In an amusing note, never seen so many people drive around road closure barricades, just to discover the road is indeed out due to culvert pipe replacements (Old US-1, if ya know the area). Literally watched log trucks drive around them, just to have to turn those monsters around on a little forestry road right before the culvert.
Yo, another viewer from NC
🎉 thanks for your information
Nice inside info bro! I’m from the triangle and I used to take US 1/64 and NC 49 when I wanted to take the scenic route to Charlotte 😊
@@behoushi That's the only way I go between Raleigh and Concord, anything to stay off 40. The Asheboro Bypass, which cut about 15 minutes off the drive, was, coincidentally, also designed by my firm, though that wrapped before I came on.
as a Vietnamese born during the early 2000s, a lot of my childhood was built up upon by Vingroup's projects.
I remember going to Vinpearl's first resort for vacation when it was still considered new. I spent so much hours playing in the arcade of Vincom Ba Trieu with my cousins. I've bought groceries from my local Vinmart (now Winmart...) countless if times. I even attended Vinschool, though after the amount of student going there became to much for the school to handle, I had to leave because I didn't have a place in Vinhomes.
though it kinda sucks that the fact that I wasn't able to continue attending Vinschool because that, I still have respects for the place.
I appreciate Vingroup as they have been carrying a lot of Vietnam's infrastructure and many of their projects helped modernize our cities without needing to collaborate with foreign companies.
Dream big, Mr Pham Nhat Vuong.
I admire the marketing strategy of Vinfast. First, it created two car models Lux A2.0 and Lux SA 2.0 to see how people would embrace their car and which one would be more popular. It turned out that Vietnamese eagerly embrace its cars as it is doing well in making cars with good quality, 5-star NCAP, ... Moreover, it turned out that the SUV Lux SA 2.0 is more popular than the sedan Lux A2.0, which aligns with the world car trend that SUVs/Crossovers are being more and more popular than sedans.
Building on the first (even small) success, Vinfast realizes that they would not be able to compete with ICE car well-known producers such as Toyota, GM, Ford, Honda, Hyundai, KIA, BMW, and Mercedes, ... and realize the opportunity to build up on electric car trend, Vinfast announced to stop making ICE cars and focus only on electric SUV/crossover car models which allow Vinfast to localized more, easier to make cars with higher quality and safety. And they realize that they can't be successful if only making luxury cars, it soon announces 5 models VF5 (A-class), VF6 (B-class), VF7 (C-class), VF8 (D-class) and VF9 (E-class). And knowing that the outlook of its cars is a very important factor in its car success, it works with the well-known car designer Pininfarina and some other well-known car designers. As a result, all their car models look great. And knowing that the battery is the most important part of an electric car, it works with StoreDot and CATL, ... to have the best battery in the world (5 minutes charging time or lighter/more efficient battery for a longer range). And more important, they try to create an AI-based car controller which takes advantage of the Vietnamese IT engineer pool and also, in turn, educates Vietnamese HW/SW engineers to advance the IT industry in Vietnam and for Vietnam.
And I admire him for bringing Vinfast cars to the US market first knowing that if it is successful in the US then it could be successful anywhere else.
I know this is a huge project with a lot of challenges but it is the only project for Vietnamese to create something worthy to compete in the world stage. And Pham is the first one who could overcome these challenges.
We usually call him Vuong (Pham Nhat Vuong) in VN the name spells backward
sound analysis
I admire the marketing strategy of Vinfast?!?! Was this comment written by a fucking bot? No seriously, how could someone read this comment and clicked the like button? Vinfast marketing should be cited in Business School on how not to market a new product and alienate customers. You don't see ANYTHING wrong at all with the name "VIN - FAST" for a car company? How about wasting billions of dollars on ICE because your market research is garbage? How about calling the cops on customers because they publicly criticized your products? Vinfast would have been better off as a car company had they spent the money building their auto plants on fucking Hyundai stock instead
Your analysis is very good. I also had the same opinions as you when refuting comments that bring down Vingroup. Mr. Vuong is an example for Vietnam to make breakthroughs in technology and industry, thereby bringing the country to development.
Hi Jon, wonderful video yet again. I'm Vietnamese and even I don't know 60-70% of the stuff you just presented. I honestly don't know how you can research different industries in such a short amount of time
Funny how the Vin- prefix makes all these businesses sound wine-related to Westerners like me.. Except for the car one, which sounds like it's about Vehicle Identification Numbers (VINs); super-confusing!
I feel adding the Vin prefix to everything makes them sound simplistic in their thinking. Similar to company names in cartoon businesses. I feel they would come across as more professional by using just one company name proceeding an industry (for example: Vin Automotive); or, just come up different company names for each company under the Vin Group.
