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☆ Vietnam’s VinFast looks to tiny EV, priced at less than $10,000, to change its fortunes
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +3 min

The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.

Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia

In a statement to Reuters, Mobile World said it would announce the information once the deal was concluded. The sources said the deal could value Bach Hoa Xanh, Vietnam's third largest grocery chain, at around $1.5-$1.7 billion. Founded in 2015, Bach Hoa Xanh, backed by Vietnam's retail giant Mobile World Investment (MWG.HM), is running more than 1,700 stores in Vietnam's southern and south-central provinces. The Ho Chi Minh City-headquartered company had first planned the sale of a stake of up to 20% in Bach Hoa Xanh last year. Bach Hoa Xanh was expected to be profitable from next year, its managing director told investors last month.

Persons: GIC, Bach, Xanh, Yantoultra Ngui, Chayut, Kane Wu, Simon Cameron, Moore Organizations: Investment, Mobile, Revenue, Thomson Locations: SINGAPORE, HANOI, Thailand, Vietnam, China, United States, Chi Minh City, Bach Hoa, Singapore, Phuong Nguyen, Hanoi, Bangkok

SINGAPORE/HANOI, March 29 (Reuters) - Vietnam's largest conglomerate, Vingroup (VIC.HM), is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, five sources told Reuters on Wednesday. Vincom Retail (VRE.HM), Vietnam's biggest shopping mall operator, which is nearly 60% controlled by Vingroup, commands a market value of $2.8 billion. The sources said Thailand's biggest retailer Central Group and other companies are in negotiations to buy a stake in Vincom Retail. Vincom Retail owns 83 shopping malls in Vietnam - a country that grew at 8% last year and emerged as Asia's fastest growing economy. Vincom Retail, which was spun off from Vingroup, listed on the local stock exchange in 2017.

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