VIETNAM GENERAL CONFEDERATION OF LABOR

TON DUC THANG UNIVERSITY

FACULTY OF BUSINESS ADMINISTRATION

FINAL REPORT
APPLIED BIG DATA IN MANAGEMENT SUBJECT

THE DEVELOPMENT DIRECTION OF

VINFAST IN THE ELECTRIC AUTOMOBILE
AND MOTORCYCLE INDUSTRY

Lecturer: PH. PHAN THI NHA TRUC

Group Name: GROUP 5

Class ID: 702075

HCMC, APRIL 18th, 2024

 TASK EVALUATION

No. Student name Student ID Contribution

1 Phan Thị Kim Ngân 719H1169

2 Trần Nguyễn Thuý Vi 719H0823

3 Nguyễn Thị Xuân Huyền 719H1153

4 Phạm Đăng Khoa 720H1650

5 Bùi Văn Khương 720H0084

6 Lý Mỹ Ngọc 720H0128

7 Âu Dương Bảo Trân 720H1663

8 Nguyễn Kiều Bảo Khanh 720H0731

9 Lê Quốc Nam 720H1297

10 Nguyễn Thị Thanh Thuỳ 720H1416

TABLE OF CONTENT
 S
I. INTRODUCTION.....................................................................1
II. LITERATURE REVIEW.........................................................4
2.1 A Theoretical Perspective on Sustainable Development
Targets and Goals...................................................................................4
2.2. Auto car industry is doing the sustainable development...........6
2.3. VinFast Auto enterprise Case study.........................................10
2.3.1 Overview the enterprise.............................................................10
2.3.2 VinFast Auto’s sustainability.....................................................11
2.3.3 The pros and cons when they are running their business..........12
2.3.4 VinFast Auto switched from gasoline to electric cars...............14
III. METHODOLOGY..................................................................17
3.1. Research approaches................................................................17
3.2. Top-down methods....................................................................17
3.2.1. Overview data VinGroup..................................................18
3.2.2. Overview data VinFast.......................................................21
3.2.3. Organizational Structure....................................................22
3.2.4. Company history...............................................................26
3.3. DIKW model..............................................................................27
3.4. Organisational model................................................................30
3.4.1. Strategic goals:..................................................................31
3.4.2. Tactical-KPIs goals: 5 main goals.....................................32
3.4.3. Operational-PIs/metrics: Metrics used to measure the
effectiveness of business performance......................................32
3.5. Summarize data table và descriptive tables..............................34
3.5.1. Summary data table...........................................................34
3.5.2. Descriptive data.................................................................36
3.6. The hypothesis and the regression model................................38
IV. RESULTS AND DISCUSSION..............................................41
4.1 Current economic climate.........................................................41
 4.1.1 Macro factors.............................................................................41
4.1.2 Micro factors (Competitors)......................................................43
4.2. Data analysis results.................................................................45
4.2.1 Compare the number of business units of VinGroup JSC in
various regions...........................................................................47
4.2.2 Market share of electric vehicle (EV) sales in Southeast Asia as
of the 3rd quarter of 2022 by country........................................48
4.2.3 The awareness and interest in electric cars among people in
Vietnam in 2022.........................................................................49
4.2.4 The percentage breakdown of passenger cars in Vietnam in 2023
by fuel or drive...........................................................................50
4.3 Discussion..................................................................................52
4.3.1 To manage the performance of our various sales channels,
VinFast needs to be able to explore if there is a disconcerting
trend of car defects on cars sold through different sales channels.
52
4.3.2 Provide a visualisation of year-on-year trends..........................55
V. CONCLUSION.........................................................................57
VI. REFERENCES.........................................................................59
VII. APPENDIX...............................................................................66
 LIST OF TABLES
Table 1. Sustainable Development Goals..........................................................................4

Table 2. Sustainable Development Goals Achievements by Major Automotive Brands

in 2020...............................................................................................................................7

Table 3. Value and Proportion in many different business fields of VinGroup.............19

Table 4. The subsidiary branches of VinGroup..............................................................19

Table 5 VinFast's sales figures from 2019 to 2022.........................................................21

Table 6. Annual revenue.................................................................................................27

Table 7. Annual operating expenses...............................................................................28

Table 8. Breakdown of passenger cars in Vietnam in 2023, by fuel or drive-type........29

Table 9. Operational-PIs/metrics....................................................................................33

Table 10. VinFast descriptive data table.........................................................................36

Table 11. Number of defective vehicles in Vietnam......................................................55

Table 12. Number of defective vehicles in America and Canada...................................56

 LIST OF FIGURES
Figure 1. VinFast Auto’s annual operating expenses.....................................................21

Figure 2. Sales of VinFast's electric cars and motorbikes..............................................23

Figure 3. Some data about Vinfast in 2021-2022...........................................................27

Figure 4. Dashboard 1....................................................................................................34

Figure 5. Dashborad 2....................................................................................................35

Figure 6. The model about customer attitudes and intentions to purchase electric cars 38

Figure 7. GPD per capital in Vietnam from 2010 to 2022.............................................41

Figure 8. Inflation, consumer prices in Vietnam from 2010 to 2022.............................42

Figure 9. Vehicle sales colume Vietnam 2017-2023......................................................43

Figure 10. Market share of major automobile manufacturers Vietnam 2023.................44

Figure 11. VinFast Auto’s annual revenue breakdown by segment from FY 2021 to
2022.................................................................................................................................45

Figure 12. VinFast Auto’s annual operating expenses breakdown for fiscal years 2021
and 2022..........................................................................................................................46

Figure 13. The number of business units of VinGroup JSC in various regions.............47

Figure 14. Market share of electric vehicle (EV) sales in Sountheast Asia as of 3rd
quarter of 2022 by leading countries...............................................................................48

Figure 15. The awareness and interest in electric cars among people in Vietnam in 2022
.........................................................................................................................................49

Figure 16. Breakdown of passenger cars in Vietnam in 2023, by fuel or drive-type.....50

Figure 17. VinFast's main sales channels in internal and international markets.........52

Figure 18. VinFast’s sales of vehicles from 2021-2022.................................................53

I. INTRODUCTION
VinFast is a Vietnamese manufacturer of automobiles and electric motorcycles,
established in 2017 and is a subsidiary of the VinGroup conglomerate. VinFast was
established with the goal of becoming the leading automobile manufacturer in Vietnam
and the Southeast Asian region. The company plans to reach a production capacity of
500,000 automobiles per year by 2025. VinFast's main products include internal
combustion engine cars, electric cars, electric motorcycles, and environmentally
friendly buses.

In the early years of operation, VinFast focused on promoting its brand to

domestic consumers. The company has expanded its business operations internationally,
selling vehicles in markets such as the US, Canada, Germany and France. VinFast is
highly regarded for its design, technology and product quality, and has received many
prestigious awards. However, specific information about the company's financial
situation and sales figures has not been widely published.

In recent years, VinFast has strongly focused on developing electric vehicle lines,
with the goal of becoming the leading electric vehicle manufacturer in the Southeast
Asian region. The company is focusing on researching and developing battery
technology, charging systems and improving the efficiency of electric vehicles.
VinFast's overall direction is to become a technology-driven company associated with
smart, self-driving technology, with the goal of "smart driving, green living" and
"creating a sustainable future for everyone".

Conducting research to understand the company's business strategy, the

company's performance in the electric vehicle industry, the transition strategy to electric
vehicles, and the company's sustainable development goals.

Research the goals and development directions of VinFast in the automotive

industry / Investigate the company's main products, brand positioning and competitive
advantages.

Analyze the company's financial situation, sales figures and market share in the
electric vehicle sector. Compare VinFast's performance with leading electric vehicle
manufacturers in the region and globally. Investigate VinFast's efforts in research,
development of battery technology and charging systems. Assess the level of success
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and challenges in the transition from gasoline to electric vehicles. Examine VinFast's
mission and vision to "create a sustainable future for everyone".

Investors and businesses can collect valuable information. Information on

VinFast's strategy and development directions: VinFast's short-term and long-term goals
in the automotive industry, the roadmap for transitioning from gasoline to electric
vehicles, VinFast's competitive advantages and brand positioning.

Information on VinFast's operational performance: Financial situation, sales

figures, and comparison of VinFast's performance with leading electric vehicle
companies. Analysis of VinFast's challenges and opportunities in the electric vehicle
field. Sustainability in VinFast's production and business activities.

Investors and businesses can collect valuable information, such as information

about VinFast's strategy and development orientation, VinFast's short-term and long-
term goals in the auto industry, roadmap converting from gasoline cars to electric cars,
competitive advantages and brand positioning of VinFast.

In this study, we analyze problems in Vinfast's business activities, micro factors

such as competitors or customer needs and expectations, and macro factors such as
GDP, CPI, etc. Therefore, VinFast can use research results to improve business
operations.

This paper’s research questions are: (1) Are there any specific issues affecting
VinFast's sales activities in countries in the region? (2) Why did VinFast convert from
gasoline cars to electric cars, and what is their sustainable development strategy in the
automotive industry? (3) In the current economic situation, how do macroeconomic
factors and microeconomic factors affect Vinfast's global sales?

This study applies qualitative methods, specifically the case study method, to
answer the research questions. This case study analyzes VinFast's business, focusing on
sales and the transition from gasoline to electric vehicles. The data collected and
analyzed in this study includes financial information, sales, market share data, and
competitor information. In addition, macroeconomic factors such as GDP and CPI are
considered to impact VinFast's global sales. This research includes reviewing Vinfast's
press releases as well as documents, reports, and articles related to Vinfast. The results
of the analysis provide valuable insights into the specific issues affecting sales, the

2
drivers of the transition to electric vehicles, and the sustainability strategy that VinFast
applies to the automotive industry.

Next, the structure of the following sections of this report is as follows: The
literature review in Part II provides an overview of sustainable development goals and
objectives in the automotive industry and other concept related to sustainable efforts.
Part II also includes a case study of Vinfast Auto's business operations, including an
overview of the company, its commitment to sustainability, strengths and weaknesses in
its business operations, and its process. conversion process from gasoline cars to electric
cars. Part III talks about the methodology used in this study which is qualitative, using
case study methods integrated with top-down, DIKW and organizational methods.
Results and discussion are presented in Part IV, followed by conclusions in Part V.

3
 II. LITERATURE REVIEW
2.1 A Theoretical Perspective on Sustainable Development Targets and Goals

Sustainable development has been defined in many different ways, but the most
commonly cited definition is from “Our Common Future”, also known as the Brundtland
Report: "Sustainable development is development that meets the needs of the present
without compromising the ability of future generations to meet their own needs.”
(Brundtland, 1987, P. 43).

