The Vietnamese automobile manufacturer reported that it had nearly 30,000 orders for the newly launched model VF3 within three days.

This is a record-high figure for an electric vehicle manufacturer (EVs), especially as EVs are expected to enter a difficult period with growth slowing down.

VinFast VF3 is the smallest EV model of the Vietnamese manufacturer. This is the model that billionaire owner Pham Nhat Vuong has mentioned recently, saying that it fits clients with a monthly salary of VND5 million.

Prior to that, VinFast launched a small-size model, Fadil, which sold very well.

Vuong fixed the selling price of VinFast VF3 at VND235 million. VF3 is larger than Fadil and can run 200 kilometers on one charge. Analysts believe that VF3 can compete with Wuling Mini EV from China which has just entered the Vietnamese market.

On Nasdaq, VinFast share prices increased twofold to $5.14 per share as of May 22 (Hanoi time). Analysts have given positive forecasts about VinFast share prices thanks to VF3.

According to Benzinga, the upward trend is stable. Some analysts have predicted that VinFast share prices may climb to $10 per share.

Benzinga also reported that analysts are optimistic about VinFast’s long-term prospects when considering the Vietnamese manufacturers’ commitments and expansion plan.

Investors placed high expectations on commitments and strong support from Vingroup, the holding company of VinFast.

Vingroup is well-known as the leading private corporation in Vietnam which also has a powerful real estate empire – Vinhomes (VHM).

International media commented that Vietnam has recently taken moves showing its strategy to promote the role of Vietnamese businesspeople, with a focus on large corporations.

Under the action plan to implement the Politburo’s Resolution No41, Vietnam aims to have at least 10 dollar billionaires by 2030 and at least most powerful businessperson in Asia.

Vingroup and VinFast shares have recovered strongly. For VinFast, the attractiveness of the small-sized VF3 has brought a new breath of air to the enterprise. The selling price of $10,000 is expected to help VinFast boost sales in 2024.

VinFast has another great advantage – a large network of charging stations throughout the country. It has announced cooperation with Bosch, which will allow it to access a network of 700,000 charging stations in 30 European countries.

Manh Ha