Wednesday , April 24 2024

VinFast pulls plug on trade-in program

VinFast has scrapped its trade-in program launched two years ago due to weak demand.

In May 2020 VinFast, a subsidiary of private conglomerate Vingroup, launched a unique buyback scheme, offering to exchange any brand for its own models on which it also offered discounts.

The company is replacing the scheme with a new sales program, under which customers are offered discounts when buying a VinFast electric car provided that they are members of the global VinFast community.

The discounts are VND6 million ($250) for a VF 5 Plus, VND10 million for a VF e34, VND15 million for a VF 8, and VND20 million for a VF 9.

In November, the company sold 594 electric vehicles (EVs).

It plans to install 150,000 charging ports for electric cars and motorbikes in all 63 cities and provinces by the end of 2022.

VinFast is the only company to sell EVs in the Vietnamese market.

Others such as Toyota, Kia and Hyundai only have hybrid models and not pure EVs.

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