According to ISD (2023), The 17 Sustainable Development Goals (SDGs), also

known as the Global Goals, were adopted by all United Nations member states in 2015
and include 169 goals that countries want to achieve by year 2030. These goals and
objectives are universal, meaning they apply to all countries in the world, not just
developing countries. Achieving these goals requires action on all fronts. Governments,
businesses, civil society and people everywhere have a role to play. Table 1 below shows
the 17 sustainable development goals.
Table 1. Sustainable Development Goals

Goal 1. End poverty in all its forms everywhere

Goal 2. End hunger, achieve food security and improved nutrition and promote
sustainable agriculture

Goal 3. Ensure healthy lives and promote well-being for all at all ages

Goal 4. Ensure inclusive and equitable quality education and promote lifelong
learning opportunities for all

Goal 5. Achieve gender equality and empower all women and girls

Goal 6. Ensure availability and sustainable management of water and sanitation for all

Goal 7. Ensure access to affordable, reliable, sustainable and modern energy for all

Goal 8. Promote sustained, inclusive and sustainable economic growth, full and
productive employment and decent work for all

Goal 9. Build resilient infrastructure, promote inclusive and sustainable

industrialization and foster innovation

Goal 10. Reduce inequality within and among countries

Goal 11. Make cities and human settlements inclusive, safe, resilient and sustainable
4
 Goal 12. Ensure sustainable consumption and production patterns

Goal 13. Take urgent action to combat climate change and its impacts*1

Goal 14. Conserve and sustainably use the oceans, seas and marine resources for
sustainable development

Goal 15. Protect, restore and promote sustainable use of terrestrial ecosystems,
sustainably manage forests, combat desertification, and halt and reverse land
degradation and halt biodiversity loss

Goal 16. Promote peaceful and inclusive societies for sustainable development,
provide access to justice for all and build effective, accountable and inclusive
institutions at all levels

Goal 17. Strengthen the means of implementation and revitalize the global partnership
for sustainable development

(Source: United Nations (2015). Transforming our world: the 2030 Agenda for Sustainable Development.
https://sdgs.un.org/2030agenda.)

According to the United Nations (2015) the Sustainable Development Goals

(SDG) to address the key issues facing humanity and action over the next 15 years.

People: Eradicating hunger and reducing poverty, ensuring everyone can live
healthily, have resources and develop their full potential in a fair environment.

Planet: Protecting our planet from environmental degradation through sustainable

production and consumption, sustainable management of natural resources and
responding to climate change to meet the needs of systems now and future.

Prosperity: Ensuring a prosperous life for everyone and economic, social, and
technological progress in harmony with nature.

Peace: Building a peaceful and just society, free from fear and violence.

Partnership: A strengthened global partnership for sustainable development The

Firm engages all countries, stakeholders and all people and focuses on the needs of
those the poorest and most vulnerable.

1
* Acknowledging that the United Nations Framework Convention on Climate Change is the
primary international, intergovernmental forum for negotiating the global response to climate
change.
5
 The 17 Sustainable Development Goals and 169 targets constitute a collective call
to action for all humanity for a better future for all and for the Earth.

2.2. Auto car industry is doing the sustainable development

Schulze et al. (2015) found that globalization has a significant impact on the auto
industry as it grows and expands through the stages of auto production. Automobile
manufacturers face increasing demands due to national and global regulations on energy
consumption, greenhouse gas emissions and safety. These demands stem from a socio-
political agenda aimed at reducing dependence on oil, combating climate change, air
pollution and traffic congestion in cities. Technological advances, especially in the
fields of electronics and communications, are shaping the development of new means of
transportation. Exciting prospects are emerging for a variety of propulsion systems,
including electric vehicles, hydrogen fuel cells, and biofuels.

A recent study by the KPMG Automotive Institute (2020) found that the auto
industry has undergone significant changes since 2017. These key trends include:

 Electric vehicles: Battery-powered cars are becoming increasingly popular.

 Smart, connected cars: Cars are increasingly connected to the Internet and
equipped with advanced technology.

 Hydrogen fuel cell vehicles: This technology provides an alternative to

traditional gasoline and electric vehicles.

 Hybrid cars: Cars that combine electric and gasoline engines are still a
popular choice for many people.

In addition to these underlying trends, the industry is also seeing:

 Growth in emerging markets: Auto sales are increasing in developing

countries.

 Focus on mobility solutions: Companies are moving beyond just selling cars
and exploring new ways to get people moving.

 The rise of carpooling: More and more people are choosing carpooling
instead of owning a car.

 Self-driving car development: Self-driving cars are being researched and

tested.

6
  Big data and platform strategy: Companies use data analytics and online
platforms to improve their business.

 Standardization and efficiency: Automotive parts are increasingly

standardized and manufacturing processes are streamlined using digital tools.

 Limiting gasoline use: Industry is moving away from internal combustion

engines.

According to Koster, Kuhnert, and Stürmer (2018), the future of cars is electric,
self-driving, shared and constantly connected. The cars will run on clean electricity,
minimizing carbon emissions and relying on renewable sources such as solar or wind
power. This change is driven by advances in artificial intelligence (AI), machine
learning and deep neural networks, which are helping to make self-driving cars a reality.
To maximize efficiency, the car's life cycle will be extended beyond the traditional 5-8
years. Annual updates will incorporate the latest hardware and software innovations,
keeping the vehicle at the forefront of technology.

Table 2 below shows the goals that five major brands have achieved. We collected
data from their most recently published non-financial sustainability reports for 2020
(Honda, Hyundai, Mercedes-Benz, Toyota, BMW automobile group) to evaluate their
contribution to achieving the United Nations Sustainable Development Goals. In
addition, data was collected from the official websites of each company (Honda,
Hyundai, Mercedes-Benz, Toyota, BMW) to supplement information. information from
sustainable development reports. This comprehensive approach enables in-depth
comparative analysis of the sustainability strategies adopted by these five leading
automakers and their alignment with the United Nations Sustainable Development
Goals.
Table 2. Sustainable Development Goals Achievements by Major Automotive Brands in 2020

Sustainable Development Mercedes

BMW Honda Hyundai Toyota
Goals Benz

Goal 1. End poverty in

Yes Yes
all its forms everywhere

Goal 2. End hunger, Yes

achieve food security and
improved nutrition and
7
 promote sustainable
agriculture

Goal 3. Ensure healthy

lives and promote well- Yes Yes Yes Yes
being for all at all ages

Goal 4. Ensure inclusive

and equitable quality
education and promote Yes Yes Yes Yes Yes
lifelong learning
opportunities for all

Goal 5. Achieve gender

equality and empower all Yes Yes Yes Yes Yes
women and girls

Goal 6. Ensure
availability and
sustainable management Yes Yes Yes Yes Yes
of water and sanitation
for all

Goal 7. Ensure access to

affordable, reliable,
Yes Yes Yes Yes Yes
sustainable and modern
energy for all

Goal 8. Promote
sustained, inclusive and
sustainable economic
Yes Yes Yes Yes Yes
growth, full and
productive employment
and decent work for all

Goal 9. Build resilient

infrastructure, promote
inclusive and sustainable Yes Yes Yes Yes Yes
industrialization and
foster innovation

Goal 10. Reduce

inequality within and Yes Yes Yes Yes Yes
among countries

8
Goal 11. Make cities and
human settlements
Yes Yes Yes Yes Yes
inclusive, safe, resilient
and sustainable

Goal 12. Ensure

sustainable consumption Yes Yes Yes Yes Yes
and production patterns

Goal 13. Take urgent

action to combat climate Yes Yes Yes Yes Yes
change and its impacts*

Goal 14. Conserve and

sustainably use the
oceans, seas and marine Yes Yes
resources for sustainable
development

Goal 15. Protect, restore

and promote sustainable
use of terrestrial
ecosystems, sustainably
manage forests, combat Yes Yes Yes Yes
desertification, and halt
and reverse land
degradation and halt
biodiversity loss

Goal 16. Promote

peaceful and inclusive
societies for sustainable
development, provide
access to justice for all Yes Yes Yes
and build effective,
accountable and
inclusive institutions at
all levels

Goal 17. Strengthen the Yes Yes Yes Yes Yes

means of implementation
and revitalize the global
partnership for

9
 sustainable development

(Source: Lukin, E., Krajnović, A., & Bosna, J. (2022). Sustainability Strategies and Achieving SDGs: A
Comparative Analysis of Leading Companies in the Automotive Industry. Sustainability, 14(7), 4000.)
The comparative analysis found that among the top 5 brands, Honda is the only
company implementing a sustainability strategy that includes all the United Nations
Sustainable Development Goals. Furthermore, Table 2 demonstrates that all companies
contribute to goals 4, 7, 8, 9, 10, 11, 12, 13 and 17 through their strategies.

2.3. VinFast Auto enterprise Case study

2.3.1 Overview the enterprise
VinFast, a Vietnamese vehicle manufacturer, was founded in Haiphong in 2017. It
is the first Vietnamese automobile brand to enter international markets and begin
manufacturing electric vehicles (EVs). The brand has recently introduced new electric
car manufacturers to the market, capitalizing on the evolving trend.

In June 2017, VinGroup Corporation founded VinFast Manufacturing and Trading

Company Limited to carry out this initiative. VinGroup presently owns all of VinFast
Company, with its charter capital of 5.25 trillion VND. VinGroup claims that VinFast
stands for Vietnam-Style-Safety-Creativity-Pioneering, and that its purpose is to reward
automobiles bearing Vietnamese names.

The initial stage of a program to build vehicles and electric motorcycles in a

greenfield factory on the premises is being funded with $1.5 billion USD. The company
stated that it is finding partners in European engineering, design, and production
technologies, and that it has combined talent from several well-established companies.
The first two cars, the Pininfarina-designed LUX SA2.0 and LUX A2.0, were unveiled
at the Paris Motorshow in the autumn of 2018.

After more than a year of building, Vinfast unveiled its first electric motorbike
model in Haiphong in November 2018 to mark the opening of its plant that produces
electric motorcycles. The first model, called Klara, will be available in two different
configurations. Vinfast anticipates launching these goods on November 17. When fully
charged, the cars have an 80-kilometer range at an average speed of 30 km/h. Their top
speed will be approximately fifty kilometers per hour. The company plans to release
seven various electric motorcycle models in 2019.

In terms of Revenue of VinFast, they announced revenues of 28.6 trillion VND

10
($1.16 billion USD) in 2023, a 91% increase over 2022. Based on previously released
figures, sales increased by 133% to exceed 10.4 trillion VND in the last quarter. It
supplied 72,468 motorcycles in 2023 and 34,855 cars in 2023—five times as much as
the previous year.

It incurred enormous financial and administrative costs, in Q4 2023, there was a

gross loss of $174.9 million, and in FY 2023, it was $551.6 million. Despite this,
Comparing VinFast's gross profit margin to the prior fiscal year, there was a noticeable
improvement. The gross profit margin increased significantly from -82% in 2022 to -
46% in 2023. Gross margin was negative (40.1%) in the fourth quarter of 2023 as
opposed to negative (82.6%) in the same period in 2022.

VinFast plans to maintain a balance mix between cost reduction and revenue
growth in FY 2024. The company will build on its achievements in reducing production
and material costs and will make deliberate investments in attractive local markets.
2.3.2 VinFast Auto’s sustainability
Sustainable development goals that VinFast aims to achieve include: Goal 7:
Ensure access to affordable, reliable, sustainable and modern energy for all; Goal 9:
Build resilient infrastructure, promote inclusive and sustainable industrialization and
foster innovation; Goal 11: Make cities and human settlements inclusive, safe, resilient
and sustainable; Goal 12: Ensure sustainable consumption and production patterns.

