Vietnam automaker VinFast unveils $164k SUV to burnish brand

HO CHI MINH CITY -- VinFast, the automaker founded by Vietnam's richest man, has unveiled an SUV for his well-to-do compatriots. Priced at $164,000, the luxury VinFast President went on sale Monday and will have a production run of just 500 vehicles, because it is "exclusively for the Vietnamese market," according to a statement from the company.

But while consumer spending is expected to bounce back in Vietnam -- one of the few markets to continue growing amid the pandemic -- given the President's hefty price tag, analysts see the SUV less as a product for domestic consumers and more as a step toward burnishing the brand.