Lankan envoy in Ha Noi woos Vietnam-based leading Southeast Asian EV manufacturer

The Embassy had a meeting with the top-most management of the iconic automobile manufacturer, VinFast, at their corporate Head Office in Ha Noi to discuss and explore commercial and investment opportunities, thus benefiting both Sri Lanka and VinFast. 

VinFast is the auto manufacturer under the parent company of Vingroup, one of the largest listed corporates in South-East Asia. 

Ambassador Dr. A Saj U Mendis along with the Minister Commercial Kishani Wickramasinghe, met with the Vingroup Chief of International and Government Affairs cum VinFast Deputy CEO Bui Kim Thuy, along with the senior management of VinFast. The meeting lasted over an hour and discussed a myriad of economic, commercial, and trade opportunities.

VinFast is one of the very few auto manufacturers specialised in manufacturing Electric Vehicles (EVs) as well as other conventional vehicles. Being one of the largest auto manufacturers not only in the region but in the world, when VinFast was listed on the US Stock Exchange, Nasdaq, in August of 2023, the price of the shares soared to make VinFast the second most valuable auto company in the world just behind Tesla, yet another EV manufacturer. The market capitalisation of VinFast in August 2023 was higher than the combined market cap of both General Motors and Ford of the US as it exceeded $ 110 billion or over 25% of the total GDP of Vietnam. During the recent past, VinFast, which is highly aggressive in expanding and penetrating new markets, is in the process of investing $ 4 billion in the State of North Carolina in the US on a state-of-the-art manufacturing facility and $ 500 million in Chennai, India, as well as has investment propositions to commit $ 1.2 billion in Indonesia respectively.

Ambassador Mendis commended the achievements and attainments of VinFast of Vingroup stating that today VinFast has basically become a household name mostly in Asia as well as in other countries. VinFast produces around 300,000 vehicles per year and has the potential to produce one million vehicles. 

Dr. Mendis stated to Deputy CEO Thuy to consider Sri Lanka favourably, to have commercial operations such as outsourcing, manufacturing or assembly plant, thus facilitating and ensuring the smooth functioning of the global supply chains as well as complementing the manufacturing facilities of VinFast. Further, Ambassador Mendis listed out the compelling and appealing factors and attributes of Sri Lanka in order to be considered as an investment destination as well as to be engaged in commercial activity as pertinent. For all record purposes, VinFast has one of the most advanced state-of-the-art manufacturing facilities in the entire region. 

Dr. Mendis impressed upon Deputy CEO, Thuy that given the number of FTAs and trade agreements Sri Lanka has as well as the strategic location with easy access to Central and South Asia and the Middle-East, Sri Lanka would be an ideal and quintessential location for commercial and economic activity for VinFast.