Final Group Project: Analysis of VinFast's Market Position | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh
VinFast is facing the opportunity to anticipate the future of the world, change user habits Vehicles using clean energy to replace internal combustion engines are a global trend. With the advantage of environmental protection, regardless of resources, electric motors and cars are widely applied, even becoming a mandatory requirement in some countries. Tài liệu được sưu tầm và soạn thảo dưới dạng file PDF để gửi tới các bạn cùng tham khảo, ôn tập đầy đủ kiến thức, chuẩn bị cho các buổi học thật tốt. Mời bạn đọc đón xem!
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NATIONAL ECONOMICS UNIVERSITY
BUSINESS SCHOOL - E-BBA & E-BDB PROGRAM …...0O0…...
FINAL GROUP PROJECT TEAM 5
Choose a commodity that is produced in Vietnam. 1.
Is the industry the commodity is in, closer to pure competition or
monopoly? Explain your reasoning 2.
Explain the main factors that have affected the supply and the demand of
the commodity chosen over the last years.
Students: 1. Trần Hoàng Ngọc Minh - 11224312
2. Đoàn Lê Minh Anh - 11220158
3. Trần Thị Bình - 11220876
4. Lê Thị Ngọc Mai - 11224036
5. Nguyễn Phương Oanh - 11225064 Hà Nội – 12/2022 CATALOGUE 1. Introduction About Vinfast
…………………………………………………………………..3 The VinFast brand's business
situation………………………………………….3
VINFAST’S POTENTIAL DEVELOPMENT………………………………… 4 2. Analysing
1. Is the industry the commodity is in, closer to pure
competition or monopoly? Explain your reasoning. VinFast is
oligopoly…………………………………………………………….5 EXPLAINING………...
………………………………………………………..5 BARRIERS OF
ENTRY……………………………………………………….5
VINFAST'S ELECTRIC CARS WILL HAVE TO COMPETE IN THE HOME
COURTYARD…………………………………………………………………6
PRESSURE FROM THE BIGGEST REPRESENTATIVES IN THE WORLD
…………………………………………………………………………………. 7
2. Explain the main factors that have affected the
supply and the demand of the commodity chosen over the last years. a. Income of
consumers……………………………………………………8 b. Prices of related
goods…………………………………………………..9 c. Taste or preference of
consumers……………………………………….9 d.
Expectation…………………………………………………………….10 e.
Population……………………………………………………………...10 f. Government
policies…………………………………………………...10 g.
VinFast is facing the opportunity to anticipate the future
of the world, and change user habits
……………………………………………………………11 h.
High-quality of Technology is applied (affects supply) ……………….11 3. List of reference
materials……………………………………………………12 I. Introduction of Vinfast ABOUT VINFAST
VinFast LLC is a Vietnamese private automotive company
headquartered in Vietnam. Established in 2017, it is a member of
the conglomerate organization Vingroup, which was founded by
Phạm Nhật Vượng. It is the first Vietnamese car brand to expand into
global markets as well as the first to expand into producing EVs such
as electric cars and electric scooters.
First off, the “Vin” naming is consistent with VinGroup in general,
which also has units such as VinSchool (education), VinHomes (yes,
houses), VinBus (mass-transit buses), and even VinBrain (focusing
on artificial intelligence). Anyhow, the “Fast” in VinFast is actually an
acronym, and roughly translated its letters in Vietnamese mean
style, safety, creativity, and pioneering.
In June 2017, VinFast Manufacturing and Trading Company Limited
(VinFast LLC) was founded. VinGroup started the vehicle production
complex project in Dinh Vu - Cat Hai economic zone on September
2, 2017. This is regarded as Vietnam's first vehicle brand.
The 335-hectare automotive plant complex is located in the Dinh Vu
industrial zone in Cat Hai, Hai Phong. The factory complex has been
constructed after just over a year of development, and the majority
of the factories have been built and are assembling production lines.
When making electric motorcycles, the factory complex will contain
an operator, an ancillary industrial park, a training center, and an
R&D research and development institute. The plant makes electric
cars and motorcycles at a rate of 38 vehicles per hour. The facility
will produce 250,000 automobiles and 500,000 electric motorcycles per year in phase one.
