skyperryVinFast’s participation in the Bangkok Motor Show 2024 and the launch of its new electric vehicle lineup marked a significant step forward for the Vietnamese automaker in its journey to conquer the international market. However, Thailand is a market full of potential but also challenges, requiring VinFast to have the right strategies to succeed.
Challenges and Opportunities in the Thai Market:
Challenges:
- Fierce Competition: The Thai electric vehicle market currently features many major players like Tesla, BYD, MG… with diverse products and attractive sales policies.
- Images of various car brands
- Consumer Preferences: Thai consumers have high requirements for quality, design, and technology.
- Infrastructure: Although Thailand is promoting the development of infrastructure for electric vehicles, there are still limitations in terms of charging stations and after-sales services.
Opportunities:
- Potential Market: Thailand is the largest electric vehicle market in Southeast Asia with increasing demand.
- Supportive Policies: The Thai government has many incentive policies for electric vehicles, creating favorable conditions for manufacturers and consumers.
- Vietnamese Brand: VinFast can take advantage of being a Vietnamese brand to attract the attention of Thai consumers, especially in the context of the growing cooperation between Vietnam and Thailand.
VinFast’s “When in Rome, Do as the Romans Do” Strategy:
To succeed in Thailand, VinFast has adopted a “When in Rome, Do as the Romans Do” strategy, combining experience from the Vietnamese market with adjustments to suit the Thai market:
- Product: VinFast brought a diverse product range to the Bangkok Motor Show 2024, from VF 8, VF 9 to VF e34, VF 5 Plus, covering various car segments to meet the different needs of each customer.
- Pricing: VinFast offers competitive prices compared to its rivals and implements attractive promotional programs.
Marketing: VinFast has increased promotion on media, organized test drive events, cooperated with local partners… In particular, inviting Miss Thailand Dinsorsee Panida Kernjinda as a brand ambassador is a smart move to approach Thai customers and the company is also bringing the VF Wild pickup truck, even though it is just a demo, to this event. Showing VinFast’s determination to make a big splash in the Thai market.
- Service: VinFast is committed to providing high-quality after-sales service and building a charging station system suitable for Thai conditions.
Predicted Next Steps:
- Expanding Network: VinFast will continue to expand its dealer and charging station network across Thailand.
- Product Development: VinFast will research and develop new electric vehicle models to suit the tastes of Thai consumers. This is the reason why the brand brought its first all-electric pickup truck, the VF Wild, to the event. Although it was just a display model, it still added to the appeal of the event.
- Improving Service Quality: VinFast will continuously improve the quality of after-sales service to satisfy customers.
With the right strategy and serious investment, VinFast can surely achieve success in the Thai market and continue to reach further on the path to conquering the international market.