It's just the way Vietnamese abbreviate. For example, there are many companies like Vinacafe, Vinamit, Vina..etc. None of those are related to Vin group, but Vina = VIet NAm and those names were already taken so Vin instead.
@crash.override So many foreigners and English speakers think the word FAST in Vinfast as QUICK, RAPID. Not at all!
VIN is a short form of VIET NAM. Vietnamese language writes Vietnam with a space.
FAST is a short form of 4 Vietnamese words. It's pretty much like their mission statement.
F is PHONG CACH means STYLE. (Vietnamese pronunciation PH close to F in English)
A is a short form of SAFETY in Vietnamese AN TOAN
S is INNOVATIVE in Vietnamese SANG TAO
T is PIONEER in Vietnamese TIEN PHONG
@@thumtlnguyen3626 no one cares
@@pxh6129 What makes you think that I expect you to care?
Another interesting video, thank you Asianometry! I lived and worked in Vietnam for a year, and wondered at the prevalence of "Vin___"-named supermarkets, buildings, etc. I had assumed that they were some kind of government-linked enterprise, to be so ubiquitous. I had also noticed old cement buildings scattered in rural villages with distinctly non-Vietnamese, Russian-looking lettering on them. A local friend told me that they are remnants of communist Russia's influence in Vietnam's past. Another friend's parents still work full-time in Russia, and send money home to VN, so that he hardly sees them for years. But it would never have occurred to me that Vingroup's founder made his first fortune in Ukraine before bringing his enterprise home and now, in some part, to my home country Singapore. Fascinating.
I think it's just purely lazy naming sense. My mom also named her companies over the years some variations of vina- viet- or vin- names solely because she couldn't be bothered with coming up with a name herself.
@Zaydan Alfariz they are vietnamese expats working in russia & send money home
i guess only western companies pulled out from russia
@Zaydan Alfariz Most Western companies imo
@@user-zx8xc8tw2j Lmao
Same here, I was expecting this video to be about a formally state-owned company that got privatized, like for a Singaporean example Singtel, not a company that started with selling instant noodles.
Great video as always!
Thank you for your work! Always a pleasure to watch you quality videos!
Don't often post but thanks again for a well-presented and interesting video.
I stayed at one of the Vinpearl hotels many years back as a kid. Definitely worth its stars, especially with the damp towels during summer days.
Vietnam is far from a paradise (it does not exist anywhere), but Vietnam is a lovely country scenically. Furthermore, Vietnam has not gone down the dictatorship road; causing the violent and destructive excesses in the Soviet Union, China, North Korea and Cambodia. I don't quite understand how and why Vietnam has avoided this, but it's modern (and ancient) history does have a singular focus which may be a function of it's political stability; kick out all armed invaders (this is not a statement of religious or racial xenophobia that has blighted the history of many other nations), but an application of political independence. This history of resistance is still quite recent in Vietnam, i.e. the Vietnam War (which the Vietnamese may have a different title), finished only 50 years ago, and was singularly devastating is the nicest way i could describe it. Furthermore, coupled with the productive work ethic of the average Vietnamese, the lack of theocratic threats that plague the Middle East and the high social standing of education, gives Vietnam a definite edge in current times. Vietnam, if governed quite well as it seems to be, even without meaningful democracy, looks to have quite a bright future.
You just forgot about one of the biggest corruption in the world.
The Vietnamese "communist" is completely corrupted, to the core. To fix this would require political revolution.
Wow. Im almost surprised this video wasnt released on VinTube.
I like your vibe man. Good work
I saw a vinfast ev in person last week. Had a chance to talk to the owner. He said he had the second one in Northern California. So they have delivered some.
I have been driving a VinFast VF8 for the past 2 months in San Diego. It still has software bugs but is frequently fixed via software updates. Love the car though. It has become a conversational piece as everyone wants to know what it is. I get a lot of compliments on it, also.
@@JHaviland1thank you from Vietnam
This man is on the grind
Super interesting presentation👍🏻👍🏻👍🏻 great work
I didn't expect to learn the story of legendary Mivina noodles by clicking on this video lol.
Hearing you butcher Vietnamese names is hilarious - but great content as always. Very proud that my dad has been driving a VinFast car for 4 years and just switched to their VF8 electric car a few months ago.
Be careful with Vinfire
And it’s not yours at all, and you’re still living off, you tickle me much boy
thank you for your informative history of Vingroup. i was wondering about this when i first heard of their cars.
i will say as an American trying to learn viet for 14 years, i think the fatal flaw often had by English speakers is not appreciating how important the tone is to pronouncing Viet words. I've had vietnamese assure me i can be understood saying it as you have, but as an American they're often just glad im trying. i do know from my teachers that the tones are heard more than the words, but since you're only reading names it makes it a lot easier than trying to express a thought and using my bad grammar. i applaud your efforts. I'm only slightly ahead, knowing enough vietnamese to entertain a 5 year old for about 5 minutes 😂.