A 50,000 m2 engine factory is located at VinFast. This is where the
BMW N20 engine, which is used in the Lux A2.0 and Lux SA2.0, is
made. For its partners, the factory complex also includes an
auxiliary workshop and an auxiliary industrial park.
The VinFast brand's business situation
For the whole year of 2021, VinFast has sold a total of 35,723 cars,
including 24,128 Fadil cars, 6,330 Lux A2.0 cars, 5,180 Lux SA2.0
cars, and 85 VF e34 cars. The growth rate of 21.2% in the context
that the COVID-19 epidemic has severely affected the entire
production and business activities of the Vietnamese automobile
industry in 2021 is an encouraging result for VinFast in the past year.
The first full internet business model in the Vietnamese market is
one of VinFast's breakthrough activities from the previous year.
Customers merely need to go to vinfastauto.com to learn more,
compare cars, put down a deposit, acquire a loan when buying a car,
or schedule automobile maintenance and repairs. This method
allows clients to avoid interaction during the pandemic while also
making it simple to buy a car or use VinFast's services.
VinFast's online business approach has proven successful in the pre-
order campaign for the VF e34 electric car, with 40% of orders
placed online. After only three months of implementation, the
company received 25,000 pre-orders and delivered the first VF e34
automobiles by the end of December 2021, ushering in a new era for Vietnam's electric car sector.
VinFast announced a pure electric approach from the end of 2022 at
the CES 2022 expo in Las Vegas (USA), and ofÏcially received pre-
orders for two electric car models, the VF 8 and VF 9. More than
24,000 orders for these two models were placed globally after only
48 hours of opening hours. VinFast has gotten approximately 12,000
orders in the Vietnamese market after only 6 hours of being available for purchase.
Currently, VinFast is enforcing preferential policies for three Lux
SA2.0, Lux A2.0, and Fadil models. In addition, Lux automobiles
come with a 5-year guarantee, free 24/7 rescue during the warranty
term, and free parking at Vincom shopping complexes and
Vinhomes metropolitan areas around the country until the end of 2022.
VINFAST’S POTENTIAL DEVELOPMENT
VinFast will only be making electric vehicles for sale in the U.S., and
while more and more EVs are showing up or planned every day, it’s
still a segment that’s ripe with potential. We need only look at Tesla
as Exhibit A. In about a decade it went from a startup to being the
best-selling luxury automaker in America.
A more recent example is Rivian, which sprung up to beat traditional
brands such as Ford and Chevy to the punch by introducing its
electric truck to market first. If the VinFast VF 9 were on the road
today, it would be the first mainstream 3-row electric SUV.
Depending on how things shake out, it might just still be when it
arrives around the end of this year or early next year (the exact timing is still TBA).
In general, if VinFast can move quickly and find solid footing, it has a
chance to establish itself as a player among mainstream electric
vehicles – that is, EVs that everyday buyers can afford, not just
those with the deep pockets needed for luxury EVs.
It’s a tough game, for sure, and automaking in general is not for the
weak or short-funded. For every Tesla or even Lucid, there are
multiple brands that have failed or merely teeter on the brink of
bringing electrified cars to life, touting grandiose plans but never making them happen. II. ANALYSING
1. Is the industry the commod
ity is in, closer to pure
competition or monopoly? Explain your reasoning.
VinFast is oligopoly.
What is an oligopoly?
An oligopolistic market (also known as an oligopoly) is
characterized by a few corporations ruling over many others in a
given market or industry, all of which offer comparable goods and
services. In an oligopolistic market, competition is constrained
due to the small number of players, allowing each firm to
succeed. The setting usually creates regular business
collaborations and fosters a cooperative culture.
An oligopoly is a term used to describe a market, industry, or
company's structure. When a market is oligopolistic or very
concentrated, it is said to be oligopolistic or extremely
concentrated. The companies form an oligopolistic market,
allowing already-existing small enterprises to compete in a market dominated by a few.
