Vinfast Commercial And Services Trading Limited Liability Company (Vietnam)

The subject was founded in Oct 2019 as a member of VINGROUP, the biggest private economic group in Vietnam. Currently, the company specializes in trading electric cars and electric motorbikes of the VINFAST brand, which are manufactured by VINFAST TRADING AND PRODUCTION JOINT STOCK COMPANY (VINFAST), another subsidiary of VINGROUP. In particular, VINFAST stopped gasoline-powered car production to focus on electric car production in late 2022 with 6 car models VF5, VF6, VF e34, VF7, VF8, and VF9.Up to now, the subject has a system of 83 showrooms and automobile service workshops along with developing a charging station system with over 1,500 charging ports throughout 63 provinces and cities nationwide. Since March 15, 2023, all of the genuine service workshops of the company have opened continuously from 8 AM to 9 PM on all days of the week.According to the subject's information, it handed over 11,638 electrical cars to clients in the first six months of 2023. Meanwhile, in the same period last year, the firm totally sold 14,695 cars. Especially, on June 01, 2023, SUN TAXI JOINT STOCK COMPANY signed with the subject a contract to buy 3,000 electric cars, which was the largest car purchase contract in Vietnam ever, with a delivery time of up to 2025.Regarding financial data, as of 31 Dec 2022, the subject's accumulated loss exceeded its owner's investment capital by nearly VND 1.291 trillion. Thus, its capital structure was very risky.