Wishing Vinfast best of luck and hope they are successful.
I test drive one of their EVs at CES earlier this year. Drives very well.
Technically vingroup needs to think like Henry Ford. Yes the vietnamese population is huge, but their salary is low. Henry found a way to make it so his employees and general population could buy his cars. Vingroup needs to try to do the same.
They are trying to do the exact opposite by targeting the Premium segment like BMW , Audi etc given their high pricing strategy, albeit with little success so far.
Vietnam total population number might be quite significant but most of our cities' infrastructure is not suitable for car. If every vietname use automobile, the whole country will be choke up, or we have to totally raze up the whole country for cars ( which is really stupid). That's the reason why i think he is not super attached to the idea of making a cheap affordable car like Ford did. The U.S is vast while Vietnam is tiny.
Vf5 20 k usd
@@minhtunghoang4743 too expensive for what is offered. Too much better competition. Ideal price for the VF5 with its design and quality, including bad SW should be around 15K.
11:00 "Coop mart" is actually pronounced Co-Op mart. My ex works there. Vin is an amazing company. I wish they imported their e-scooters to the US.
Don't even think of telling the Vietnamese that "Co-Op" isn't pronounced as "Coop". I learned this through experience.
Their scooters are poorly made and besides the point, they are ugly. 😅
@@ebx100 I lived there for a year. I never talked with anyone except my ex about the company. Maybe you're right but the company is called Co-Op Mart.
@@dr.brysonsfamilymedicine2453 If you're talking about gas powered scooters the majority are Honda and built in Vietnam. I think Honda knows how to make a scooter. I rode a Vinfast Impes scooter for many months. It didn't stand out as attractive or ugly. It was functional.
@@ebx100 There's nobody who pronounces it COOP mart like he said. They say Copmart, but it's a tonal language, so they actually are saying caw-awp mart.
I would love to see your research process and any other notes you have for each epsiode!
Isn't that available on patreon? But Idk i never signed up but i remembered hearing that somewhere
And then what would you do
@@whaikuratuhaka7029 Most people (including me) don't understand how to research topics to this depth and would be something I'd pay to learn through an online course! I'd definitely pay @asianometry
Had a nice visit to Vietnam, Stayed in a VinHotel next to the VinBeach and then rented a VinCar it was going well untill i tried to fill up on fuel.... I tried to put VinDiesel in the car.. and was then arrested by the VinPolice for kidnapping.... VinEscape!!!!
That's a good one.
And they put you in Vinmec hospital. A few years later you old, they will send you to Vinnursing home. And finally you stay in Vincemetery 😂😂😂😂😂😂
LOL!
maybe they do everything Da Vinci
As a Ukrainian, can't stress enough how important Mivina is. Funny thing - now it's expensive
Maybe you already know: Mivina is short word for Mì Việt Nam- Vietnamese noodles. Vietnamese named every product brand of them with Vina😅
Its a transliteration of Mỹ Việt Nam literally “Noodles Vietnam”
@10:00++ Park-n-Shop grocery store -- there was one in Berkeley CA 50 years ago when I lived there. Everybody called it Shark-n-Pop. Knew a guy who got busted pushing a grocery cart *back* to the store.
Vietnam is an interesting country. Glad to see a video about it.
Isn't it scary living in a Vingroup home, going to Vingroup school with a Vingroup car before going to a Vingroup hospital and afterward buying groceries in a Vingroup supermarket? Also, Kyiv.
a similar thing has already been happening with Samsung employee: woke up to Samsung phone alarm in a Samsung apartment building, open Samsung fridge to get food for breakfast, reheated by Samsung microwave, turn on Samsung TV for morning news, then go to work in Samsung car
guess countries are not that different lmao
@@quoccuongtran724 What??? Samsung makes cars now??? At least they don't have Samsung schools and hospitals...yet.
@@Game_Hero better to educate yourself than just doing some plain comparisons
@@Game_Hero they do have Samsung hospitals. Samsung medical center is their network, although it's mostly tertiary hospitals with specialized treatments, rather than general care.
@@ledanglove No need to be a jerk either.
It remains to be seen if VinFast is going to take off in the US. But based on latest sales figures and some honest reviewers, they're not doing good. Competition in the EV industry is getting fierce with Tesla slashing prices, hence forcing VinFast to do the same and forego their unpopular battery-leasing option. The biggest drawback of the VF8 is its limited range which is way below the competition. They're going to have a hard time selling this product especially if they insist on almost the same price range as the competition. They should offer it at much lower prices and should have offered their products around Asia first before entering the US since they're just starting over and not market themselves as a semi luxury brand of some sorts. Like what Hyundai did with the Excel when they first offered it in the US in 1985. They marketed it as a budget economy sedan. I'm not confident on the upcoming VF9 either.