When considering oligopolistic businesses, firms must keep in
mind that these are businesses that operate in oligopolistic
markets. Businesses are generally trend and price setters,
seeking out and forging alliances and transactions that set prices
higher than the ruling corporation's marginal costs. Oligopolistic
enterprises set pricing in order to maximize their own profit. In
the end, it leads to partnerships and collaborations that help
them and other businesses, particularly smaller businesses in the
same market or industry, succeed. EXPLAINING BARRIERS OF ENTRY
To begin with, the most difÏcult task for each new automobile
firm entering the Vietnamese market is to gain the buyer's brand
attitude by demonstrating quality and safety via actual use and,
most importantly, by developing its own brand identity. However,
German businesses now provide up to 45 percent of VinFast car
production components. VinFast needs a large number of
international engineers and specialists in order to manufacture
automobiles in Vietnam. We can see from this that VinFast is now
outsourcing design and production and is significantly reliant on
foreign technology and R&D, indicating that they are on a difÏcult
route to establishing an imprint. own brand to compete in the
contemporary digital technology service period. If we continue to
rely on technology and R&D from huge global businesses, we will be left behind.
Moreover, in the Vietnamese market, first, Vinfast will have to
compete with many big manufacturers in the world auto industry
from Germany, Japan, and Korea. To compete, VinFast has
recently implemented a price reduction plan. for newly launched
car models including Lux A2.0, Lux SA2.0, and the small car
model VinFast Fadil. However, the support is still considered to be
high compared to the average income of Vietnamese people. The
cheapest model is VinFast Fadil, priced at the same or even
higher price than some models such as KIA Morning (290 - 393
million VND), and Hyundai Grand i10 (315 - 415 million VND).
Therefore, when VinFast joins the competitive and severe
automobile market, rivals' risks may make it difÏcult for VinFast
to achieve market share in the country and region, as well as in
product and food consumption. Demonstrate your business and manufacturing strategies.
Remarkably, during the LA Auto Show 2021, Vinfast launched two
electric car products, VF e35 and VF e36. Although there are
numerous benefits to the electric automobiles that Vinfast will
introduce to the market in the future, there are also many
drawbacks that make buyers nervous. To begin with,
Infrastructure for charging stations is limited, particularly in rural
areas and flats. Long-distance excursions will be difÏcult for
trams since many rural areas lack charging stations similar to
those found in cities. Because of the lack of mobility when
charging, consumers who live in high-rise buildings will find it
more difÏcult to charge their cars. Furthermore, the weather has
a significant impact on the driving range of electric vehicles: The
range can be reduced by up to 40% in cold weather, thus it is not
ideal for cold climates. Last but not least, it only works well with
little weight, therefore it will not be suitable for heavy loads.
VINFAST'S ELECTRIC CARS WILL HAVE TO COMPETE IN THE HOME COURTYARD
According to consulting firm Dezan Shira & Associates, with a
rapidly growing population, expanding middle class, and
environmental awareness, Vietnam promises to be a strategic
market for many electric car manufacturers. besides traditional
markets such as North America, Europe, and China. Vinfast is
facing many competitors right at home.
Along with that, from the beginning of 2022, Vietnam has
implemented a policy to bring the registration fee rate of battery
electric cars to 0% within 3 years, from March 1, 2022. In the next
2 years, the registration fee will be only 50% for petrol cars with
the same number of seats. The special consumption tax rate for
battery electric cars is also reduced to only 1-3%, effective from
March 2022 to the end of February 2027.
The above advantages have helped Vietnam become a potential
market for electric cars for many leading car manufacturers in the
world, and a number of electric vehicle products have been introduced in Vietnam.
At the end of 2021, Mercedes-Benz introduced the EQS model at
an online event. This car is capable of operating up to 770km,
and charging time at the fast charging station from 10% to 80% battery is about 31 minutes.
Most recently, Thanh Cong Group and Hyundai Motor Company
have launched the Ioniq 5 electric car model, with a speed of up
to 185km / h, and a maximum operation of about 450km per
charge. However, this model is only at the stage of market exploration.
Another car from the Korean manufacturer, Kia EV6 is designed
with many engine versions, including the version that has the
ability to accelerate to 100km / h in just 3.5 seconds, equivalent to many types. supercar.