Explanation:

Dr. Morgan Donovan Carroll, who is currently the ESG Director (Director of
Environment, Sustainability, and Governance) of VinFast, shared that Vinfast is
continuously innovating technology to create a green environment for the future of the
world. VinFast's dedication to sustainability is reaffirmed by the "Corporate
Sustainability Champions'' of ORIGIN Innovation Awards, which also honor VinFast's
endeavors in achieving company objectives via the sustainable development model
(VinFastauto, November 2022). This encourages them to keep pushing the envelope and
help spearhead the "green" revolution for the benefit of present and future generations.

VinFast is advancing the global electrification revolution and creating green

transportation for industry with significant development, realizing its aim of being a
leading smart electric vehicle brand in the market.

11
 Vinfast's representative highlights at the "Net Zero - Green Transition '' workshop
in 2023 that Net Zero is not a goal for the wealthy or upper class but a responsibility for
everyone for a greener environment, not just for their organization but for future
generations as well. "I believe that in the long term, individuals will be able to drive
electric automobiles and the market will be more accessible. Electric vehicles are not as
expensive as people think." The ESG Director of VinFast stressed that (Dr. Morgan
Carroll 2023, cited in Song Huong 2023).

In the long term, if VinFast pursues carbon credits, then greenhouse gases and
carbon trapping are issues that need to be addressed. Therefore, the company's goal is
primarily to minimize greenhouse gasses. "At the beginning of 2019, we also started to
have ESG reports. Carbon is a sensitive and difficult topic to store and manage.
Importantly, we focus on green energy through innovative activities and new
technologies," Mr. Carroll (2023) emphasized.

Vinfast’s Electric vehicles will significantly reduce carbon emissions compared to

traditional vehicles. Of course, the cost of manufacturing electric vehicles will be higher
when using alternative energy sources. But in fact, nobody wants a cheap car; they want
to use a high-quality vehicle. Therefore, VinFast aims to produce high-quality electric
devices (Dr. Morgan Carroll (2023)).

VinFast is currently aiming to achieve environmental impact reduction goals.

Importantly, in the early stages, according to Mr. Carroll, the company does not need to
wait for legal regulations but should proactively implement measures to reduce carbon
footprint. VinFast is currently building electric vehicle charging stations, using
alternative energy sources such as solar energy.

"This innovative approach not only minimizes energy usage but also promotes an
environmentally friendly energy ecosystem," says VinFast Auto CEO Madam Le Thi
Thu Thuy. "Vinfast aims to become a leader in electric vehicle development, they are
committed to innovative solutions and environmental responsibility for a greener
future” (VinFast Global Community, 2024).
2.3.3 The pros and cons when they are running their business
The electric car market in Vietnam has a lot of potential for development thanks
to high demand, favorable socio-economic conditions and the participation of
manufacturing giants in the market. However, it still needs to address the challenges of
12
infrastructure, production experience, as well as promote preferential policies to
promote a new ecosystem quickly and efficiently in the coming time.

Pros:

High demand: According to the report, Vietnam has great potential for the
development of the electric car market. According to a survey by Frost & Sullivan, 84%
of Vietnamese people link electric cars with battery vehicles (BEVs) and 33% intend to
buy electric cars as their next means of transportation. This indicates a huge potential
demand for this type of vehicle.

Economic growth and a growing young population: Vietnam has a population of

about 97 million, ranking 14th in the world. More than 69% of the population is of
working age between 24-64 years old. Besides, Vietnam's GDP also grew steadily from
5-7% per year in the period 2008-2018. These are favorable factors for the development
of the automobile market in general and electric cars in particular.

Competitive participation of major automakers in the market: Some big

automakers such as Honda, Fuso have been present in the Vietnamese market and
started deploying electric car products. In particular, the investment of Vingroup
through the VinFast brand also creates new expectations for Vietnam's automobile
industry.

High preferential policies for consumers: Vietnam has certain preferential policies
such as import tax exemption for some electric cars imported from ASEAN countries
and China. This eases the cost burden on consumers.

Cons:

Inadequate infrastructure: The system of charging stations, maintenance service

centers for electric cars in Vietnam has not been built synchronously and meet the
demand. This may affect the popularity of this type of means.

Limited production experience: Domestic automakers still mainly focus on

traditional vehicle development, not having much experience in the field of electric cars.
Most of the current electric car models in Vietnam are imported cars.

Inadequate preferential policies: Although there are some tax incentives, there are
still some barriers such as excise tax of up to 70% for some imported electric vehicles.
This increases the cost of vehicles, affecting consumers.
13
 2.3.4 VinFast Auto switched from gasoline to electric cars
2.3.4.1. Why did they switch from gasoline to electric cars

Environmental change and global warming have been popular themes of discussion
and attention recently. These occurrences are brought on by a variety of factors, including
burning fossil fuels to produce energy and electricity, the greenhouse effect, and the
extraction of resources such as natural gas and oil. Moreover, transportation oil makes up
70% of passenger cars. Globally, as a result of China's and India's expanding middle
classes, the need for passenger automobiles has soared, increasing oil consumption. By
2050, there may be more than 1.5 billion automobiles on the road, compared to 750
million in 2010. Since oil is becoming a more rare and limited resource, the big
businesses use electric energy as a substitute fuel for transportation in order to achieve
major economic and environmental benefits. Traditional combustion engine automobiles
will eventually be replaced by electric vehicles. It leads to a decrease in the quantity of
carbon dioxide emitted.

Electric vehicles are a vital component of the worldwide movement to combat

climate change and promote sustainable behaviors because of their numerous
environmental benefits. By lowering greenhouse gas emissions, enhancing air quality,
boosting energy efficiency, and lowering our reliance on fossil fuels, electric vehicles
(EVs) are hastening the shift to a cleaner, greener future. VinFast is certain that
governments, businesses, and individuals must continue to push the growth and use of
these vehicles in order to fully fulfill the potential of electric cars and usher in the next
phase of sustainable mobility.

Reasons why VinFast switch from gasoline to electric cars:

Environmental Protection

One of the most evident and direct advantages of electric vehicles for the
environment is their significantly lower greenhouse gas emissions as compared to diesel
or gasoline-powered vehicles. VinFast electric SUVs, such the VF 8 and VF 9, have no
emissions from the tailpipe since they are powered by electricity. As a result, harmful
pollutants like nitrogen oxides, carbon dioxide, and particulate matter which contribute to
air pollution and global warming are disregarded.

Benefits for Human Health

14
 Pollutants from traditional cars, like volatile organic compounds and nitrogen
oxides, are responsible for particulate matter and smog production. The health impacts of
these pollutants are severe, especially for vulnerable groups such as the elderly, children,
and those suffering from respiratory illnesses. By converting to electric vehicles, cities
can significantly reduce local air pollution and promote healthier, cleaner urban
environments.

Vinfast emphasizes the benefits of electric vehicles. This means that they not only
immediately improve the environment but also have the potential to enhance human
health and ỉmprove air quality.

Decreased Level of Noise Pollution

Vinfast representations emphasize the advantages of quieter operation for the

environment than traditional vehicles, since electric vehicles may mitigate noise pollution.
VinFast's vehicles are quieter than conventional automobiles with internal combustion
engines, operating silently. This makes the streets calmer and reduces the stress that
comes with noise for both city dwellers and wildlife.

"Quality of life is an important, but constantly overlooked, environmental

consideration," states a VinFast representative (VinFast Global Community, 2024). Their
organization aims for their customers who use VinFast brand to have a positive
experience. With VinFast's vision, they know that customers using their electric vehicles
will receive positive feedback from those around them if they have a good experience.
2.3.4.2. VinFast’s strategies?
Take advantage of the domestic market:

 The report emphasizes that VinFast has many advantages when participating
in the Vietnamese automobile market. Firstly, Vietnam has great demand and
potential for the development of automobiles in general and electric cars in
particular. Statistics show that 84% of Vietnamese people link electric cars
with battery vehicles (BEVs) and 33% intend to buy electric cars as their next
vehicle. This creates a huge opportunity for VinFast when promoting the
development of electric car models.

 Second, VinFast enjoys strong support from the Vietnamese government in

its development. Preferential policies on import tax, excise tax exemption for
15
 some electric vehicles are helping to reduce the cost burden for consumers,
creating conditions for the development of the market.

 In addition, consumers' love for Vietnamese goods is also a great advantage

for VinFast when developing Vietnamese-branded electric vehicle products.

Exploiting advantages from parent group Vingroup:

 VinFast is a subsidiary of VinGroup - the largest private corporation in

Vietnam, with good financial position and business results. This helps
VinFast get the resources and ecosystem needed to promote product and
technology development, including electric vehicle models.

 In addition, with VinGroup's position, VinFast also easily establishes

relationships with major automobile manufacturers in the world to cooperate,
learn experience and technology to produce electric vehicles.

Focus on developing electric vehicles:

 The report shows that VinFast has successfully developed two electric car
models, sedans and SUVs, and successfully debuted at the 2018 Paris Motor
Show. This shows that VinFast is focusing very strongly on developing
electric vehicle products, in line with the general trend of the market.

 The focus on electric vehicle models helps VinFast grasp the needs and new
trends of consumers, thereby effectively capturing market share.

Early launch plans:

 VinFast is expected to launch its first product in 2019, only after a successful
debut at the 2018 Paris Motor Show.

 This early product launch strategy will help VinFast quickly build its brand
and capture market share in the context of Vietnam's rapidly growing
automobile market. This will be an important stepping stone for VinFast to
become a leading automobile manufacturer in Vietnam and Southeast Asia as
targeted.

16
 III. METHODOLOGY

3.1. Research approaches

In our research aimed at providing insights into the sales challenges faced by
VinFast, we employed a combination of qualitative and quantitative methodologies. To
gain a comprehensive understanding, we utilized various qualitative approaches, with
particular emphasis on the observation method and case study method. These methods
played a significant role in examining VinFast's operations in the Vietnamese market,
drawing from concepts such as the top-down method, DIKWs method, and organization
method derived from the field of big data analysis.

The case study method, widely acknowledged in the realm of business economics,
offers a valuable tool for analyzing the behaviors of firms and organizations, making it
highly suitable for our research on VinFast's strategies and operational movements.

To assess the behaviors of Vietnamese consumers and their impact on VinFast's

sales, we found the observation method, as advocated by Kenneth N. Barker (1980),
particularly relevant. By examining recent records and market dynamics, we were able to
gain valuable insights into consumer preferences and current market trends.

In addition, following the recommendation of Soiferman, L. K. (2010), we adopted

a deductive method characterized by a "top-down" approach. This involved formulating
theories and hypotheses, collecting relevant data, and drawing conclusions. Through the
application of quantitative strategies and descriptive statistical techniques, we analyzed
statistics data from VinGroup and VinFast, facilitating a deeper understanding of the
relationships among variables.

By employing a combination of qualitative and quantitative methodologies, we

aimed to provide comprehensive insights into VinFast's sales challenges and contribute to
their strategic decision-making process.

3.2. Top-down methods

In this part, we used a top-down strategy to examine data. We began our

investigation by looking at synthetic data files and genuine Vingroup data, which gave
us a wide perspective on the electric car manufacturing business. We attempted to
comprehend the whole context of activities in this business by beginning at the top and

17
working our way down.

