Vietnamese electric vehicle (EV) manufacturer VinFast has announced the merger of its Canadian and US operations to form VinFast North America. The move aims to increase efficiency and follows the company’s rapid expansion in recent years.
The new entity, VinFast North America, will be headquartered in Los Angeles, California, and will be responsible for key strategic business and management operations. VinFast Canada will become a member company under VinFast North America, responsible for sales, service, and distribution in the Canadian market.
The consolidation is designed to provide greater focus, responsiveness, and accountability, streamlining operations, and enhancing the delivery of its new EVs to customers while reducing expenses.
Both the US and Canadian operations will continue to be responsible for in-market initiatives, including the implementation of plans and tactics developed to respond to specific market conditions and unique customer requirements in each country, under the strategic direction from the VinFast global leadership team.
VinFast, which was founded in 2017, gained attention in North America in 2021 with ambitious plans to sell its EVs in both North America and Europe by mid-2022 and to file for an initial public offering (IPO) on the US stock exchange.
In November 2021, the company launched its first two EV models for the North American market and established a headquarters in Los Angeles. VinFast North America will retain the existing legal entities in both Canada and the US for product distribution and service activities. The current CEO of VinFast US, Ms. Nguyen Thi Van Anh, will continue in her role and also serve as CEO of VinFast North America.