EV maker VinFast opens first Canada store, plans seven more
VinFast, Vietnamese conglomerate Vingroup’s electric vehicle maker, launched its first Canadian store on Wednesday and plans to open seven more before the year-end.
The first showroom is at Yorkdale Shopping Center in Toronto, Ontario. Meanwhile, the seven additional stores would be located at CF Carrefour Laval in Quebec, and Park Royal Shopping Centre in Vancouver, British Columbia, VinFast said the same day.
The Vietnamese EV maker’s Canadian network is part of its go-to-market strategy, in which the eight retail and service centers opening in 2022 will be the first in a system of locations to build up its relations with local customers.
“Opening of the first store in Canada marks the next milestone in VinFast's global expansion journey,” said Huynh Du An, CEO of VinFast Canada.
At the Paris Motor Show 2022 on October 17-23, where the manufacturer introduced four EV models VF 6, VF 7, VF 8, and VF 9 from five seaters onward, VinFast announced it would open three headquarters in Paris, Frankfurt, and Amsterdam to deepen its global footprint. However, it has so far not disclosed the timeline for its three European headquarters.
VinFas had opened its first six U.S. stores in California in July. The stores display, introduce, and sell VinFast electric cars directly to American consumers.
In the same month, the carmaker said it had secured about $1.2 billion in incentives for its planned EV U.S. factory in North Carolina, at the Triangle Innovation Point in Chatham County, where it plans to start production in 2024. Later the same month, the firm added it had signed agreements with banks to raise at least $4 billion for the U.S. EV and battery manufacturing complex.
The EV maker said this April it had filed for an initial public offering (IPO) in the U.S. shortly after the firm secured a memorandum of understanding with North Carolina’s government to establish the complex. It has not updated the IPO process but its chief financial officer David Mansfield said in the U.S. this September the IPO could happen sometime in 2023.
VinFast and China-based battery maker Contemporary Amperex Technology last month entered their global strategic cooperation, with a focus on skateboard chassis products.
- Read More
Retailer Mobile World Q1 profit rises 43 times after reshuffle
Mobile World Investment Corporation (MWG) reported an after-tax profit of nearly VND903 billion ($35.63 million) in the first quarter of 2024, a 43-fold increase year-on-year, according to the company’s financial statements.
Companies - Tue, April 30, 2024 | 9:09 pm GMT+7
Vietnam welcomes 6.2 mln foreign arrivals in Jan-Apr, 3.9% above pre-pandemic level
Vietnam welcomed over 6.2 million foreign tourists in the first four months of this year, up 68.3% year-on-year, the General Statistics Office reported.
Travel - Tue, April 30, 2024 | 3:32 pm GMT+7
April 30 Victory – Glorious milestone in national history
The Liberation of the South Day (April 30) is an occasion of great significance for all Vietnamese people.
Politics - Tue, April 30, 2024 | 3:10 pm GMT+7
$32 mln ecotourism project inaugurated in central Vietnam
Hang Gop Ecology Tourism JSC, a subsidiary of FVG Group, inaugurated its VND800 million ($31.56 million) Dong Giang Heaven Gate ecotourism project in Vietnam’s central province of Quang Nam on Sunday.
Travel - Tue, April 30, 2024 | 2:00 pm GMT+7
Dien Bien Phu Campaign's historic 3D panorama painting to be exhibited in Hanoi
The impressive 3D panorama painting showcasing the Dien Bien Phu Campaign, which captivates visitors at the Dien Bien Phu Victory Museum in the northern province of Dien Bien, will now be exhibited in Hanoi using 3D mapping technology.
Travel - Tue, April 30, 2024 | 12:59 pm GMT+7
HCMC ready for spectacular fireworks display to celebrate national holidays
Ho Chi Minh City is getting ready for a spectacular fireworks display at five different locations to celebrate the Reunification Day on the night of April 30.
Travel - Tue, April 30, 2024 | 12:56 pm GMT+7
Vietnam’s FDI sector posts $16.64 bln trade surplus in Jan-Apr
Foreign-invested enterprises in Vietnam recorded a trade surplus of $16.64 billion in the first four months of 2024, with crude oil activities factored into account, according to the General Statistics Office.
Economy - Tue, April 30, 2024 | 11:50 am GMT+7
Vietnam attracts $9.27 bln in registered FDI from Jan-Apr, Ba Ria-Vung Tau top recipient
Registered foreign direct investment (FDI) in Vietnam reached $9.27 billion in the year to April 22, while disbursed FDI hit $6.28 billion, the highest figure in the last five years.
Economy - Tue, April 30, 2024 | 10:43 am GMT+7
Ninh Thuan grants investment certificates to 7 manufacturing, energy, infrastructure projects
The south-central province of Ninh Thuan has awarded seven investment registration certificates to projects in the fields of manufacturing, energy, and infrastructure, with total registered capital of VND4.88 trillion ($192.54 million).
Industries - Tue, April 30, 2024 | 10:33 am GMT+7
No more delays to HCMC 'super' port construction: experts
The construction of the $5.5 billion Can Gio “super” port in Ho Chi Minh City should not be delayed now that MSC, the world's leading shipping company, has proposed to invest in the mega project, said experts.
Infrastructure - Tue, April 30, 2024 | 7:00 am GMT+7
Private lender VPBank targets 114% profit growth in 2024
Vietnam’s leading private lender VPBank targets to rake in VND23.17 trillion ($914.18 million) in pre-tax profit this year, a year-on-year increase of 114%, according to its 2024 business plan approved by shareholders at the AGM on Monday.
Banking - Mon, April 29, 2024 | 11:13 pm GMT+7
Construction firm Lizen to focus on transport infrastructure, suspend some renewables projects
With real estate market remaining sluggish and renewable energy policies yet to be finalized, construction firm Lizen has decided to focus on transport infrastructure and electrical engineering.
Companies - Mon, April 29, 2024 | 10:39 pm GMT+7
Speculative groups stand behind Hanoi apartment fever: association
The recent apartment fever that has swept in Hanoi shows signs of being impacted by speculative groups who have created virtual supply and demand to push prices up, according to the Vietnam Association of Realtors (VARS).
Real Estate - Mon, April 29, 2024 | 4:07 pm GMT+7
Vietnam industrial production expands 6% in Jan-April
Vietnam's index of industrial production (IIP) remained on an upward trend, rising 6.3% year-on-year in April and 6% in January-April this year.
Economy - Mon, April 29, 2024 | 3:50 pm GMT+7
Heat to gradually subside in northern and central regions from Wednesday
Heat will gradually decrease from Wednesday in the northern and central regions; and from Saturday in the Central Highlands and the South, said the National Centre for Hydro-Meteorological Forecasting (NCHMF).
Society - Mon, April 29, 2024 | 3:22 pm GMT+7
Industrial real estate still leads Vietnam market: experts
Despite difficulties, industrial park real estate still leads the market, attracting sustainable foreign direct investment (FDI) to Vietnam, said experts.
Industrial real estate - Mon, April 29, 2024 | 2:38 pm GMT+7