Using synthetic data sets, we were able to replicate numerous scenarios and
investigate potential trends and patterns. This method gave great insights into the larger
industry landscape and allowed us to analyze several aspects that may affect Vinfast's
success.

Furthermore, reviewing Vingroup's official statistics helped us to gain insight into

the company's overall strategies, market positioning, and financial performance. This
information serves as a foundation for further investigation into Vinfast's unique data
and activities.

3.2.1. Overview data VinGroup

Vingroup is a diversified conglomerate in Vietnam established in 1993, formerly

known as Technocom Group. Currently, Vingroup's three main operating segments
include:

- Technology - Industry

- Trade and Services

- Social Welfare

Currently, Vingroup has over 55,000 Vietnamese and international employees

operating in its core sectors.

Vingroup's consolidated net revenue for 2022, including revenue from real estate
transfers, reached 130.759 trillion VND, equivalent to the income level of 2021. In
2022, pre-tax profit reached approximately 12.8 trillion VND and after-tax profit
reached 1.982 trillion VND.

18
Table 3. Value and Proportion in many different business fields of VinGroup

2020 2021
Value (Billion Proportion Value (Billion Proportion
ITEMS VND) (%) VND) (%)
Real estate transfer 54.921 54% 79.452 63%
Investment real estate rental 7.669 8% 5.368 49%
Providing hotel, tourism and
entertainment services 6.724 7% 3.243 3%
Providing hospital services 4.317 4% 2.778 2%
Providing educational services 3.766 4% 2.252 2%
Production activities 13.058 13% 16.937 13%
Other revenue 11,339 11% 15.657 12%
TOTAL 101.794 100% 125.688 100%
(Source: Consolidated audited financial statements for 2022 and 2021 of VinGroup)

VinGroup has shown success in many different business fields. Notably, real
estate transfer activities account for the largest proportion with 54% of total revenue.
Besides, revenue from production activities also contributes a large part, with
about 11% of total revenue. This shows that VinGroup not only focuses on construction
but also develops the manufacturing industry.
Table 4. The subsidiary branches of VinGroup

District/ Vinhome Vincom

City Vinfast Vinpearl VinWonder s Retail VinUniversity Vinmec Vinschool
Ha Noi 32 1 1 17 12 1 3 28
Hai Phong 6 3 2 2 1 3
TP.HCM 34 1 4 13 2 9
Khanh Hoa 7 9 1 5 1
Kien Giang 3 5 3 1 1
Other 207 17 1 5 50 2 3
North
America/ 22
Europe
Total 311 36 6 28 83 1 10 43
(Source: Consolidated audited financial statements for 2022 and 2021 of VinGroup)

The table above shows the subsidiary branches of Vingroup, most of the
companies have business establishments in Vietnam, especially Vinfast is being
invested to expand its business in the North American / European market. The
educational institution, VinUniversity, has only one branch in Hanoi. Proving that the
group is promoting the development of electric vehicle production according to

19
international sustainable development goals, as well as a vision for this potential market.

20
 3.2.2. Overview data VinFast
Table 5 VinFast's sales figures from 2019 to 2022

Year Motorbike Car

Electric Vehicle Gasoline Vehicle

2019 50.000 0 19.400

2020 45.400 0 31.500

2021 42.000 0 35.700

2022 60.000 6.000 18.000

VinFast's sales figures have experienced significant fluctuations. For motorcycles,

in 2020 and 2021, the number of electric motorcycles sold decreased significantly due
to the impact of the Covid-19 pandemic and economic downturn. Particularly in 2022,
VinFast began transitioning to electric vehicle business and ceased gasoline vehicle
sales.

Figure 1. VinFast Auto’s annual operating expenses

In 2022, Vinfast focuses on research and development to improve the quality of

its products. Compared to 2021, Vinfast spent more than double the amount of
21
investment in research and development with 19,939.9 billion VND. In addition, costs
such as administrative costs, distribution and sales costs also increased significantly to
promote the sales department, directly increasing revenue for Vinfast. In addition, due
to product development thanks to the R&D department, the cost Vinfast must
compensate customers has also decreased significantly, compared to VND 4,340.3
billion in 2021, by 2022, this number will only be 109 billion VND. .4 billion VND.
3.2.3. Organizational Structure
Vinfast is the first electric car brand in Vietnam under the VinGroup
conglomerate. Established on September 2, 2017, Vinfast is an abbreviation of the
phrases: Vietnam - Style - Safety - Creativity - Pioneering. Vinfast's vision is to become
a leading smart electric vehicle brand driving the global electric vehicle revolution.

Vinfast's main products include electric vehicles such as cars, buses, motorcycles,
and electric bicycles.

The organizational structure of Vingroup is divided into three main strategic

components: the General Shareholders' Meeting, the Board of Directors headed by
Chairman Pham Nhat Vuong, and the Executive Board headed by CEO Nguyen Viet
Quang. Among these, the General Shareholders' Meeting acts as the Supervisory Board,
the Board of Directors serves as the internal audit body, and the Executive Board
manages the entire central apparatus including the Finance Department, Strategic
Partnerships Department, Foreign Economic Department, Legal Department,
Communications Department, Environmental and Social Department, Administration,
and Risk Management Department.

Additionally, the General Shareholders' Meeting, the Board of Directors, and the
Executive Board will agree upon and articulate development strategies for the entire
corporation. For example, in 2022, VinGroup will focus on three main areas:
Technology - Industry, Trade and Services, and Social Welfare.

About VinFast, after consultation, we determined that Vinfast has 4 core teams:

Sales

Not only for the VinFast brand or the automotive industry worldwide, but the
sales department plays a core role in most businesses today. Supported by the marketing
department, the sales department is where VinFast's products are directly delivered to

22
consumers by conveying product information. This can also be referred to as the "root"
of a company because it is mainly responsible for generating revenue to sustain the
operations of other departments.

Figure 2. Sales of VinFast's electric cars and motorbikes

VinFast's revenue primarily comes from manufacturing gasoline-powered cars,

electric cars, electric motorcycles, electric buses, and electric bicycles at factories both
domestically and internationally, selling them through showrooms in Vietnam and
numerous countries across continents. VinFast's revenue steadily increased from 2019
to 2021. However, in July 2022, VinGroup announced the cessation of gasoline vehicle
production and sales, transitioning entirely to electric vehicle production and sales. This
caused VinFast's revenue from gasoline cars to decrease from 35,700 units to only
24,000 units, with electric vehicles accounting for only about a quarter of the total.

Research, development and manufacture

If the sales department is the root of a tree, then R&D is the diligent engineers
constantly innovating to improve and enhance the quality of the company's products.
R&D continuously researches and invents new technologies, features, or production
processes to create novelty and innovation that attract a wide range of customers.

In addition, the production department relies on research from R&D as well as

product strategies from the leadership to manufacture high-productivity and highest-
standard quality products. The production department directly determines the quality
and quantity of vehicles produced and can be seen as the entity that creates tangible
23
value for the company to deliver to customers. VinFast has a system of manufacturing
plants and technology research centers located in many countries with the aim of
continuously researching to upgrade and develop its products. Furthermore, each
VinFast product undergoes testing before being launched on the market, including
safety crash tests, engine performance and electronic system tests, and evaluations of
operating capabilities in various conditions.

During the production process, VinFast utilizes high-level automation robot

systems and strict quality control processes at its factory in Hai Phong. Every process
from assembly, painting, to final inspection is automated to ensure that each vehicle
produced meets the highest standards.

Some research activities invested by VinFast include:

In March 2022, VinFast announced plans to build an electric vehicle

manufacturing plant in North Carolina. The VinFast plant will be located in the Triangle
Innovation Point industrial park in Chatham County with an area of about 800 hectares,
including two main areas: Electric car and electric bus manufacturing and assembly
area, and supporting industrial area for suppliers. Phase one of the project has a capacity
of 150,000 vehicles per year, expected to be operational by 2025. The first models to be
produced at the plant include the VF 8 and VF 9.

In addition, in late Q3 2022, VinES announced the completion of construction and

installation of the production line for the cylindrical cell battery plant, used to
manufacture battery cells for VinFast's electric car and electric motorcycle models.

Also, in early 2022, VinFast began taking orders for the VF8 and VF9 models and
is scheduled to deliver them to customers by the end of 2022.

Post Purchase service

The after-sales service department is one of the crucial factors determining

whether customers will return or spread positive word-of-mouth and refer new
customers to the company. When products encounter issues or factors that dissatisfy
customers, good after-sales policies can dissolve criticism, gain acceptance, and lead to
customer satisfaction. Some after-sales services from VinFast include:

Emergency roadside assistance: In case of emergencies, customers can

immediately contact the support and roadside assistance hotline 24/7 through VinFast's
24
vehicle support phone number: 1900 23 23 89. Currently, support services are
implemented nationwide, applicable to all VinFast electric and gasoline vehicle models.
Upon receiving information from customers, VinFast technicians will immediately
provide assistance at any time and location. The VinFast rescue team will tow the
vehicle to the nearest distributor or service center for damages within VinFast's
warranty scope that VinFast evaluates cannot be repaired on-site.

Warranty policy: The warranty period for VinFast vehicle models can extend up
to 10 years or 200,000 km, applicable to malfunctions caused by software errors,
component quality issues, or assembly errors by VinFast, provided that the product is
used and maintained properly.

Market development department

This can be considered as the guiding principle of other departments through their
policies and strategies.

Depending on each market segment and the targeted market, the sales, product
development and manufacturing, and after-sales departments will have different
operational policies and strategies tailored to the current market.

In addition, the market development department will research, evaluate, and

identify new potential markets for VinFast to expand its target market, increase
customer diversity, and develop products in various directions to boost sales.

Furthermore, VinFast is striving to strengthen its position in the global electric

vehicle market by leveraging new partnerships with distributors and dealers in selected
markets, including North America, Europe, Vietnam, and Southeast Asia.

On July 28, 2023, VinFast broke ground on a new electric vehicle production
facility in the United States. This event marks a significant step forward in global
expansion and supply chain development in North America.

On July 3, 2023, in Berlin, Germany - Vietnamese electric vehicle (EV)

manufacturer, VinFast, opened a new showroom in Berlin. The new store is the third
store in Germany and continues to expand the brand's network throughout Europe.

VinFast Berlin joins existing stores across Europe, including Cologne and
Oberhausen in Germany, Paris Madeleine, Paris Raspail, Rennes in France, and
Amsterdam and Rotterdam in the Netherlands. Additional locations are expected to
25
open soon in Hamburg, Munich, and Frankfurt in Germany, The Hague in the
Netherlands, and Nice and Montpellier in France.
3.2.4. Company history
Vinfast is a Vietnamese automotive brand owned by the VinGroup conglomerate,
established in 2017, quickly becoming the largest car manufacturer in Vietnam.
Vinfast's headquarters are located in Hai Phong, Vietnam.

For birth and development, Vinfast officially unveiled its first three car models at
the Paris Motor Show in 2018 and began selling in the market in 2019. Within just one
year, Vinfast became the leading car brand in Vietnam with the highest sales volume in
all three segments they entered.

