(Commonwealth_ The Embassy recently convened with VinFast’s top management in Ha Noi, exploring commercial and investment potentials to benefit both Sri Lanka and VinFast. VinFast, under Vingroup, a major player in South-East Asia, specializes in Electric Vehicles (EVs) and conventional vehicles.
Ambassador Dr. A Saj U Mendis and Minister Commercial Kishani Wickramasinghe met with VinFast’s Deputy CEO, Bui Kim Thuy, and senior management. Discussions, spanning an hour, delved into various economic, commercial, and trade prospects.
VinFast stands out as one of the few auto manufacturers focused on EVs. Its Nasdaq listing in August 2023 propelled it to become the world’s second most valuable auto company after Tesla, with a market capitalization surpassing $110 billion. VinFast is aggressively expanding globally, investing in manufacturing facilities in the US, India, and Indonesia.
Ambassador Mendis praised VinFast’s achievements, highlighting its potential to produce one million vehicles annually. He urged Deputy CEO Thuy to consider Sri Lanka for commercial operations, citing its strategic location, advanced manufacturing facilities, and numerous FTAs and trade agreements. Sri Lanka, with its access to Central and South Asia and the Middle East, offers an ideal hub for VinFast’s economic activities.
The meeting emphasized Sri Lanka’s appeal as an investment destination and commercial partner. With VinFast’s advanced manufacturing capabilities and Sri Lanka’s strategic advantages, collaboration could optimize global supply chains and enhance VinFast’s operations.
Ambassador Mendis urged Deputy CEO Thuy to explore opportunities for outsourcing, manufacturing, or assembly plants in Sri Lanka. He underscored Sri Lanka’s readiness to facilitate VinFast’s endeavors, leveraging its conducive business environment and skilled workforce.
The potential collaboration aligns with Sri Lanka’s efforts to attract foreign investment and promote economic growth. VinFast’s global presence and Sri Lanka’s strategic advantages create a symbiotic partnership with vast potential for mutual benefi
As discussions progress, both parties aim to solidify plans for cooperation, leveraging their respective strengths to drive innovation, economic growth, and sustainable development. VinFast’s interest in Sri Lanka reflects its recognition of the country’s strategic importance and potential as a key player in the global automotive industry.
The meeting between the Embassy and VinFast underscores the growing partnership between Sri Lanka and VinFast, poised to unlock new opportunities for economic collaboration and drive mutual prosperity. As discussions advance, both parties remain committed to exploring avenues for cooperation and leveraging their synergies to create value and drive sustainable growth.
Moreover, Sri Lanka offers a conducive business environment, supported by a network of free trade agreements and strategic alliances, making it an attractive destination for VinFast’s investment ventures. By establishing a presence in Sri Lanka, VinFast can gain access to a dynamic market, streamline its supply chain operations, and bolster its global competitiveness.
On the other hand, Sri Lanka stands to benefit from VinFast’s expertise and resources, particularly in the realm of electric vehicles (EVs) and sustainable transportation solutions. Collaborative efforts between VinFast and local stakeholders can pave the way for the adoption of clean energy technologies and the development of eco-friendly mobility solutions, aligning with Sri Lanka’s sustainability goals and environmental commitments.
As discussions between Sri Lanka and VinFast progress, both parties are steadfast in their commitment to exploring various avenues for cooperation and harnessing their synergies to generate value and promote sustainable growth. By cultivating a culture of collaboration and mutual exchange, Sri Lanka and VinFast are well-positioned to capitalize on emerging opportunities for innovation and economic development.
Through collaborative efforts, Sri Lanka and VinFast aim to unlock new pathways for innovation, particularly in the automotive sector. By pooling together their expertise and resources, they can explore novel technologies, manufacturing processes, and business models that have the potential to revolutionize the industry. This collaborative approach not only fosters innovation but also drives competitiveness and positions both parties as key players in the global automotive market.
