It may not be appropriate to describe the Vietnamese electric vehicle company VinFast with "Chao Wei Tian She Lang, Twilight TianziTang", but for the vast majority of Chinese investors, the name VinFast is indeed only recently heard. Mainly because it will soon go to the United States IPO, and is ready to invest 4 billion US dollars in the United States to build overseas factories, according to the introduction, VinFast's minimum estimated market value reached 50 billion US dollars, approaching the Chinese car company Weilai.
VinFast is a subsidiary of Pham Nhat Vuong, Vietnam's richest man, VinFast is its first company to go public in the United States, and if it is successfully listed, Pan Riwang's position as Vietnam's "richest man" will be more stable.
Based on the estimated market capitalization of $50 billion, if the company is listed on the New York Stock Exchange, Pan Riwang's personal net worth will increase from the current $9 billion to $32 billion, an increase of nearly three times. This wealth figure will surpass the two bosses of the American Mars Group, which ranks 50th in Forbes' "2021 World Rich list", Jacqueline Mars and John Mars, and rank 49th after Lee Shau Kee, chairman of Hong Kong real estate tycoon Henderson Land Development Group.
Phan Ri Wang, the richest man in Vietnam
VinFast's China Program in Business Development
However, Vietnam is far from Southeast Asia, its economic location advantage is not obvious, the total population is 96.49 million, and the economy is in the third echelon of 11 southeast Asian countries, far less than Indonesia, Thailand, Singapore, Malaysia and other countries.
In such a region with a very weak industrial base, the development of the electric vehicle industry, whether from the human side or the parts supply level, the development of VinFast depends more on the support of external solutions.
Travel Finance learned that Taizhou Jingchaoli Molding Co., Ltd. (hereinafter referred to as "Jingchaoli" from Zhejiang, China) is an important partner in the development of VinFast and a supplier of interior and exterior system solutions.
According to Lin Guogui, CEO of Jingchaoli, VinFast decided to produce two VinFast electric vehicle products, VF35 and VF36 in the United States last October, which were completed by the participation of The Italian Binfa Design Jingchaoli in the system engineering.
According to the introduction, Jingchaoli has been involved in VinFast's car-related projects since the end of 2018. Over the past 4 years, VinFast has provided solutions such as product engineering, vehicle interior and exterior mold manufacturing, tooling fixtures, gauges and assembly system process support.
In addition, Jingchaoli was also involved in the TAA support of the VinFast interior factory throughout the process. Lin Guogui talked about Travel Finance, this kind of project support is a system solution for turnkey projects, including interior carpet factory layout design and door panel production line, instrument panel production line, central control station production line, overmolding production line, carpet production line equipment planning and related machine welding tooling and other system solutions.
As an unlisted company, Jingchaoli has been providing project services for 39 countries around the world for more than 30 years, and has been involved in the supply of interior and exterior molds for the world's top automobile companies and top electric vehicle projects, and maintains a leading position. The British sports car brand Lotus, which held a product launch last Wednesday, was also completed by Jingchaoli in its latest product front and rear bumper system and dashboard mood light system.
Baidu encyclopedia shows that Jingchaoli is a domestic professional engaged in automotive interior and exterior trim mold plastic design, manufacturing, injection molding processing as a one-stop private joint-stock enterprise, in the past thirty years, the company with the use of Japanese speed, do German quality model, become Tesla, Porsche, Mercedes-Benz, BMW, Volvo, Audi, Jaguar, Land Rover, Toyota, Volkswagen, GM, Ford, Renault, Fiat, Lynk & Co, Weilai, Ideal and many other domestic and foreign car companies or brands of excellent suppliers, its products are exported to the Netherlands, Sweden , Germany, France, Italy, Brazil, the United States, Australia, Japan, South Korea and other countries.
The American power behind VinFast
In terms of automotive manpower, VinFast has set its sights on the United States. According to the list of nine managing directors released by Vinfast's parent company, Vingroup, in May 2019, only 3 were Vietnamese, and most of the other management was from the United States and had a GM background.
First of all, the three Vietnamese directors also have AMERICAN and European work or capital backgrounds. According to his resume, Le Thi Thuy, CEO of VinFast, was president of Lehman Brothers, the fourth largest investment banking group in the United States, from 2000 to 2008 before joining The Wengeroo Group. Deputy Director General Vo Quang Hue has worked at BMW for 24 years and 8 months, with a track record of work in Mexico, India and Egypt. Nguyen Thi Van Anh, who is in charge of human resources, has a track record at VP Bank and served as the Private Bank's Regional Director for Vietnam.
VinFast 9 people managing board members released in 2019
Secondly, 4 of the six management directors have GM backgrounds and have held key positions in production, future trend research, creative, product and other departments, and 1 has Work experience in Ford and has served as Ford's vice president of procurement.
Lin Guogui took a group photo with the management of VinFast
After electric vehicles became the global consensus, global capital fell into a new round of crazy times. As the world's most actively traded and largest capital market capital market, the US securities market also has the world's largest capital to invest in new electric vehicle companies. As Tesla's market capitalization is close to its limit, Rivian and Lucid are also popular with capital, but after all, the company has just begun, and the market needs more companies like VinFast to share the investment risk.
VinFast's list of management boards that align with American values, combined with its decision to invest in the United States, naturally won the favor of American investors.
But the new round of electric vehicle development is not just because the power system of the fuel vehicle is replaced by an electric drive so simple, its future development still needs more underlying automotive engineering talents, intelligent engineering (AI big data) talents and electrical engineering talents; in addition, VinFast to quickly increase the scale of sales, only to open the US market is far from enough, because China is the world's largest automotive market, is the world's largest electric vehicle market, China's market size is more than the United States + Europe, If it can't succeed in China, its $50 billion market value may be the ceiling. Therefore, we can boldly predict that VinFast's future will require more Chinese solutions. Just as Jingchaoli has not yet participated in the capital investment in VinFast, Lin Guogui has decided to invest in the VinFast Industrial Park...
Write at the end
China's auto industry development has a history of 60 years, especially from the 1990s to the present, China has become the world's largest auto market for more than ten consecutive years, and the emergence of such giant suppliers as Jingchaoli, Fuyao Glass, Ningde Times, but the only lack of a World Influential Chinese auto brand, no car brand to the United States to build factories, to occupy the American market. We study VinFast's China plan, on the one hand, to encourage Chinese brands to boldly go global, on the other hand, we also recommend that Chinese car companies, especially new car companies, make good use of the high-quality resources around them.