Since 2021, Vinfast has been expanding its product portfolio by introducing the
first electric motorcycles and electric buses in Vietnam. Vinfast's goal is to become a
global force in the rapidly growing electric vehicle industry. Vinfast ceased production
of gasoline-powered vehicles at the end of 2022 and focused entirely on electric
vehicles. This opens up a new era for Vinfast specifically and the automotive industry in
Vietnam as a whole.

Vinfast has expanded its market globally, with showrooms and orders for VF 8
and VF 9 models opened in North America and Europe. They have also participated in
major events such as CES, the New York International Auto Show, and the Los Angeles
Auto Show.

Vinfast is currently part of VinGroup's long-term strategy to boost industrial

development in Vietnam and enhance Vietnam's position in the international market.
Vinfast's products, from electric motorcycles to electric cars, all reflect this
commitment.

Vinfast not only focuses on the domestic market but also aims to expand globally.
With the establishment of manufacturing plants in North Carolina, USA, and plans to
build additional plants in Germany and the United States, Vinfast is preparing for a
future where they will lead the global electric vehicle industry.

26
 3.3. DIKW model

Figure 3. Some data about Vinfast in 2021-2022

Table 6. Annual revenue

VinFast Auto's annual revenue breakdown by segment from 2021 2022

FY 2021 to 2022 (in billion Vietnamese Dongs)

Sales of vehicles 13898.6 12391.5

Sales of spare parts and components 12391.5 2072.6

Rendering of services 96.6 222.7

Leasing activities 89.4 166.5

Sales of merchandise 1405.4 112.2

VinFast's annual revenue data for the period 2021-2022 recorded a slight decrease
of about 10%. Looking at the data shows that Vinfast's car sales revenue in 2021
decreased from 13,898.6 billion VND to 12,391.5 billion VND in 2022. Although there
is a slight decrease in car sales revenue, in other segments of Vinfast there is still a
decrease significant growth such as revenue from selling spare parts and components
increased from 538.2 billion VND to 2072.6 billion VND. In addition, services or rental
activities also help bring in significant revenue for Vinfast.

Although Vinfast's car sales revenue tends to decrease during this period, Vinfast

27
still tries to diversify its revenue sources through other business activities. From there, it
can be seen that, besides selling cars, Vinfast is also trying to expand its business
activities to maintain a more stable and sustainable income.

Also during this period, VinFast Auto's operating costs increased significantly,
which could also be one of the important factors affecting the decrease in annual
revenue.
Table 7. Annual operating expenses

VinFast Auto's annual operating expenses breakdown for 2021 2022

fiscal years 2021 and 2022 (in billion Vietnamese Dongs)

Research and development costs 9255.4 19939.9

Selling and distribution costs 2203.8 5213.7

Administrative expenses 2424.6 4010

Net other operating expenses/income* -412.5 716.4

Compensation expenses 4340.3 109.4

According to data on Vinfast's annual operating costs, research and development
costs during this period increased from 9255.4 billion VND to 19939.9 billion VND,
this may be due to the company's investment in research and develop products for the
future.

Sales and distribution costs, along with administrative costs, have increased
significantly. During this period, VinFast may have focused more on expanding markets
and increasing access to diverse customers in other countries. There is strong potential
for using electric vehicles such as Thailand, Indonesia, Singapore, Malaysia, etc.

The increase in the above costs can reflect that Vinfast has focused on developing
and improving the quality of its products and services to meet the needs and maintain
customer satisfaction in the future fiercely competitive market today. Thereby, it also
raises questions about Vinfast's ability to maintain profits and grow revenue in the long
term.

28
Table 8. Breakdown of passenger cars in Vietnam in 2023, by fuel or drive-type

Breakdown of passenger cars in Vietnam in 2023,

by fuel or drive-type

Petrol 80.66 in %

Hybrid 8.65 in %

Electric 7.74 in %

Diesel 2.95 in %
And in 2023, the fuel that passenger cars use the most in Vietnam is gasoline. This
may also be one of the reasons for reducing VinFast's revenue in the 2021-2022 period
when VinFast officially stops producing gasoline cars and switches to producing
electric cars.

It can be seen that gasoline is the fuel that Vietnamese users prefer the most,
accounting for 80.66%. Besides, although the proportion of other fuel types such as
Hybrid and Electric is not too high, it is still very noticeable, showing that Vietnamese
consumers today are also starting to be interested in using fuel types more
environmentally friendly means.

Main problems:

On January 6, 2022, Vinfast announced 3 new electric car models and then
officially switched the entire model to producing pure electric cars. This news is both
positive and proves the development of Vietnam's electric vehicle manufacturing
industry, but along with it comes doubts about the performance and quality of
consumers. Concerns about electric vehicle ownership are relatively new, although
consumers know electric vehicles will develop in the future. Vinfast's announcement to
stop producing gasoline cars has caused the company to slow down in the number of
cars sold during this period.

Main reasons:

New sales strategies and approaches to potential customers, changes in purchasing

policies in the new phase of business transformation cause car sales and merchandise
sales to decrease.

The rudimentary nature of electric vehicle products has not impressed consumers
29
in terms of design, technology, comfort and style, increasing investment costs for
research and development.

Vietnamese people tend to prefer to buy cars that run on gasoline or hybrid fuel
rather than electric vehicles because there are many barriers such as concerns about lack
of infrastructure, lack of charging stations or long distances, concerns about vehicle
safety. Rechargeable battery, battery charging time, high price, causing low purchasing
power of electric vehicles, reducing sales revenue of Vinfast's electric vehicles.

Electric car prices are currently still higher than gasoline cars, so consumers
consider buying electric cars, which can also easily affect electric car sales electric car
companies, including Vinfast.

In the period 2021-2022, due to the impact of the Covid-19 epidemic, there has
been a crisis of chip shortage and supply disruption. This affects the vehicle production
schedule due to the lack of components, causing sales revenue to decrease.

3.4. Organisational model

Using this framework, we will perform our study in three layers: strategic,
tactical, and operational. This multidimensional technique enables us to thoroughly
study the data, starting with the strategic layer and progressing to the tactical and
operational layers.

At the strategic layer, we will focus on Vinfast's overall organizational goals,

market positioning, and long-term strategies. This gives a high-level summary of the
company's strategy and allows us to better grasp their entire approach to the electric car
business.

Moving on to the tactical layer, we'll look at more particular topics including
marketing campaigns, product development projects, and distribution networks. This
layer allows us to study the intermediate activities and decisions made by Vinfast to
carry out their strategy effectively.

Finally, at the operational layer, we will focus on Vinfast's daily activities. This
involves looking at manufacturing processes, supply chain management, and customer
interactions. By evaluating the operational model, we obtain insight into how Vinfast's
activities and practices at the granular level contribute to overall success.

Using the organisational method, we can completely examine Vinfast's data and
30
behaviors. This enables us to comprehend the interplay between strategic choices,
tactical implementations, and operational execution, offering a comprehensive picture
of the organization and its performance in the electric car manufacturing business.
3.4.1. Strategic goals:
VinFast's transition to electric vehicle production is part of the company's long-
term strategy, as well as VinGroup's because of the general global support and positivity
for the development of electric vehicles. VinFast has also been building its own
development goals, typically some of the following projects.

 Review and adjust purchasing strategies to suit the business transition period.
At the same time, offer incentive programs, after-sales service packages or
campaigns to exchange old cars for new ones to attract customers.

 Integrating new technology and building a support system for VinFast car
users are strategies to increase the company's reliability and also to compete
with other competitors (HERE ISA Map, ISA– Intelligent Speed
Assistance,...).

 Developing additional infrastructure such as building and developing

charging station systems, widely arranging charging stations and maintenance
areas across the country helps users no longer worry about problems related
to charging stations and vehicle maintenance and safety. This helps customers
trust and choose to use electric vehicles more.

 VinFast can consider offering promotions, car discounts or providing

customers with attractive financial packages, offering solutions to help
customers easily choose to buy a car.

 To avoid the situation of lacking components or depending on one source,

Vinfast can find a variety of other sources of supply or have a backup plan to
avoid being affected by external factors such as the chip sales crisis similar
leads in the future.

 VinFast can shape new business strategies, decide on resource allocation and
promote products with the goal of ensuring sales growth to recover capital
from research investments, as well as the company's future success.

 VinFast establishes new projects to increase its coverage through a market

31
 expansion strategy and compete more effectively in the electric car industry
of Southeast Asia, Europe and America.

 The company develops niche products and services tailored to the specific
needs of each country and designs marketing and distribution strategies
tailored to that country to increase presence and engagement with customers.
3.4.2. Tactical-KPIs goals: 5 main goals
Customer Attraction and Retention KPIs: Increase the number of customers
attracted through incentive programs and campaigns, record customer satisfaction with
after-sales service. To increase customer retention rate and brand reputation.

Technology Integration and Support System KPIs: Increase satisfaction scores

when using electric vehicle products when there are convenient technologies, reduce the
rate of complaints during user use when fixing reported errors.

Infrastructure Development KPIs: Increase purchasing ability and coverage rate of

charging station facilities, consumers feel more convenient when using electric vehicles.

Promotions and Financial Solutions KPIs: Appropriate discount program that

brings back the number of customers, balances customers' finances and adds price
support packages to increase the number of paying customers.

Sales Growth and Market Expansion KPIs: Evaluate revenue growth by region to
collect more information for deciding on expansion and efficiency for future projects.
3.4.3. Operational-PIs/metrics: Metrics used to measure the effectiveness of
business performance.

32
Table 9. Operational-PIs/metrics

Definition Detailed Measurement Standard

KPI
information method formula
about the
business

The Shows how Evaluate the (Total revenue

Effective
effectiveness of well a company revenue from brand A /
diversification
different is managing contribution Total revenue)
of electric
product and leveraging from different * 100 for each
vehicle brands
branding its brand brands owned brand
strategies in portfolio. by a company.
generating
revenue
streams,
ensures the
company is not
too dependent
on a single
brand.

The rate at Provides Percentage of (Total number

Agency
turnover ratio which customer insight into customer of agents
service agent service agents leaving /
representatives satisfaction, who leave the Average
leave the work company number of
organization, environment within a given agents) * 100
affecting and may period of time.
service indicate the
consistency and need for better
knowledge recruitment or
retention. retention
strategies.

Average order The average Helps Calculate the Total revenue

value (AOV) amount spent determine the average amount from
each time a purchasing customers segment/Total
by segment
customer in a power and spend in each number of
segment places behavior of segment per orders by
an order. different transaction. segment
customer
segments.

33
 3.5. Summarize data table và descriptive tables
3.5.1. Summary data table

Figure 4. Dashboard 1

VinFast uses this summary to help VinFast first identify countries with large
market potential for electric vehicles. Second, understand the long-term trend of the
electric vehicle market. Next, VinFast can rely on the summary table to know consumer
preferences for different types of electric vehicles. Finally, identify their main
competitors in the Vietnamese market.

The dashboard overview provides information on micro and macro factors

affecting the Vietnam and Southeast Asia electric vehicle markets. This data table
provides information on GDP per capita and CPI. It also provides information on
electric vehicle market share in Southeast Asia by country of sale as of Q3 2022. In
addition, vehicle sales information by unit sold from 2017 to 2022 provides information
about trends in the Vietnamese electric vehicle market. Next is information related to
the level of awareness and interest in electric vehicles. As awareness and interest in
electric vehicles increases, demand for electric vehicles is likely to increase as well.
Information analyzing passenger cars by fuel type and transmission in Vietnam in 2023.
Along with the top 5 leading automobile companies in Vietnam in 2023.

