VinFast eyes breakeven in next five years

The subsidiary of conglomerate Vingroup also plans to start operating VinBus, a public transport network, this year and launch five new models, including three electric cars, by 2022, according to a recent report by stock brokerage KB Securities Vietnam.

It will launch two cars in the U.S. by next year, and invest in the development of self-driving technology, battery and charging.

It eyes a 30 percent share of the Vietnam auto market.

Of the members of the Vietnam Automobile Manufacturers Association, Truong Hai Auto (Thaco), which produces Mazda, had a 35.5 percent market share last year.

Pham Nhat Vuong, chairman of Vingroup, said last year that VinFast and Vinsmart want to export their products within the next few years with the U.S. being the first major market.

VinFast sold 29,485 cars last year, 61 percent of them being the small hatchback, Fadil.