At the Bangkok International Motor Show (BIMS) held in April this year, VinFast made a significant announcement: its entry into the Thailand market. The Vietnamese automaker had inked partnership agreements with 15 dealers and was expected to introduce a mix of electric vehicle (EV) models before the end of the year.

However, recent reports indicate a change in VinFast's plans. Just five months after its entry, the company is rumored to be pulling the plug on its business in the Kingdom. Here are the key points:

1. Reasons for Exit:

   - EV Price War: VinFast faced intense competition in the EV market due to an ongoing price war. The company found it challenging to compete from a pricing viewpoint.

   - Inability to Compete: Despite its efforts, VinFast couldn't sustain competitive pricing, leading to the decision to exit the Thai market.

2. Dealer Compensation:

   - Dealers in Thailand are currently preparing to file claims for compensation due to their investment losses resulting from VinFast's exit.

3. Exploring New Markets:

   - Following its withdrawal from Thailand, VinFast is set to explore a new ASEAN market—specifically, the Philippines.

4. Global Expansion Plans:

   - VinFast had ambitious plans to expand to at least 50 countries this year. While it recently launched the VF5 in Indonesia, it has postponed the opening of its US factory in North Carolina to 2028.

   - The company aims to manage short-term spending effectively and focus on near-term growth targets.

5. No Official Word on Thailand Entry:

   - Despite road trials of the VF e34 and VF5 in Thailand, there has been no official confirmation regarding VinFast's entry into the Thai market.

In summary, VinFast's journey in Thailand faced challenges, but the brand remains resilient, exploring new opportunities in the ASEAN region.