At the Forbes Vietnam Business Forum 2018 just held in Ho Chi Minh City, Vo Quang Hue, Deputy CEO of Vingroup and in charge of VinFast automobile project shared his thought that in Vinfast, F stands for style, A for safe, S for creative and T for pioneering based on Vietnamese meaning, which is seen a very interesting combination.
He said that this interesting combination and a great aspiration in developing Vietnam's automotive industry from Vuong were reasons for him decide to give up Bosch Vietnam and join VinFast.
"I am a master in mechanics after graduating from a university of Germany. I am interested in automobile engine and always dream of doing something for the domestic automobile industry. Therefore, when I knew that Vuong made investment, I decided to join," said Hue.
VinFast has been developing at an express speed, which is exactly what Chairman of Vingroup showed in at the "fateful" meeting so Hue emphasized that there is no reason to doubt the time of launch or products' quality.
When being asked about the development of supporting industries 23 years ago, Hue said that it needs to have large-scale production to grow well. There is only small production in Vietnam automobile industry and there are only 5,000 to 10,000 cars each type shipped per year so there will be no intensive development investment, leading to high cost and no competitiveness.
Therefore, from the beginning, VinFast was determined to make enormous investment in mass production to satisfy with strong market demand so it can produce its own car.
VinFast has three types of investment including self-investment, joint venture and lease for other companies. This is an opportunity for investors who want to export products of supporting industries to Southeast Asia market when they linked with Vinfast.
Next year, VinFast will have eight projects in supporting industries and be ready for the launch of SUV (Sport Utility Vehicle) and Sedan as well as aim to reach the localization rate of 50 per cent.
Hue said: "The human resource for automobile industry is also a difficult problem but VinFast has solved it."
"VinFast has a research center that brings together automotive experts both domestically and internationally and it is connected with German suppliers," he said.
He added: "2,000 employees of VinFast are currently available for the transfer of technology from Germany. In addition, it also opened a vocational training school for its labour."
This great spirit was showed clearly during the negotiation with BMW. When Hue made an offer, the only thing BMW knew was that he had worked for BMW for many years and was a managing director of Bosch Vietnam. They did not know what VinFast was so Hue's first thing to do was to introduce briefly about the project VinFast for BMW representatives
During the negotiation process, BMW might be convinced by Vingroup's aspiration and proper approaches of Vinfast project. BMW then agreed to transfer its technology of automobile engines for Vinfast after only five months, which is said to be the world's record by Hue.
"Because I am doing what I like, and I have the opportunity to touch the dream of youth so I feel never as young as I am now," affirmed Hue.