Yeah, the Jalopnik article really showed that they are newbies to the auto industry.
Tesla is absolutly deadly in the Auto space, they inovate at a rate that is bizar. When you watch videos of MonroLive its very impressive.
Alowing them as mentiond to absolutly slash prices. Klilling Newcommers and legacy auto on there way.
@@Dayvit78 the Jalopnik is old and their software and cars have improved since
I bought the Tesla Model 3 when it was first released in 2018. At first, may people complained about the build quality of Tesla and paint job. The car died on me twice on the road and a few times at home and i had to reboot it. My sister bought one in 2022 and had a few problems.
Vinfast car I test drove and it drives very well. Looks much better than Tesla and have more high-tech stuff. Also much more color options and comes with the industry best 10-year 125, 000 mile warranty. Tesla is only at 6 years or 60K miles warranty. Vinfast car don't quite measured up to Tesla drive and hi-tech yet but they are close. To me, their cars are still better than the other non-Tesla EV in their price range.
They're also improving and there are many videos online now of customers raving and loving it. The EV mileage range is comparable to other EVs that are non Tesla. This City Edition you mentioned about range is much higher than the range advertised. There are drivers who showed they got up to 260-270 range on the VF8 City Edition and the models coming in now gets up to 290 miles. Give it time and they will improve. Just look at how KIA and Hyundai started out and see where they are now.
Totally agree , Vinfast automotive products are totally subpar compared to Tesla (which pretty much sets the standard)but also inferior to most other EVs both European, American and Chinese . Vinfast tried desperately to enter the US market early by cutting many corners (and bribing many TH-camrs and journalists 😂) and it definitely shows , and hence they failed and will probably fail in Europe too as their products can simply not compete with their US , EU and most importantly Chinese counterparts products that have much better performance, design, technology content and lower costs . Vinfast are a basic good solution for Vietnam only, given the governments heavy subsidies. Only good thing to come out of this disaster however will probably be that they donate a few million dollars to the NC area while they are temporarily building their “factory” . Can’t wait to see what will happen when the GOP is back in office in 2024.
I am in Vietnam right now and the desire for a car company is baffling. Vietnamese people LOVE their bikes, and the climate and terrain here suites it so embrace it. Idk what the service is called but in certain Chinese cities have have e-bikes with swappable batteries and stations where you can quickly hand swap it in few seconds. Vietnam would hugely benefit from a similar thing. Even if you have to subsidize it switching to e-bikes would be hugely beneficial in many ways. It would clean up the smog filled streets, reduce oil dependence, reduce noise and improve health of the citizens. Vietnam has so much potential, hopefully the CPV won't repeat the mistakes of China.
Vinfast had a similar service for their ebikes. Not sure if it's still available.
honestly, the best urban transportation option for city planning would be public transits
@@quoccuongtran724 yep, the urban planning in Vietnam cities is not really good and can't catch up with the population increasing rate, individual traffic vehicles only worsening the traffic jams and pollution ( we can just take a ride around Hanoi or HCM city in rush hours to see how bad it is). For the long term Public transportation is still the best, but well, they are very expensive and considering the mess in construction projects like Cat Linh - Ha Dong or Ben Thanh - Suoi Tien high railway it gonna take decades for Vietnam to catch up to thailand let alone China or Japan
Amazing review.
Now I want a Vinphone with Vinbook in my Vincar
Great video. I am building a house in nha trang atm. It rivals many California mega cities but a fraction of the cost of living.
Hi guys, my name is Nam. I am from (obviously) Vietnam and really appreciate your effort here. It's been a interesting and fun video to watch.
Can't agree with you more on some of the insights related to South Korean and Chinese companies. You can not build a delevoped country without a highly competitive pool of world-class firms. Have a good one Jon❤
I welcome my Vietnamese overlords. Looking forward to Pho'Tai and flying Vietjet's lovely, umm hospitality. The new president of the Navajo Nation is part Vietnamese. Buu Van Nygren (Ngyuen) he also speaks Navajo well. In America, everyone is invited to the party, there's room for all. Especially when they bring great food to the cookout.
