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VIETNAM’S sole car-maker VinFast will use blockchain technologies in its buyer reservation program launched last week.

It is one of the first uses of blockchain by a car-maker and will be used to certify registrations, payments and vehicle ownership. 

Blockchain is basically a method of holding and sharing data that, once written, cannot be altered. It offers a high degree of security and the promise of accuracy.

It will allow US buyers access to ordering VinFast’s first two models – the VF e35 and VF e36 – and give them access to the company’s membership program: VinFirst – ‘Pioneer’s Gratitude to Pioneers’.

In Vietnam, the reservation fee for each VF e35 will be $US656 ($A911) which prospective buyers can use in return for a $US6565 ($A9116) credit towards the vehicle purchase price. 

Customers paying $US875 ($A1215) to reserve a VF e36 will get a credit of $US10,938 ($A15,188).

In the US, VinFast customers who deposit $US200 ($A278) to make a reservation will receive e-vouchers of $US3000 ($A4166) for the VF e35 and $US5000 ($A6943) for the VF e36. 

Customers who book their registration will get a VinFirst NFT (non-fungible token) certifying their membership as a pioneer in VinFirst. VinFirst member benefits will be transferred directly to their blockchain wallet based on their VinFirst NFT, enabling customers to verify their benefits easily and transparently, and open future benefits and services as a pioneer member. 

VinFast said that the reservation fees are refundable for both markets. It is yet to announce the purchase price of its cars.

VinFast said it will first apply blockchain in the reservation process in the US and is looking at the possibilities of using this technology in other markets in the near future.

VinFast Global CEO and vice chairperson, Madam Le Thi Thu Thuy, said: “VinFast’s Customer-First Philosophy leads us towards providing high-quality products with reasonable pricing and outstanding services as well as offering solutions that inspire global customers to join hands for a more sustainable future for all”.

VinFast has said previously that it will make “EV ownership more attainable for everyone” and “will offer competitive pricing models, along with an attractive battery leasing policy and a 10-year warranty in all markets.”

The electric SUV models VF e35 and VF e36 for reservation will be equipped with level 2+ autonomous driving features for Eco and Plus versions and level 3 – 4 for Premium versions. 

The models will also feature Smart Services, including Smart Home, Mobile Office, In-car Shopping, In-car Entertainment, and “other convenient, advanced features that create an exhilarating experience for every journey and everyday life.”

VinFast, a member of the Vingroup conglomerate, was started in 2017 and owns an automotive manufacturing complex with 90 per cent automation in Hai Phong, Vietnam. In July 2021, VinFast expanded to the North American and European markets. 

Its parent, Vingroup, was started in 1993 and is now capitalised at $US35 billion. It is involved in technology, industry and services.

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By Neil Dowling

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