Audi is planning to introduce the e-Tron GT in Vietnam, after a
relatively successful launch in Thailand. This is a sports car with a
luxurious appearance, with a high selling price, of about 5 billion VND.
However, unlike Vinfast's cars, the remaining models have not
yet been opened for sale, foreign car manufacturers are still
cautious, just exploring the market.
PRESSURE FROM THE BIGGEST REPRESENTATIVES IN THE WORLD
In the US (the world's largest auto market), VinFast's VF 8 and VF
9 models will have to compete with big car manufacturers like
Tesla and Ford of the US, and Korean rivals Kia and Hyundai. with
EV and Ioniq electric vehicles.
During the Consumer Electronics Show (CES) 2022 in Las Vegas
(USA) in January 2022, VinFast also announced the selling price of
two VinFast VF8 and VF9 models in the US market at $41,000
respectively, and 56,000 USD, excluding taxes and fees, compete
with the Ford Mustang Mach-E models with a price of 42,895 – 59,900 USD.
Named Mustang, the Ford Mustang Mach-E is in fact the first
electric SUV of the American automaker launched at the end of
2019. In the US, the car is being sold in 4 versions: Select,
Premium. , California Route 1, and GT, priced from $42,895 to $59,900.
In the lowest Select version, the Ford Mustang Mach-E is
equipped with an electric motor with a capacity of 266
horsepower and maximum torque of 430 Nm. The battery pack of
this version has a consumption capacity of 68 kWh, allowing the
car to operate 370 km after being fully charged.
In addition, with a total of 5 models introduced at the CES 2022
exhibition, including two large SUV models VF8 and VF9 that are
said to be the main direction to the US market, many experts
assess the main competitors of the automobile. Vinfast electric
cars in the near future will probably be Volkswagen and Audi with
cars of the same segment and price range.
In particular, VinFast and the North Carolina state government
also signed a memorandum of understanding on the construction
of the Vietnamese automaker's first factory in the North American
market, the first step of the Vietnamese car brand in the
production strategy and trading electric cars in the US market. VINFAST’S PERFORMANCE
Demand for Vinfast cars in 2022 3500 3059 3000 2602 2500 2063 2021 2075 2000 1708 1500 1215 1101 1000 782 594 500 412 406 448 40 53 62 5 0 0 1 2 3 4 5 6 7 8 11 xe ô tô thường xe ô tô điện
On December 13, 2022, VinFast Trading and Service Company
Limited announced that it had handed over to customers 594 VF
e34 and VF 8 vehicles in November 2022, after removing
difÏculties in the supply of spare parts. case from the end of November.
Specifically, VinFast handed over to customers 182 VF e34 and
412 VF 8 vehicles in November 2022. It is expected that from
December 2022, VinFast will hand over a large number of
thousands of VF e34 and VF 8 vehicles to pre-ordered customers
when the supply chain is stable and production is no longer
interrupted. Besides the VF e34 and VF 8 models, VinFast is also
planning to hand over the first VF 9s to customers in the first quarter of 2023.
On December 10, 2022, VinFast ofÏcially received an order for
the VF 5 Plus model, with impressive results. After only the first 9
hours of opening for sale, VinFast has received a total of 3,293 VF
5 Plus orders, of which 2,628 are committed to definitely get the
car (deposit level is 20 million VND, transferable, no deposit).
allowed to be refunded/canceled) and 665 standard deposit
orders (deposit level 10 million VND, transferable,
refund/canceled if the car is not taken). It is expected that the
first VF 5 Plus cars will be handed over to customers in April 2023.
In November 2022, VinFast also ofÏcially exported the first batch
of 999 VF 8 cars to the international market. It is expected that
the car will dock in California and be ready to hand over to US customers in December 2022. Demand for VinFast cars 40000 35723 35000 29485 30000 25000 20000 18646 17214 15000 10000 5000 0 2019 2020 2021 2022 2. Explain
the main factors that have affected the supply
and the demand of the commodity chosen over the last years.
a. Income of consumers
In the market, Vinfast’s cars are sold at around over 300
million VND to 1 billion VND. However, aside from the original
price for the car, buyers also have to bear other fees such as maintenance, and road fee.