Apparently Vincom Mega Mall Royal City isn't Asia's biggest undeground mall - a South Korean one called 'Starfield Coex' beats that one out instead : D
If your country does not have any technology and you want to start up a car business in scale, you need to license one. As long as your company does not have capable R&D, which is really expensive, you can only garner a captive local market due to govt subsidy. In the long run, it would not work as the govt cannot forever provide subsidy. Malaysia's National Car project "Proton" is telling lesson about failed enterprise subsidized by the government to the tune of more than $50 billion over 3 decades. Personally, I don't think VN govt has enough finance to support Vinfast for as long as 3 decades like the Malaysian govt did and still it failed. I give at most 10 years before Vinfast declares no-go forward.
yea, VN's industrial specialization isnt even car (most of our export are electronic components & broadcasting equipments, which are where most technology & expertise are being grown in). VNmese companies already in the car business, like THACO, builds trucks & coach buses on licenses from japan, south korea, italia,...
if, say, thailand has a car company, it would be easy for them because thailand already have car manufacturing infrastructure & expertise - engineers that build cars for them, so they wouldnt need any license and could build their own designs instead
Exactly right! Vinfast, with allot of the Vin government’s subsidies,tried to jumpstart into the auto industry, falsely thinking they had a head start in the EV transition, by trying to buy the technology and the expertise that they lacked from the market ( on the cheap with older outdated solutions) instead of building the capability locally and totally ignored the competition coming not just from the dominant players (Tesla, et al.) but also more importantly and disturbingly ignoring the fact that they could not ever enter into China nor compete with multiverse of Chinese EV OEMs that are now delivering excellent products globally , which Vinfast has no chance competing against . It’s a real shame that the Vietnamese government’s funds have been squandered in this “global venture” that was doomed from the start . It could have been put to better use for Vietnam without necessarily having the pride of being in the “auto industry” 😂. The real question now is how much money will they continue to waste to “save face” before they realize their failure? Or how much money will they try to bamboozle from “share holders “ with the upcoming IPO ? Has anyone actually gotten any information on what the gross profit margin for their cars is ? Or will they need to wait until they announce their first official earnings report and the stock tanks 40 % ? Maybe they should stick to making scooters and noodles.
@@dullumullu as recently seen, i saw more money being dumped in viettel's electronics & radars than vinfast's electric cars
VN auto industry is a dead cause, we dont have car engineers in any meaningful numbers
Sự thật là chính phủ Việt Nam! Không trợ cấp gì nhiều cho Vinfast 😂
@@dullumullu thấy ông đi nói xấu vin hơi nhiều đó .có cần thiết là chổ nào ông củng vào nói xấu vin không .Chắc có mấy chục cái bình luận của ông trong bài này 😂😂😂😂😂
Could you do a video on superconductors please. Need to know what it is and it's applications.
Ask Chatgpt...
They also have Gaming Division Called VNG GAMES
In the same city, if you are Vinhomes complexes, the air quality is better than surrounding. That what I experienced when I rented A Vin apartment 2 weeks ago in District 9, hcm city
Why was fast in vin fast silenced out at the start? Made it sound like a swear word.
instant noodles = instant cash
If Phạm Nhật Vượng is reading the comments... I've heard from reliable sources that Dutch EV startup Lightyear is for sale. With it also come the IP for some technical innovations they gained after their founders won a couple of World Solar Challenges in their student days. They also come with the IP to make them, which is interesting as The Netherlands is a very small country which lacks any automaker of name, so they have to do a lot of things from scratch with scarce production facilities.
Cheap luxury products seems like an oxymoron, until you consider ice cream and chocolate
Opening a car manufacturing and research center in NC is a very smart move. It is a bootstrap to the learning curve with a good technology transfer if they can attract the best US engineers. Unlike with China, US welcomes Vietnam and is willing to transfer the knowledge like they did with Japan, and Korea.
ironically, china Evergrande Auto Group's revenue in 2020,
Total revenue 155B, Real estate 153B, EV sales 188M.
VinFast EVs basically say, it full supply chain is from china manufacturing.
from prototype, engineering design, molding, Fixture, frame assembly, interior and exterior assembly.
they are going to list in Nasdaq this year(not recommend to buy )
i'm gonna short this company
@@kioly_ah You do know what happens to the shorts… when the stock price gets manipulated higher…. 😀
Shorting is a game that is capable of earning infinite losses…
It is tough using capitalism when the government can change the fate of a company over night…
The whole point of Evergrande making EVs is to attract bank lending to sustain their overly leveraged property business
@@AC-jk8wq are you ok?
Nope their supplier are from Germany. Look at who set up shop next to them in Hai Phong. Their first 2 cars were licensedBMW and that got them in touch with BMW’s entire supply chain partners.
Does anyone know if their electric car factory does tours? Will be in the country next month for a holiday
They might let you in if you pretend to be an independent journalist from a powerful country.
This is the best TH-cam channel about Asia.
Thanks!
Any chance they start an oil manufacturing company called Vin Diesel?
