Bloomberg newswire noted that VinFast’s listing can be considered the most successful listing of a SPAC (special purpose acquisition company) in 2023 with market capitalization value of up to $85 billion.
The publicity about VinFast is expected to help it succeed in the US, which has the biggest car consumer market in the world. However, it is also the market with the fiercest competition, with some manufacturers eventually failing in the market.
Though the US auto market is well-developed, the US government and consumers still favor domestic automobile manufacturers such as Ford, GM and RAM. This explains how Polestar, an electric vehicle (EV) from China, struggled to survive in the US though it had 2- and 3-digit growth rates in European markets.
Even BYD, the second largest EV manufacturer in the world, after Tesla, has to be very cautious about the US market and continues to focus on the European market which is believed to be more open to Chinese EVs.
The US is a vast market but remains a place where only big players with many years of experience in the automobile industry dare to join.
Will US consumers look at VinFast differently after the IPO? Wall Street, as well as the entire public and the automobile market in the US, now have to pay attention to a newcomer in the US EV market after an impressive debut. The images of VinFast’s EVs appearing in newspapers will serve as effective marketing solutions for the manufacturer.
Nowadays, not only the Wolf of Wall Street, but the public and the automobile market in the US have paid attention to a newcomer in the US EV market after an impressive debut.
The images of VinFast’s EVs on foreign media will be the most effective marketing solution for the Vietnamese manufacturer.
With more powerful financial capability, VinFast North America will be able to implement new plans to empower its brands and positions in this choosy market.