Vinfast targets all types of consumers from rich people and
celebrities to normal people with average income. Even though
they invested a lot in the models, quality and safeties, the
price is estimated not too high.
Notwithstanding the Covid-19 pandemic had negatively
influenced the supply and demand for Vinfast’s cars. In
general, consumers’ income plummeted leading to a decrease
in the demand for Vinfast’s cars. There were fewer people who
were able to afford an electric car.
b. Prices of related goods
- Substitute goods: Vinfast has to compete with many
prestigious companies such as Mercedes-Benz, Toyota,
Suzuki, Chevrolet, Ford, Honda,…They are all established
companies with great brands, experience, financial
potential, and scale. Also, their products are of good quality
and attractive designs. Advertising campaigns were also
launched with great enthusiasm and created a highly
competitive environment in the industry.
However, during the Consumer Electronics Show (CES) 2022
in Las Vegas (USA) in January 2022, VinFast also announced
the selling price of two VinFast VF8 and VF9 models in the
US market at $41,000 respectively, and 56,000 USD,
excluding taxes and fees, compete with the Ford Mustang
Mach-E models with a price of 42,895 – 59,900 USD. - Complementary goods:
Calculated according to the price of gasoline at the time of
March 2022 for a distance of 500km, the fuel cost for a class
C gasoline car, specifically as follows: Gasoline Price (VND/l) Price when traveling 500km (VND) RON 95-V 30.320 1.182.480 RON 95-III 29.820 1.162.980 E5 RON 28.980 1.130.220 92-II
(Petroleum prices are based on retail prices of Petrolimex in Region 1 on March 17, 2022)
Meanwhile, a specific example of a class C electric car
VinFast VF e34 has a consumption capacity of 13.4 kWh /
100km. Calculating according to the level 5 electricity price
announced by the Ministry of Industry and Trade on March
20, 2019 is 3,117.4 VND/kWh (including VAT), the cost of
charging electric vehicles for a distance of 500km is:
13,4 x 3.117,4 x 5 = 208.866 VND
Besides, instead of buying batteries with the car, VinFast
applies a battery rental policy with a package of 657,500
VND for a distance of 500km. Thus, the total cost of
operating an electric car VF e34 for a distance of 500km is:
657.500 + 208.839 = 866.339 VND
With 2 specific examples, customers can easily see that the
operating costs of electric cars are somewhat more
economical, especially during the time when gasoline prices increase.
c. Taste or preference of consumers
Vietnamese mentality "Vietnamese people give priority to
using Vietnamese goods". Therefore, VinFast has hit this
mentality right from the beginning of product communication.
Consumers today are more concerned with product design and
performance. With a car, it is necessary to have a beautiful
and safe design, besides a reasonable price is also a decisive factor. d. Expectation
The development of battery technology and public charging
station infrastructure to bring convenience, increase charging
speed, and improve travel distance is what customers
especially expect from the automotive market. electricity in Vietnam in the future.
In particular, most customers want to be able to charge
electric cars right at their homes or apartment garages, so in
addition to building public charging stations, electric car
manufacturers also need to research and provide portable
chargers suitable for the domestic electricity network.
Currently, VinFast electric car models are provided with battery
packs with a maximum travel distance of 285km (VF e34),
420km (VF 8 Eco), 400km (VF 8 Plus), and 438km (VF 9). Eco)
and 423km (VF 9 Plus). This is considered an ideal operating
range, meeting consumer expectations for current electric car
models. Moreover, VinFast is continuing to cooperate with the
world's leading battery manufacturers to research and develop
superior battery technology to improve the range of electric cars.
Electric cars are popular vehicles in developed countries such
as the US, China, and European countries,... but quite new to
Vietnamese consumers. Electric cars have not been widely
used in the country, making many Vietnamese people
skeptical about new technology. e. Population
The population is the main source of creating markets, so this
is a factor that greatly affects the quantity demanded of goods.
As the population increases, the number of goods must also
increase to meet human needs. But because the production
capacity and income of all segments of society are not the
same, as the population size increases, the demand structure will also change.
In October 2020, according to estimates of the International
Monetary Fund (IMF), the size of Vietnam's economy with 97.3
million people by nominal GDP reached 340.6 billion USD, GDP
per capita by nominal is 3,498 USD/person and in purchasing power is 10,755 USD/person.
