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Vietnam's Vingroup aims to capture 1% of US auto market with EVs

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Group founder Pham Nhat Vuong to personally spend US$2 billion on sales blitz. FMTNews Vietnam

Vingroup invested US$3.5 billion to bring an auto plant online in Hai Phong in June 2019.

To start, the group plans to sell 15,000 EVs in the US next year, and several hundred thousand units over the next five years. Vingroup invested roughly US$3.5 billion to bring an auto plant online in the northern Vietnamese city of Hai Phong in June 2019.

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