Possible When they enter filming industry
@@ideensamalle597 like John Wick advertise for Hotel Continental. Like Koo Tin Lok advertise for Motorola's 📱 (Chinese mobile phone)
let's say. Real estate is certainly a mean for money laundering or any kinds of 'bribe'
sadly to say, my parent worked for government and before retired, they have been offered to buy one Vinhomes house with price about 383 630 USD. It was about 5 years ago and now it worths at least 1 million
sure, my family is not going to sell it because we stay in it. But also lots of rumor around other people and other projects and other companies and other government officers. Then, jobs and everything. But in general people are worse off because someone like us buying house at discounted prices and get rich for no real reason
business could be hard. And the story of Vingroup is too simple to convince anyone.
and yes, rumor says Vingroup is not remotely unique.
I feel like I should talk a bit more. Vinhomes can sell houses well because, for example, it provides safety for my parent without worrying about ownership of a right to use land according to current Vietnamese law which could be considered to be the financial muscle of Vietnam communist party.
Because the arbitrary of changing land use purpose can bring so much profit, can raise land's value from nothing up to thousands dollar per meter squared as land price of any shophouse on regular streets.
basically, ownership of a right to use land is becoming the bread and butter for even high ranking communist officers to earn money by giving authorization to house projects, which mostly convert farm land to residential land.
I'd give VinFast a 5% chance to succeed due to a lack of any competitive advantage and a tiny local car market.
Chinese EV companies succeed by selling cars in China, the largest EV market by far (and now they start to export EVs), Tesla succeeds by extreme innovation. Legacy car manufacturers are trying but none is making a real profit by selling EVs as of 2023.
VinGroups best bet is to close down VinFast and focus on where they have an advantage (local realestate/healthcare/hotels) .
1:24 Should be Kyiv not Kiev
As a vietnamese living abroad, its scary to come back home and see one company literally owning entire quarters of Hanoi, including schools, homes, and public transport. And their public transport is miles away from the local governmental one... its like a tuk-tuk from india vs the most modern bus of Norway coupled with japanese hospitality. Kinda scary seeing them.
pls stay calm or the vinpolice will come ;P
mày sợ cái gì ?
idk if its vingroup but when i went to vietnam to visit cousins, i see a lot of unfinished, empty and unused houses everywhere in the north at least
Vietnam has received a lot of FDI and its manufacturing sector is booming. It really looks a lot like a success story in the making
Isn't the tittle of this video quite overlooked? Irc VinGroup is only the largest conglomerate in the private sector while the biggest business in term of revenues and size are still holding by state-owned companies like Viettel and PVN?
What is significant and not mentioned in the video is Vinfast have got 65,000 pre-orders for its EVs last year (mostly from North America and Europe) and thousands more so far this year for the newer models. Vinfast understood it requires huge initial investments in this industry and takes several years to reach profitability and the challenge is not easy. So far, things have mostly gone as planned for Vinfast, though very ambitious. Even Tesla took many years to reach profitability. Credit where credit is due. Vinfast have surprised many industry experts (who said cannot be done) with its unusual pace of achievements. It has already delivered its first batch of EVs to U.S. customers this year. The EV market has been a booming market in recent years and is expected to grow further in the years to come. Also, EV is a different animal. Moving into this market is understandable for Vinfast as EVs encompass many technologies and industries, promoting their development. The time is now or sooner. Vinsmart was a technological stepping stone. The EV market (like other markets) will have its good years and not so good years ahead. Also, comparing VinGroup with Evergrande in this case is way off mark. Evergrande business is based on huge Ponzi RE scheme and many huge, poorly planned development projects. Not just Evergrande, but with nearly all big RE developers in China which are facing financial difficultties, while the CCP government is trying to prop up the mega bubble (largest in world history) from collapsing further.
Lastly, the future industry is in ICT (AI, big data, blockchain, 5G, Fintech, IoT, etc), not heavy industry. Vietnam has world-class tech companies such as FPT/FPT Software, Viettel, CMC Corp, and VinAI. Stressing on the past auto industry in Vietnam is not that important as there are already several well established auto industries within free-trade ASEAN to compete against. The auto industry have been very competitive and low profit margin with many long established companies struggling in past years. Developing countries such as Mexico, Thailand, Malaysia and Indonesia have been actively involved in the auto industry for decades and have struggled economically to break the middle income trap. However, the EV market now is a another matter and it offers new opportunities.
How many of those 65000 preorders actually turned into deliveries?
@@dullumullu Demand is so high that a new business is so busy, trying to expand production. It also takes time to hire and train many more staff. The point is there is plenty of demand much more than Vinfast had initially hoped. It's not uncommon since it also takes many months for Tesla (and others) deliveries of their preorders.
@@DanKann86 VinFast sold just 1,700 vehicles in Vietnam in the first quarter of 2023. They delivered 865 VF 8 units in the US in Q1 2023. Vinfast has an annual production capacity of 250,000. VinFast has said it secured 55,000 orders globally (incl. Vietnam) as of December last year for all it EV range, of which 12,000 are from the U.S. market. Seems not so much demand in the US or globally.