34
 Figure 5. Dashborad 2

Continuing with the second dashboard, analyzing an overview of data related to

the number of VinGroup business units. Focus on analyzing data on annual revenue,
total assets, annual operating expenses, and the number of electric cars sold by Vinfast.

Looking at the dashboard data, Vinfast Auto's total assets for the financial year
2022 were 113.61 billion dong, indicating Vinfast's large scale of operations and good
capital mobilization ability. Next is Vinfast's annual revenue, from this data Vinfast and
investors can use the data to assess their business operations and compare with other
companies in the same industry, for the purpose of analyzing their business capabilities
compared to competitors. Additionally, looking at VinFast Auto's annual operating
expense structure for the financial years 2021 and 2022, Vinfast and investors can
identify which areas the company is investing in and focusing on, for example, it can be
seen that Vinfast is focusing on research and development.

Furthermore, dashboard 2 also shows data on the number of VinFast electric cars
sold in Vietnam as of the first half of 2023, by car model including VFe34, VF8, VF9,
and VF5. From there, Vingroup can evaluate the business operations of the units and the
VinFast electric car models in Vietnam. Additionally, the dashboard provides an
overview of the number of VinGroup Corporation business units in different regions in
2022 by segment. From this, the company can manage and adjust its business strategy,
focusing on potential development areas in various regions.

In summary, the company can use the information from the dashboards to gain an
overview to manage and optimize operating costs, while also identifying activities that
35
 need adjustment to improve business performance.
3.5.2. Descriptive data
After synthesizing the existing data tables, we created descriptive data tables with
frequency distributions. These frequency distributions give a thorough picture of the
incidence and distribution of various findings in the dataset. We may learn about the
data's trends and distribution by evaluating the frequency or count of certain outcomes.
These descriptive data tables are a useful tool for summarizing and analyzing the
frequency of different outcomes in the dataset.
Table 10. VinFast descriptive data table

Variables Mean Standard Median Mode Standard Sample Variance Range Minimum Maximum Sum Count
Error Deviation

Market share 16.67 9.348 3 No 22.898 524.337 59.18 0.02 59.2 100.02 6
of electric value
vehicle (EV)
sales in
Southeast
Asia (%)

Breakdown of 25 18.595 8.195 No 37.191 1383.156 77.71 2.95 80.66 100 4

passenger value
cars in
Vietnam in
2023, by fuel
or drive-type

Market share 7.085 2.727 2 0.1 10.204 104.112 34.5 0.1 34.6 99.2 14
of leading
automobile
manufacturer
s in Vietnam
in 2023

Number of 2909.5 1104.390 2794.5 No 2208.780 4878711 4095 977 5072 11638 4
electric cars Value
sold by
VinFast in
Vietnam as of
first half of
2023, by
model

VinFast 3562.32 1611.763 2424.6 No 3604.011 12988897.54 9667.9 -412.5 9255.4 17811.6 5
Auto's annual Value 7
operating
expenses
breakdown
for fiscal
years 2021

5997.88 3616.039 4010 No 8085.709 65378688.64 19830.5 109.4 19939.9 29989.4 5

VinFast Value
Auto's annual
operating
36
expenses
breakdown
for fiscal
years 2022

VinFast 3205.64 2683.958 538.2 No 6001.512 36018143.81 13809.2 89.4 13898.6 16028.2 5
Auto's annual Value
revenue
breakdown by
segment from
FY 2021

VinFast 2993.1 2378.462 222.7 No 5318.402282 28285402.84 12279.3 112.2 12391.5 14965.5 5
Auto's annual Value
revenue
breakdown by
segment from
FY 2022

VinFast 99463.4 14141.9 99463.4 No 19999.667 399986671.2 28283.8 85321.5 113605.3 198926.8 2
Auto's total Value
assets for
fiscal years
2021 to 2022

Awareness 70.8 20.524 82 No 35.5 1263.7 68.4 31 99.4 212.4 3

and interest in Value
electric cars
among people
in Vietnam in
2022

Thaco sales 101.493 5.160 97.720 No 13.652 186.372 40.7 89.6 130.3 710.45 7
volume Value
Vietnam
2017-2023 (in
1,000s)

Toyota sales 70.186 4.441 67.530 No 11.749 138.049 33.71 57.41 91.12 491.3 7
volume Value
Vietnam
2017-2023 (in
1,000s)

GDP per 2874.367 206.865 2760.71 No 745.862 556309.556 2479.503 1684.01 4163.514 37366.770 13
capita 7 Value 2
(current US$)

Inflation, 5.310 1.325 3.520 No 4.778 22.830 18.047 0.631 18.678 69.024 13
consumer Value
prices (annual
%)

37
 3.6. The hypothesis and the regression model

Figure 6. The model about customer attitudes and intentions to purchase electric cars
This study approach to examining customer attitudes and intentions toward
purchasing electric cars is influenced by studies done by Van Tuan, P., Thao, N. T. P.,
Le, T. T., Linh, N. T., and Tuan, H. M. (2022) and Lashari, Z. A., Ko, J., and Jang, J.
(2021). These scholars have conducted significant studies on the factors influencing
customer attitudes and intentions to purchase electric vehicles. Building on their
findings, we created a complete framework to help VinFast make informed choices.

This research approach, shown in Figure 5, provides a complete framework for

studying customer attitudes and intentions to purchase electric cars. The model includes
a variety of independent variables, such as demographics, vehicle characteristics, price
perception, social image, performance, environmental concerns, and technology
concerns. We proposed these variables positively impact the dependent variables, the
Attitude toward EVs and the Intention to Purchase EVs.

H1: Demographics positively affect attitude.

38
 Lashari, Ko, and Jang (2021) found a significant relationship between age,
gender, monthly income, and consumer buying attitudes. Their findings indicate that
these social demographic characteristics have a substantial impact on how people view
and approach the purchase of electric cars (EVs). However, in the context of Vinfast,
there is a lack of research on the association between these social demographic
characteristics and EV buying attitudes.

H2: Vehicle characteristics positively affect attitude.

According to the research conducted by Lashari, Ko, and Jang (2021), their
findings indicate that individuals who own multiple personal cars are more likely to
consider purchasing an electric vehicle (EV). Furthermore, the study demonstrates a
strong link between vehicle attributes such as size, fuel costs, and customer opinions.
These characteristics have an important influence in defining customers' opinions and
choices for electric cars.

H3: Price perception positively affects attitude.

As suggested by Van Tuan, P., Thao, N. T. P., Le, T. T., Linh, N. T., & Tuan, H.
M. (2022), price is the primary component in determining consumer perceived value
and is always prioritized. Price perception is the financial cost that customers must pay
to purchase or use a thing. In this study, the authors also noted that price perception has
a negative impact on the intention of purchase, but a favorable effect on attitude.

H4: Social image positively affects attitude.

According to Schuitema et al. (2013), a person who feels he or she searches for
current vehicle knowledge and affects others may be considered a car authority.
Acceptance of electric vehicles may be more appealing for people who consider
themselves automobile experts and eco-friendly.

H5: Performance positively affects the attitude.

Previous research has found that vehicle performance significantly influences

purchasing decisions. Zhang et al. (2013) found that performance characteristics such as
reliability, riding comfort, operability, driving range, and charging durations had a
significant impact on EV acceptance. When making purchase judgments, consumers
value performance. If the performance of EVs meets their expectations, they intend to
select these vehicles.
39
 H6: Environmental concerns positively affect attitude.

Lashari, Ko, and Jang's (2021) findings suggest that the government may
successfully raise public awareness of electric cars by stressing their environmental
advantages. This is consistent with an earlier research by Van Tuan, Thao, Le, Linh, and
Tuan (2022), which found that the rise in private automobile ownership has become a
significant contributor to environmental pollution. Furthermore, research into the impact
of environmental perception on behavior has shown that people who prioritize
environmental issues display different behaviors than those who do not value them.

H7: Technological concerns negatively affect the attitude.

According to a study done by Han, Wang, Zhao, and Li (2017), the variable of
technical worry primarily focuses on respondents' concerns about the emerging
technology of electric cars. As EV technology is still in its early stages, this variable
mostly reflects safety concerns, which reduces customer interest in purchasing EVs.

H8: Attitude positively affects Intention to purchase EVs.

Theories such as the Theory of Planned Behavior and the Theory of Reasoned
Action highlight the influential role of consumers' attitudes toward a particular behavior
in determining their eventual adoption of that behavior (Ajzen, 1991). According to
these theories, a more positive attitude towards a behavior is associated with a higher
likelihood of engaging in that behavior (Beck and Ajzen, 1991). Consequently, it can be
inferred that consumers are more inclined to adopt electric vehicles (EVs) when they
possess a favorable attitude toward EVs.

40
 IV. RESULTS AND DISCUSSION

4.1 Current economic climate

4.1.1 Macro factors

4.1.1.1 GDP

Figure 7. GPD per capital in Vietnam from 2010 to 2022

Based on the data, it can be seen that GDP per capita has increased every year
from 2010, when GDP per capita was about 1684.012 USD, to 2022 at about 4163.514
USD. The increase in GDP per capita over the years is often accompanied by economic
growth, increased personal income, and increased consumer purchasing power. This
could motivate consumers to buy high-end products such as VinFast cars, which could
increase the company's sales.

41
 4.1.1.2 CPI

Figure 8. Inflation, consumer prices in Vietnam from 2010 to 2022

During the same period, inflation and consumer prices from 2010 to 2022 will
fluctuate and gradually decrease from 9.21% to 3.16%. This gradual decrease shows
that the growth rate of prices of consumer goods and services is decreasing, creating
stability in the inflation situation. Consumer purchasing power can be guaranteed and
VinFast's sales may not be affected much.

To better evaluate the impact of these factors, it is necessary to analyze other

factors such as marketing strategy, competition, product quality, and pricing strategy of
VinFast to better understand the business situation. and company sales.
4.1.1.3 . Oil price
In addition to the impacts of GDP and CPI, it is also crucial to consider the
impacts of oil prices on VinFast's business situation and sales. The surge in oil prices,
driven by a combination of the Covid-19 epidemic and the "special military campaign"
in Ukraine. The recovery in economic activities, supply constraints and disruptions, and
geopolitical tensions have all contributed to the surge in oil prices. These price increases
have had a significant impact on businesses, hindering their production recovery and
import-export activities in 2022.

However, on July 15, 2022, VinFast announced it would stop selling gasoline cars
and focus solely on producing and trading electric vehicles. As the price of oil
increases, it generally leads to an increase in gasoline prices, car owners are comparing
operating costs between gasoline and electric cars. Electric cars have simpler structures,
optimized warranty and maintenance costs, and are more economical in the context of
increasing oil prices. The government has proposed tax reductions for electric cars to
42
encourage their production and reduce environmental pollution. Vietnamese consumers
are gaining awareness about electric vehicles as a green means of transportation and a
future trend in greening transportation. Consumer interest in electric cars is growing, as
seen in the increased sales of VinFast electric cars by nearly 26% in May 2022.

