Truewin Supplies Parts to VinFast, Subsidiary of Vietnam's Largest Conglomerate Vingroup

[Asia Economy Reporter Hyunseok Yoo] System semiconductor company Truewin announced on the 10th that it has signed a supply contract for automotive sensor products ‘BPS (Brake Pedal Sensor)’ with Vietnamese electric vehicle startup VinFast.

VinFast, spun off from the Vietnamese conglomerate Vingroup, is Vietnam's first complete car manufacturer that launched its self-developed gasoline car in 2019. VinFast is regarded as having successfully established itself in the complete car industry by achieving sales of about 30,000 units last year. It manufactures electric vehicles with the U.S. and European markets in mind.

VinFast is planning an initial public offering (IPO) on the U.S. stock market by the end of 2022. The company expects to raise at least $3 billion and be valued at $60 billion (approximately 71 trillion KRW). VinFast is globally recognized as one of the top five most anticipated IPO candidates in the U.S. securities market this year, as introduced by Yahoo Finance.

Truewin will supply parts to VinFast’s new electric vehicle models VFe35 and VFe36. It has confirmed to supply an average of 90,000 sensors annually until 2026. The BPS is a sensor that measures voltage values when the driver presses the vehicle pedal and transmits electrical signals to the electronic control unit.

A Truewin official said, “We have currently confirmed the supply of more than 450,000 parts to VinFast,” adding, “The order volume may increase depending on future vehicle sales, so we expect performance growth going forward.”

Meanwhile, Truewin supplied electric vehicle parts last year to Genesis brand’s first dedicated electric vehicle ‘GV60’, Hyundai’s ‘Ioniq 5’, and Kia’s ‘EV6’. It also expanded its global market reach by supplying BPS to China’s version of Tesla, ‘NIO’.