VinFast adjusts Canadian market strategy and closes some stores

Vietnamese electric car brand VinFast has decided to close five stores in Canada due to poor sales of electric cars in Canada and changes in subsidy policies. VinFast has a total of 10 stores in Canada, located in Ontario, British Columbia and Quebec. The company will retain its business in these three provinces, but will close some stores. Although the specific number of layoffs was not disclosed, VinFast said it would continue to adjust its business model for future development. Since entering the Canadian market in 2022, VinFast had planned to sell directly through more than 30 directly-operated stores across the country. However, the pace of expansion has gradually slowed down.