At the annual shareholder meeting of Vingroup (stock code: VIC), the story that shareholders are most interested in is the information surrounding VinFast – the electric car company in the group’s ecosystem. Shareholders are concerned about the cash flow story of VinFast or Vingroup, the difficulties that VinFast encounters and when VinFast will stop losing money.
Answering each shareholder’s question about VinFast, Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup, said that doubting Vingroup’s cash flow and capacity is unfounded. According to him, many people are suspicious because they hear rumors.
“The company has never been late in paying the bank a penny, whether principal or interest. All financial plans are clearly laid out and seriously implemented.”. This billionaire affirmed.
During the congress, Vingroup Chairman admitted that the market is facing many difficulties. However, the hardest part is over. Looking at sales, VinFast has become the car company with the largest sales in Vietnam for the first time. The company is moving forward steadily.
We carry out the VinFast project out of social responsibility, because we want to contribute to the country an international brand. VinFast not only produces cars but also wants to enter the top of the world’s automobile industry.
Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup
Mr. Pham Nhat Vuong affirmed that being VinFast is not easy, it would not have been Vingroup’s turn. There have been many forces focused on destroying VinFast, and that is not natural. This billionaire also affirmed that Vingroup will never let go of VinFast because this is not simply a business story. Now VinFast is Vingroup’s responsibility story.
“Last year I sponsored VinFast 1 billion USD. Next, I will arrange my assets and sponsor another 1 billion USD for the electric car company. I also hope everyone will join hands to contribute.”billionaire Pham Nhat Vuong emphasized.
I hope all Vietnamese people can join hands to support VinFast to push this brand to the top of the world.
Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup
Billionaire Pham Nhat Vuong also said that if the whole society joins hands to build VinFast Group members cannot deny that responsibility.
In addition, Vingroup Chairman also added that building factories abroad brings huge profits to VinFast. For example, if Vingroup spends 2 billion USD to build a factory in the US, it can receive more than 2 billion USD in support from policies and taxes. VinFast has difficulty competing with other companies because logistics costs and taxes are too high. If it builds a factory in the US, it can reduce costs and create leverage to capture more market share in the US.
“All three countries where VinFast plans to build a factory have great support for the company. And we will also try to mobilize capital in those countries to operate the factory.”Mr. Pham Nhat Vuong affirmed.
This billionaire also said that VinFast’s localization rate has now reached 80% according to State standards, and if calculated based on component details, it has also reached over 50%. TPreviously, Vietnamese people were considered a screw that could not be made, but now they can produce cars with a very high level of localization. This will also be an opportunity to develop Vietnam’s industry.
We will let them do what other businesses can do, and we will do what Vietnamese businesses cannot do.
Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup
Tags: Pham Nhat Vuong affirmed Vingroup beggar debt hoping people join hands VinFast rise top world
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