@@dullumullu Not my original point according to your response. Any case, poduction capacity and current production are two different things. It takes time to ramp up to full capacity and that requires increase of various inputs (supplies, staff, budgets/financials). Aside obtaining more parts from suppliers and negotiating new partnerships, Vinfast is building battery plants to meet its needs. There are many challenges ahead, that's a given and success is not a guarantee. Also, please point me to your source for the 12,000 orders from the U.S.? Just right after Pres. Biden announcement in regards to Vinfast, it got 10,000 preorders. Many more new orders the months that followed. EV leasing company, Autonomy, ordered 2500. More recently, Vinfast received 3000 orders for the VF5 within 9 hours of opening orders.
@@dullumullu Thanks, for the link as i'm curious about the breakdown in numbers in the various markets, Europe, U.S, Canada, and elsewhere. I have also seen different media sources quoting different numbers at different times. That's understandable. As for Vinfast's EV, it switched completely from ICE to EV in recent years. EV is a different animal. In the auto industry, it normally takes 5 years to bring a new car model to the market. Vinfast is a startup. It is noteworthy given what it had achieved so far and its willingness to take on the challenges and risks. It had achieved what several big Chinese companies have attempted and not achieved in the U.S. My original point here was to show another angle the video have missed.
Well since you brought up instant noodles? Please do a video on IndoMe
Can you make a video on Turkey? Love the content!
0:25 Just want to point out that Vietnamese word's for Chaebol is "Tài phiệt". Both of them came from the Sino-Japanese words "財閥" a.k.a Zaibutsu.
Inspiring story!
Woa Vingroup on this channel, no way? :))
White collar crime in both government and private enterprises has to be considered be solid advancement can be achieved. Street crime is relatively low. Bribery to achieve land or expediting goals is common.
To learn of actual in-country crime you have to read Vietnamese language publications.
I put in my preorder for a VinFast car at $56k, couple months later they raised the price to $85k. After battling with them for over a month, I still didn't get my deposit back. Will never do any business with Vin group again.
LOL
you should should see how landmark 81 looks.
It's... Horrible lmao. The planning parking lot is all over the place, interior is confusing, the toilets are never maintained, the shops are dirty
It's all just for looks, that tall building.
The car market in Vietnam is small, but Its potentiality is big.
I don't understand why a company is allowed to build so many homes in one go, in a city centre. Surely, the infrastructure down at street level, is nowhere near adequate to support that many extra people. Unless they took out tarmac roads and replace them by paved pedestrian/bicycle squares, and ban motor vehicles. But somehow I don't think most countries or cities would take that leap.
The distinction between the Chaebols and nearly every emerging market conglomerates is that the SK government pretty much forced them into heavy industries, and of course they forced them to export to survive, protected the domestic market only allowing 2-3 companies licenses to operate ensuring high prices, Vingroup might try to replicate that but without the government support on exports like SK did and export discipline, that won't happen, the Chaebol Chairmen also realized that the Korean market was too small to compete for so they had to expand everywhere and anywhere they could. Businessmen would rather take the route exploiting an economy for all its worth, than do something for the national economy, the few who do will be remembered in their countries histories as nation builders, and the ones who do not will die rich
Vinfuture prize is a best idea of Vingroup!
11:18 yup, it's a whole can of worms that Vin group does not want to open.
Bravo Vietnamese people always active smart and humble that lead them to the successful
Vietnamese here. If anyone wonder with all bussiness VinGroup put their foot in is effecting the Vietnamese people like how Samsung in South Korea, the answer is no. In VietNam, Vin services and products is still for upper middle class and rich people(other than Vinmart and their smartphones),other people still have a lot of choices over VinGroup.
This Vin-Deo is very Vin made, Vin job!
Charlie *does* surf.
You forgot to mention that Vinfast started making rebadged BMW 5 Series, Vinfast is not a pure EV automaker, despite their focus on electric vehicles
That's not true, Vinfast started with ICE cars (based on 5 series and x5) but they annouced to completely stopped making those models, now they are purely EVs focus
@@KhanhKhuong Well, what I’m saying is that they are not a pure electric vehicle manufacturer like Tesla, as they started with licensed BMW 5 Series with ICE.
They are switching to electric vehicles because is the way to go now, if in the future hydrogen is the way to go, they would switch their powerplants, Tesla certainly woudnt do it.
But yeah you are right.