4.1.2 Micro factors (Competitors)

Figure 9. Vehicle sales colume Vietnam 2017-2023

The presented data shows the sales volumes of Toyota and Thaco, two
major automotive firms in Vietnam, from 2017 to 2023. Throughout this
period, both firms' sales fluctuated, reflecting the region's fluctuating
automobile market.

In general, Thaco maintained larger sales volumes than Toyota until

2022. Looking at specific years, Toyota's sales volume was 59.36 thousand
units in 2017, climbing to 91.12 thousand units by 2022. Thaco, on the other
hand, started with a greater sales volume of 89.60 thousand units in 2017,
rising to 130.30 thousand units in 2022. However, both firms experienced a
decline in 2023, with Toyota's sales decreasing to 57.41 thousand units and
Thaco's falling to 97.72 thousand.

Toyota and Thaco had sales volume changes between 2018 and 2021.
Toyota showed a modest fall from 65.86 thousand units in 2018 to 67.53

43
 thousand units in 2021, whereas Thaco saw mixed results, with sales of
104.26 thousand units in 2021. These shifts show that market dynamics are
impacted by customer choices, economic situations, and competitive
strategies. Due to the COVID-19 pandemic, Toyota's production and
distribution capabilities may be affected, leading to lower sales.

Figure 10. Market share of major automobile manufacturers Vietnam 2023

In today's economic market, an important factor affecting VinFast's sales is competition

from competitors. VinFast has to face many big competitors such as Thaco Group,
Toyota, Ford, Mitsubishi, Honda, etc, car manufacturers with great brands, experience,
and finances. Their products are highly appreciated for their quality and design. In each
vehicle segment, VinFast must compete with similar competitors. In addition, the
electric vehicle market is growing strongly and gaining popularity, which means that
many other big brands are planning to participate in the race to dominate these potential
markets.

44
 4.2. Data analysis results

Figure 11. VinFast Auto’s annual revenue breakdown by segment from FY 2021 to 2022

From the above data, it can be seen that the average total revenue from 2021 to
2022 decreased from 3205.64 to 2993.1 (billion VND). In contrast, the average total
operating costs from 2021 to 2022 increased from 3562.32 to 5997.88 (billion VND). It
is proven that the average total revenue in 2021 and 2022 is lower than the total
operating costs at the same time.

In 2022, the decrease in VinFast's average total revenue mainly comes from a
decrease in vehicle sales but is partly offset by an increase in revenue from selling parts,
components, and providing services. Sales of vehicles decreased during the year as the
company stopped selling gasoline cars to convert to a fully electric car brand. The
significant decline in revenue from VinFast's merchandise sales is mainly due to the
shift in business strategy to a car trade-in program, focusing only on buying back used
VinFast cars and not buying used cars from other companies. In 2022, VinFast's
revenue from providing services increased compared to 2021. This increase mainly
comes from the expansion of factory management and operation services provided to
Vinsmart, as well as the increase in enhanced maintenance services at VinFast service
centers. Revenue from rental activities has also increased over the same period,
especially revenue from renting cars and electric motorbike batteries.

45
 Figure 12. VinFast Auto’s annual operating expenses breakdown for fiscal years 2021 and
2022

In contrast, VinFast's total average operating costs have increased sharply, in

which investment costs for research and development (R&D) account for the majority
of the company's operating costs. This change is explained by the fact that R&D costs
are largely paid to external suppliers, along with increases in salary and other costs,
especially due to the expansion of R&D activities for electric vehicle development. In
addition, increased costs for research and development activities may mainly come from
VinFast projects, as the Vietnamese automaker is focusing strongly on developing and
launching electric vehicle models/hybrid cars, to reach the global market in 2022. Their
strategy is to make VinFast cars a direct competitive option with gasoline cars,
following the global trend of electric vehicle development to reduce emissions.

46
 4.2.1 Compare the number of business units of VinGroup JSC in various
regions

Figure 13. The number of business units of VinGroup JSC in various regions

According to data, in Ho Chi Minh City, VinFast has the largest number of
business units with 34 units, followed by Vincom Retail with 13 units. VinWonders and
VinUni do not have any business units in this area. Because Ho Chi Minh City is the
most developed urban area in Vietnam, developed infrastructure and transportation
create conditions for VinFast to conveniently install electric charging station systems to
meet their needs. On the other hand, VinWonders is expected to be completed in 2024
to meet the needs of local and foreign tourists.

In Hai Phong City, VinFast leads with 6 business units, VinSchool and Vinpearl
(incl. Vinpearl Golf) ranked 2nd with 3 business units. Next are VincomRetail and
VinHomes with figures of 2 business units. VinUni and VinWonders are at the bottom
bile of the list with 0 business units. With a favorable geographical location, developed
transportation infrastructure, and beautiful natural landscape. This is a potential place
for Vingroup to place business units of VinFast, Vinhomes and VincomRetail to meet
the shopping, accommodation and travel needs of customers.

In Hanoi capital, VinFast has the largest number of business units with 32
business units, followed by Vinschool, Vinhomes and Vincom Retail with collected
data of 28, 17 and 12 units respectively. VinWonders and VinUni have the least number
of units with only 1 unit.

In Kien Giang, leading the list in terms of number of business units is Vinfast with
3 units. Next is VinWonders with 2 business units, Vincom Retail and Vinmec both
have a number of business units of 1.

Vinfast leads in the number of business units in Khanh Hoa with 7 units.
47
VincomRetail ranked 2nd in the number of business units with a figure of 5. Vinmec
and VinWonders have one business unit in this area.

4.2.2 Market share of electric vehicle (EV) sales in Southeast Asia as of the
3rd quarter of 2022 by country.

Figure 14. Market share of electric vehicle (EV) sales in Sountheast Asia as of 3 rd quarter of
2022 by leading countries

Thailand had the largest market share of electric vehicle (EV) sales in Southeast
Asia in the third quarter of 2022, accounting for 59.2%. Indonesia follows with market
shares of 25.8%, respectively. Thailand has set a policy to produce 3030 electric
vehicles to reach 30% of domestic electric vehicle production by 2030. Indonesia is
banning all sales of fossil fuel motorcycles by 2040 and fossil fuel cars by 2050.
Therefore, these are the two leading countries in Southeast Asia in the electric vehicle
market. The electric vehicle sales market shares of Singapore, Malaysia and Vietnam in
the region are 11.8%,3.1% and 0.7%, respectively. The Philippines has the smallest
market share on the list, with 0.02%. "The growth of EVs in the country faces relatively
low technology utilization, general infrastructure concerns, and strong competition for
investments," Rosellon stated during a PIDS webinar titled 'Challenges and Prospects of
the Philippine Electric Vehicle Industry.' With some of Asia's most costly electricity
rates and a low average income, the lack of publicly accessible charging stations is a big
disincentive for many would-be EV owners in the Philippines.

Asian countries are at the forefront of climate challenges, and the transportation
sector is one of the largest emitters of greenhouse gas (GHG) emissions. To minimize
the above problem, Asian countries have been turning to the production and use of
electric vehicles to solve the problem of climate change. In Asia, depending on the
country, consumers have different levels of electric vehicle usage. Compared to markets
like China and Japan, emerging Southeast Asia markets like India are lagging behind.
48
Therefore, building an electric vehicle ecosystem in Southeast Asia is imperative to
address climate change issues and accelerate consumer uptake. Consumer awareness
about using electric vehicles has improved, but consumers have still not overcome
"range anxiety." Many markets still do not have enough charging stations to serve
customer needs.

4.2.3 The awareness and interest in electric cars among people in Vietnam in
2022

Figure 15. The awareness and interest in electric cars among people in Vietnam in 2022

According to the bar chart, the data collected demonstrates that a surprising 99.4%
of those surveyed in an evaluation conducted in Vietnam in 2022 reported they have
heard of electric cars which is a significant portion of people are aware of and
knowledgeable about electric cars. The high awareness and interest in electric cars
among the Vietnamese population in 2022 indicate a positive trend towards the
adoption of electric vehicles. That a large percentage of people are aware of electric cars
suggests that the topic has gained significant attention and exposure in the country.

82.0% of the respondents showed a keen interest in electric cars as shown in the
bar chart. The considerable interest expressed by 82.0% of respondents suggests that a
notable segment of the Vietnamese population considers electric cars to be an attractive
substitute for conventional gasoline-powered vehicles. With a rising desire for
environmentally friendly means of transportation. The considerable level of interest
signifies an increasing curiosity and acknowledgment of the potential advantages linked
to electric vehicles. It may be concerned about air pollution, rising prices for gasoline,
and a global transfer to renewable energy sources contributing causes to this interest.

It is worth noting from the data that 31.0% of the participants not only expressed
interest in electric cars but also have done research on electric cars. This specific group

49
of individuals showcases a greater level of involvement in comprehending the benefits
of electric vehicle technology. Their active pursuit of knowledge indicates a clear
inclination towards considering electric cars as a feasible choice for meeting their
transportation requirements.

In general, in Vietnam in 2022, up to 99.4% of consumers have heard of electric

cars, of which 82% are interested in and researching electric cars. Notably, for those
who have done deep research about electric cars it is 31%. Throughout this data, the
consumers show optimism and believe that electric cars will be the vehicle of the future,
helping to reduce environmental pollution. This perspective shows the strong
acceptance of consumers to electric cars in general, and the great potential of the
electric car market in Vietnam in particular.

4.2.4 The percentage breakdown of passenger cars in Vietnam in 2023 by fuel

or drive

Figure 16. Breakdown of passenger cars in Vietnam in 2023, by fuel or drive-type

The data given shows the percentage breakdown of passenger cars in Vietnam in
2023 by fuel or drive. Concerning the four selected segments, the segment Petrol has
the largest indicator "Fuel or Drive-Type" with 80.66 percent. The pie chart
demonstrates the percentage of gasoline, hybrid, electric and diesel vehicles in the
nation and provides insights into the most common type of passenger cars.

50
 The pie chart clearly illustrates that petrol-powered cars hold the highest
percentage, accounting for 80.66% of the passenger car market in Vietnam in 2023
representing the majority of passenger cars in Vietnam.

Contrarily, diesel-powered cars have the smallest percentage which is depicted in

the pie chart, accounting for 2.95% of passenger cars in Vietnam in 2023. This
percentage indicates the least favored option among Vietnamese consumers and a
relatively lower preference for diesel vehicles compared to petrol, hybrid, and electric
options.

Following petrol cars, the pie chart reveals that hybrid vehicles hold the second-
largest and make up 8.65% of the market share in Vietnam.

Electric cars account for 7.74% of the passenger car market in Vietnam. Although
it is a smaller percentage compared to petrol and hybrid vehicles, it demonstrates a
considerable presence in Vietnam's passenger car market in recent years. The pie chart
illustrates a noteworthy adoption rate of electric vehicles, indicating a rising awareness
and interest in sustainable transportation options.

It is known that the Vietnamese government has implemented favorable tax

policies to encourage the adoption of electric cars. Effective from March 1, 2022, a
significant reduction in the special consumption tax has been introduced, decreasing it
from 15% to 3% for those with less than 9 seats (passenger cars). This initiative aims to
stimulate the growth of the electric car market within Vietnam.

