Even though VinFast, a Vietnamese automotive manufacturer, continues to suffer losses, it is still on track to go public in the United States before the year is through.
In the first quarter of 2023, VinFast’s net loss increased to $599 million (RM2.7 billion), according to a recent regulatory filing in the U.S. These losses occurred when manufacturing was increased, factories were built, and expenses for marketing, sales, and maintenance were incurred. VinFast may have the financial support of Pham Nhat Vuong, the wealthiest man in Vietnam, but it still needs to develop into a successful enterprise.
(more…)