According to statistics from danso.org, the population size as
of 2021 is about 98.1 million people. In which, the proportion
of men accounted for 49.8%, women accounted for 50.2% (as
of December 31, 2020), a natural increase of about 945,967 people.
With the above information, it can be seen that the increase in
population level, along with the current increasing income
growth, the automobile market is expected to become a very
potential market. According to a recent forecast by the Ministry
of Industry and Trade, the Vietnamese auto market will
explode in 2025 with a consumption of 600,000 vehicles per year. f. Government policies
Regarding the influence of the state on business activities,
politics is one of the factors that strongly affect the company's
business activities. Vietnam has a stable political environment,
the State attaches importance to the internal society,
production and business among enterprises, creating favorable
conditions for all businesses to feel secure in doing business.
Therefore, political issues have a great influence on VinFast's operations.
The high tax on imported cars like cars increases the price of
imported cars, creating conditions for domestic manufacturing
companies like VinFast to face great growth opportunities.
Therefore, this factor has a large and positive impact on the
company's production and business activities.
In fact, the State's facilitation of international integration and
globalization has created conditions for automobile and
motorbike manufacturers in general and especially VinFast to
access advanced and modern technology. such as
mechanization, cooperation with international companies and corporations.
Recently, due to the Covid-19 crisis, the number of
unemployed people of working age in the third quarter of 2020
was more than 1.2 million, a decrease of 63.0 thousand people
compared to the previous quarter and an increase of 148.2
thousand people over the same period last year. last year. The
unemployment rate of working age in the third quarter of 2020
was 2.50%, down 0.23% from the previous quarter and
increasing by 0.33% over the same period last year. The
financial burden has partly caused the demand for cars to
decline. In 2020, the demand for cars in Vietnam will decline,
forcing companies to offer preferential policies to reduce car
prices from 8 to 15% to drive sales growth.
g. VinFast is facing the opportunity to anticipate the
future of the world, change user habits
Vehicles using clean energy to replace internal combustion
engines are a global trend. With the advantage of
environmental protection, regardless of resources, electric
motors and cars are widely applied, even becoming a
mandatory requirement in some countries.
h. High quality of Technology is applied (affects supply)
What makes Klara the most confident is that the smart
technologies will be applied to this model by VinFast. Science
and technology are important factors that help the first
Vietnamese car brands like VinFast compete with other famous
brands in the domestic market and can reach out to the world
in the future. Although most of the components are imported,
VinFast has applied modern science and technology in
assemblies such as using robots in most production processes,
which help speed up production, high accuracy, and safety for
humans. Vingroup chose to go straight in order to increase
investment efÏciency. Therefore, right from the beginning,
they chose large-scale production investment by building new
plants with modern technology on the basis of applying
technology 4.0, meeting international standards.
To achieve the goal of producing high-quality cars that meet
international standards, VinFast has focused on finding
qualified parts and components suppliers. Some VinFast’s
suppliers such as VAPA provides plastic components, ABB
provides 1200 robots for production, etc
LIST OF REFERENCE MATERIALS
1. What is VinFast? All About the New Vietnamese Automaker by
Matt Degen – [Kelly blue book]
2. Principal of Microeconomics by Karl E. Case (Wellesley
College), Ray C. Fair (Yale University), Sharon M. Oster (Yale University)
3. Can Vinfast easily dominate the electric car market in
Vietnam? By Trương Quốc Cường – [VnEconomy]
4. VinFast hands over 594 electric cars in November 2022 by
Nguyễn Thị Kim Anh – [Vinfastauto]
5. Customers' expectations for Vietnamese electric cars by
vinfastvn – [Vinfastauto]
6. Bản mẫu: Doanh số Vinfast – [Wikipedia]
7. Năm 2020, nhà sản xuất ô tô Việt Nam Vinfast đã bán được
bao nhiêu xe by Minh Quang – [VietNam Finance]
8. VinFast công bố doanh số năm 2019, bán được tổng cộng
67.000 ô tô và xe máy điện – [whatcar.vn]
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