Furthermore, battery-powered electric cars are granted a registration tax

exemption for a period of 3 years, starting from March 1, 2023, as outlined in Decree
No. 10/2023/ND-CP issued on January 15, 2023. Subsequently, for the following 2
years, the registration tax for electric cars will be set at 50% of the fee imposed on
gasoline and diesel cars with an equivalent number of seats. These measures seek to
incentivize the adoption of electric vehicles by reducing the financial burden associated
with their purchase and ownership.

Amidst the growing trend of electrification, Vietnam has also made strong
commitments during COP26 [1]and COP27[2] to embrace this transition. Recognizing
the importance of this movement, in the past two years, several automobile
manufacturers have introduced and are currently offering electric-powered vehicles that

51
utilize clean energy in the Vietnamese market. Notably, VinFast stands out as a
prominent player in Vietnam, offering a range of electric products including electric
motorcycles, electric buses and electric cars.

4.3 Discussion
4.3.1 To manage the performance of our various sales channels, VinFast needs
to be able to explore if there is a disconcerting trend of car defects on
cars sold through different sales channels.

Figure 17. VinFast's main sales channels in internal and international markets

VinFast operates in both internal and international markets, employing various

sales channels to reach customers. In the internal market, VinFast sells cars directly
through its website and on-site channels such as physical showrooms and Vincom Mall,
etc. In addition to direct sales, VinFast also utilizes dealership networks as a distribution
channel, partnering with private businesses to expand its reach and accessibility.

In the international market, VinFast adopts a similar approach by establishing

dealership networks in different regions like the Americas and Europe, they mainly sell
in America, France, Germany, etc at their own showroom. This enables customers
abroad to access VinFast vehicles through authorized dealerships, offering localized
support and services.

52
 To explore if there is a trend of car defects on cars sold through different sales
channels, VinFast can analyze the data on annual revenue breakdown by segment from
FY 2021 to 2022. By examining the changes in revenue specifically related to the sales
of vehicles, VinFast can gain insights into any potential impact of car defects on its
overall performance.

Figure 18. VinFast’s sales of vehicles from 2021-2022

According to the provided data, from 2021 to 2022, there was a decrease in
revenue generated from the sales of vehicles. This decline in revenue besides the macro
and micro factors, could be the possibility of cars sold having defects. Therefore,
VinFast needs to be able to explore the disconcerting trend of car defects on cars sold
through different sales channels to manage the performance; simultaneously, they must
deeply analyze the defects of each model. In general, in the period from 2021 to 2022
there are 2 models VFe34 and VF8 which are VFe34 produced in 2021 and VF8
produced in 2022.

According to a notice from the airbag supplier for VinFast, the side collision
sensor of the airbag system equipped with the VFe34 model may have an error that is
not compatible with the airbag controller. Accordingly, when a collision occurs, the side
collision sensor may send an inaccurate signal to the airbag controller, leading to the
risk of the curtain airbag not deploying or detonating slowly, potentially not ensuring
safety for users. The defect was proactively detected by the airbag system supplier
during periodic product testing and analysis.

Luckily, VinFast had not recorded any incidents or complaints from customers
about side collision sensor defects of VFe34. However, to ensure the highest safety for

53
customers as well as comply with strict and professional quality control procedures,
VinFast decided to launch a recall campaign for 730 affected VF e34 vehicles from
October 17, 2022 to October 17, 2023.

Besides that, just a few months after official distribution on the market, the
VinFast VF8 electric car has just been recalled by the Vietnamese automaker to fix
errors related to the braking system. Through the inspection process, VinFast discovered
that the VF8 electric vehicle subject to recall had problems with the braking system due
to component assembly errors, the bolts connecting the front axle brake caliper to the
bearing joint knuckle are not tightened tightly and may become loose when the vehicle
is operating, leading to a possible risk of damage so this is a significant defect. To
completely fix the problem and ensure the safety of VF8 electric vehicle users, the
company decided to launch a recall program for 2,781 affected vehicles produced by
VinFast from September 2022 to February 2023. Therefore, there were effects of these
defects on VinFast's 2022 revenue.

The presence of defects in the VF e34 and VF8 models had a significant impact
on VinFast's sales volume in 2022, as potential customers may hesitate to purchase
these models due to concerns about safety and quality. The recall campaigns and
negative defects can decrease consumer confidence in VinFast's products, resulting in
decreased demand and reduced sales figures. Consequently, the decline in sales volume
directly affects the company's overall revenue for the year. In addition to the impact on
sales, conducting recalls and addressing the defects impose additional costs on VinFast.
The expenses associated with inspecting, repairing as well as logistics and customer
support, can have a substantial financial impact. These costs directly contribute to
reducing the company's revenue and profitability in 2022.

Moreover, defects in crucial safety systems like airbags and brakes can
significantly affect customer satisfaction and brand reputation. When consumers
experience issues with their vehicles, especially those related to safety, it can lead to
decreased revenue in 2022 because of frustration, distrust of customers.

The column chart visualizes the number of electric cars sold by VinFast in
Vietnam during the first half of 2023, categorized by model and provides a clear
overview of the sales figures for each model

54
 At the top of the chart, we see the VFe34 model represented by the tallest column,
indicating it had the highest sales volume among all the models with a total of 5,072
units sold. According to statistics from the Vietnam Automobile Manufacturers
Association and VinFast, VF8 is one of the 10 best-selling cars on the market in the first
half of 2023, reaching 4,555 units, the second highest. VF9 and VF5 model with
significantly smaller data respectively 1,034 units and 977 units.

Based on the above data, it can be seen that in the first half of 2023, Vinfast sold 4
electric vehicle codes. However, during this period, Vinfast encountered many problems
with electric vehicle errors.

Based on information provided by Vinfast, the number of defective Vinfast VF8

cars sold on the market is 2,674. At dealerships, the number of defective vehicles
remaining is 875. Specifically, the car failed because the brake system had a faulty bolt
after a period of operation. According to VinFast, the VinFast VF8 vehicle recall
program lasts until February 2024.

Recently, VinFast announced a significant recall of 5,912 VinFast VF 5 Plus cars

to replace the left button on the steering wheel. This recall applies to vehicles
manufactured between March and December 2023.

VinFast recently announced a recall program to replace collision sensors on VF

e34 cars manufactured and assembled between May 2022 and July 2022. The program
starts on October 17, 2022, and is expected to end on October 17, 2023. According to
VinFast, a total of 709 affected vehicles have been sold on the market, plus an
additional 21 affected vehicles are currently kept in dealer warehouses.

It can be seen that during that period, Vinfast was affected by defective vehicles
sold. However, for vehicle errors, Vinfast always has measures to compensate
customers. This also affects Vinfast's revenue and operating costs at this time.

4.3.2 Provide a visualisation of year-on-year trends

Table 11. Number of defective vehicles in Vietnam

Country Vehicle Code Number of vehicles recalled Year

Viet Nam VFe34 730 2022

VF8 2,674 2023

55
VF5 5,912 2023

56
Table 12. Number of defective vehicles in America and Canada

Country Vehicle code Number of vehicles recalled Year

America VF8 999 2023

Canada VF8 0 2023

Looking at the data table, in the Vietnamese market, Vinfast has a higher number
of defective vehicles than in other markets. Because the number of cars sold in Vietnam
is large. As for other markets, specifically the US, this is a new market so the number
sold is not much, resulting in vehicle defects not as many as in Vietnam. However, it
can be seen that when each car model has a faulty vehicle problem, Vinfast always
promptly provides corrective measures. Specifically, Vinfast during the vehicle recall
period is willing to pay for the following 3 cases:

Case 1 is where the vehicle can still move but causes inconvenience to customers.
If you encounter these errors, customers will receive support of 1,000,000 VND/vehicle.

Case 2 is where the vehicle cannot move and needs to be rescued at a service
workshop. In addition to paying all rescue and repair costs, VinFast will support
customers with 2,000,000 VND/vehicle.

Case 3 includes repairs lasting more than 3 days. From day 4 onwards, customers
will receive support of 1,000,000 VND/day. The number of days is calculated including
Saturday and Sunday on the principle that 1 day is counted as 24 hours.

Besides supporting faulty customers, Vinfast constantly fixes and perfects

products. It can be seen that in the US market, Vinfast recalled VF8 cars in May 2023,
and by June 2023, Vinfast brought 781 VF8 cars to the Canadian market. And no
vehicle errors were recorded. However, in order to further develop and improve sales
performance both domestically and internationally, Vinfast should minimize defective
products, and need to take specific measures to keep the product in the best state until
used by customers.

57
 V. CONCLUSION
We can see that the macroeconomic situation of Vietnam has positive signs, such
as continuous growth in GDP per capita and a declining trend in inflation - however, it
is still necessary to closely monitor the developments of these factors in order to
develop appropriate business strategies and decisions. GDP per capita has increased
continuously from $1,684 in 2010 to $4,163 in 2022, indicating economic growth and
increased purchasing power of consumers, creating favorable conditions for the
consumption of high-end products such as VinFast automobiles. However, inflation and
CPI have tended to decrease from 9.21% in 2010 to 3.16% in 2022, indicating price
stability, which helps ensure the purchasing power of the people. VinFast needs to
continue to monitor these macroeconomic fluctuations in order to develop appropriate
business strategies and pricing.

The Vietnamese automobile market is witnessing intense competition from major

brands such as Toyota and Thaco. VinFast needs to continuously improve product
quality, diversify models, and enhance its marketing strategy to increase market share.
Major brands like Toyota and Thaco are dominating the market, with sales volumes
ranging from 60,000 to 130,000 vehicles per year. VinFast must constantly improve
product quality, expand its product line, and strengthen its marketing activities to
compete effectively. VinFast's decision to switch to only producing electric vehicles
from July 2022 is a right move, capturing the general trend of the market.

VinFast is focusing on the development and production of electric vehicles, which

is in line with the general market trend. However, the recall of vehicles due to defects
has impacted the company's revenue and brand reputation. VinFast needs to focus on
quality control and timely resolution of incidents to ensure the safety of customers.
Some models like the VFe34 and VF8 had to be recalled due to safety system issues
such as airbags and brakes, significantly impacting VinFast's revenue and reputation.
VinFast needs to strengthen product quality control, quickly address emerging issues,
and provide timely support to affected customers. The recall and repair of vehicles have
increased operating costs, affecting VinFast's profitability.

The electric vehicle market in Vietnam and Southeast Asia has significant growth
potential. VinFast needs to take advantage of government incentive policies, while also

58
increasing investment in R&D, building a charging system, and expanding its
distribution network to drive the adoption of electric vehicles. Vietnamese consumers
are increasingly interested and curious about electric vehicles, with 99.4% aware of
them and 82% interested. The Vietnamese government is introducing incentive policies
such as tax exemptions and reductions to promote the widespread adoption of electric
vehicles. Although the current market share is small, electric vehicles are gradually
gaining presence in the Vietnamese market, accounting for 7.74% of the vehicle fleet in
2023. VinFast needs to focus on R&D investments, expand the charging system, and
develop distribution channels to capture and lead this trend.

Finally, VinFast needs to continue closely monitoring the situation and

consumption trends of customers, improving product and service quality, while also
strengthening its communication and marketing activities to meet the ever-increasing
demands of consumers.

59
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VII. APPENDIX

68