If only they didn't totally screw up their American vehicle launch with an absolutely baffling business model of leasing the battery. That's right, you buy the vehicle itself, but not the energy pack that makes it work. Not only that, but the prices are a bit ludicrous for what looks like an entry-level electric vehicle from an entirely unproven automaker with no service network.
actually going to nha trang in june, probably will stay at a vinpearl hotel 😂
The car space is extreamly tough. Especially EVs. Tesla is one beast of a production house when it comes to manufacturing, BYD isnt bad to and they have acsess to CCP cash if they need it. They are to big to fail for them (China). Germany will gurd VW and supedise the hell out of it to make it compatitive (to big to fail to) but there tech isnt at the level of tesla and BYD. For a new compamy to get a hold in that makret its hard and extreamly money intensive. To say it in Teslas words you need to build the mashine that builds the maschine.
Wow that thumbnail image is a rip off of a Renault product.
This for exactly how i think in my dreams i would go and build an empire
Where's the VinGroup car now?
They plan to create VinName to profit off the niche company name market. When starting a business, the best thing is to have a unique catchy name.
4:00 I think there is some fatal mistake in that map
They will go bankrupt without the help of the government. That is also a bad business relying on subsidy
I was stuck in VN for a large part of the pandemic. They really do own effing everything
Calling them a cheabol is telling cause their desired model is very much like samsung. They want to be all encompassing in the lives of vietnamese (they even have electric busses that links their properties and recently is seeking to get the local ride apps to use their EVs) and they are run like a closed box family business.
But they do need a crown jewel that they can siphon profits from to fund the diversification. That used to be real estate but with the crackdown in the sector they are definitely hoping that EVs are to them what electronics is to samsung.
Also wasn't noted here but they also have an AI division, a biotech division that made vaccines during the pandemic and iirc is also trying to partner up to get into the semiconductor business. They definitely want to be samsung
judging by that goal, from what i see, they are shrinking; vingroup sold their supermarket + convenient store chain vinmart last year or so and it got renamed to winmart
Electric vehicles are the new gold rush with so many companies entering the market. So many share the same underpinnings from Bosch sized OEMs that you wonder if they will end up like PCs with standard parts in all of them, and one company outside of it, an Apple or Tesla, that is for the rich kids.
None of the electric cars hit the sweet spot of an affordable ride that just works, instead we have so many cup holders and other nonsense people are expected to buy. Vin group could do well to ignore what the competitors are doing and to do their own thing, with an open source, upgradable platform for an electric vehicle that you can add any shape body to.
Yeah good plan except Foxconn already did that better. Still doesn’t work well though. Ever asked yourself how many famous end PC assemblers are left in the world Vs. PC components manufacturers? Thee Auto (EV) OEMs business is driven by gross profit margin on vehicles sold. If you follow the just assembling off the shelf components strategy , like PC assembling , you never achieve a good margin as each individual supplier will mark up his product to you with their profit margin. The only way to Win (not vin 😂) in the auto industry is to to vertically integrate as much as possible, like Tesla. Vinfast can’t do this because there just isn’t (and probably won’t be) the infrastructure nor expertise in Vietnam to support this strategy.
@@dullumullu I like what you are saying. A century ago Ford was vertically integrated even down to Fordlandia!
Nowadays companies like Johnson Controls do all of the interiors but no auto journalist knows that half of what they sit in comes from the same OEMs. Consider the TSMC business model and how it works for Apple. Also look at the electronics side, suppliers are competing with tech.
Going back to Apple, it is branding that makes their silicon sell more than their rivals. Marketing over substance. It is the same with cars.
Indeed and what would be the marketing appeal of a Vinfast over say a VW ? Marketing drives higher margins if there is good base to start . Meaning high quality both for HW and SW , high technological content , innovation , ability to scale up rapidly and competitive pricing. Non of which are in Vinfast’s favor if you compare it even to some mid range Chinese EV competitors / start-up. And good example for Apple . They are indeed repackaged silicon, however the image and prestige of owning an Apple product, “designed in California” is what most consumers aspire to, and what Apple spent decades developing. Designed in Hanoi by the king of noodles doesn’t have the same grasp I gather .
@@dullumullu The West is expensive due to rent seeking and the rentier class. However, they tell us it is because the workers demand too much pay and strike too often.
If cars become made where the labour is cheapest then Vietnam does nicely. The rentier class have not priced everyone out of a home.
The OEMs can be persuaded to setup shop on the doorstep of Vin.
I don't like the idea of Vin because it sounds like a conglomerate where there is no focus. It is like the Virgin brand, it means nothing.
They are more successful than me so I am not knocking them and wish them the greatest of success in the future. I just prefer working in a place that does one thing. The idea of a conglomerate is that some key functions are shared, for example IT systems. If you work on bicycles and the other half of the company is in the fishing business (Shimano), how can you be motivated and understanding of both?
What next, one company that does everything?
Korea with Hyundai and Kia are doing really well in Europe and knocking it out the park with design excellence. Vietnam can get the same confidence with their own style.