VinFast's first electric vehicle batch arrives in Canada

VinFast, the automaker under Vietnam’s biggest private conglomerate Vingroup, shipped its first batch of 781 VF 8 electric vehicles to Canada on Thursday, Vietnam time.

The batch, arriving at Nanaimo port, British Columbia, is part of a shipment of 1,879 vehicles to North America. The vessel departed Vietnam on April 16, arrived in California, the U.S. for delivery of 1,098 VF 8 units, and then continued to Canada.

The VF 8 battery can serve between 425 and 354 kilometers for different versions. In Canada, the price range is from C$53,600 to C$59,200.

VinFast has received all certifications for sales in Canada and will deliver the first VF 8 units to customers from June.

“Today VinFast has taken another big step in its mission to foster the global electrification revolution. I believe with VinFast’s non-stop efforts together with its serious and methodical business strategy, VinFast will soon gain the trust and support from Canadian customers,” said Nguyen Thi Van Anh, CEO of VinFast North America.

VinFast delivered 3,798 electric vehicles to customers in April, featuring 2,332 VF e34; 1,232 VF 8; 198 VF 9 models; and 36 newly-introduced VF 5 Plus. The figure did not include 1,879 VF 8 exported to the North American market in April.

The Vietnamese EV start-up delivered 5,487 units to the Vietnamese market in the first four months, including 3,105 VF e34, 2,097 VF 8, 249 VF 9, and 36 VF 5 Plus.

With the performance, VinFast VF e34, an electric crossover vehicle, climbed to the top spot of best-selling vehicles in April with 2,332 units, amid the launch of taxi service GSM (Green-Smart-Mobility) JSC. Both VinFast and GSM are subsidiaries of Vingroup. VinFast VF 8 featured in fourth place with the sale of 1,232 units.

The Vietnamese electric vehicle manufacturer can see its road to a breakeven point and making profit, VinFast founder Pham Nhat Vuong said at Vingroup’s annual general meeting in Hanoi Wednesday.

The meeting came just a few days after VinFast announced it will list in the U.S. via a merger with Black Spade Acquisition Co, a special purpose acquisition company. After the merger, the new entity will have an enterprise value of approximately $27 billion and an equity value of $23 billion, the two companies said in a release.

Vuong told Wednesday’s AGM that VinFast’s corporate value would be higher as the whole world’s EV trend is very strong. “VinFast would then reach a breakeven point and then continue to profit. It will take years, not weeks or months.”