Excellent Technology from Vingroup’s Ecosystem Creates VinFast’s Growth in Global Market.
Ever since the introduction to global market, VinFast, the Vietnamese electric vehicle manufacturer, has adopted the technology from the expertise of Vingroup’s Group, its parent company and the largest business in Vietnam, to create the significant differences and drive the growth of the company.
VinFast’s rapid success in global market with a strong presence in the US, Canada and European markets has led it to aggressively target Asian markets in India, Indonesia and, most recently, Thailand. Vingroup, a leading and great Vietnamese conglomerate, not only has provided financial support but also is a core pillar in inspiring VinFast to enter into the world stage.
From being an Automobile Importing Country to Global Player: Vingroup’s bold vision for Vietnam’s automotive industry, and being the largest private company that plays a variety of important roles in the economy of Vietnam, had generated GDP of nearly 1.6% in 2023 with the operations in three main business categories, namely: technology, trade, services and social business.
From 2022, the industry segment led by VinFast’s electric vehicles has grown by leaps and bounds generating the revenue of more than 41,359 million Baht (28.4 trillion Dong) compared to 18,932 million Baht (13 trillion Dong) last year.
Before having VinFast, the automotive industry was limited just only to the imports. Downstream industries had not been developed and the costs were higher than those in the other countries of the region. Vietnam’s automotive market is one of the highest potential global markets because it is very low in terms of the car ownership rate which is only 23 per 1,000 people. Up until the present, VinFast has built a strong foundation, created independence and awareness in the supply chain of Vietnam’s automotive industry. The company’s influence not only is limited to Vietnam but also the most influential in the global industry because just only seven years after the launch of its first model at the Paris Motor Show, Vingroup’s Chairman ranks among the most influential people in the global auto industry. VinFast’s global growth plan was reiterated once again from the selection of Pham Nhat Vuong, Chairman of Vingroup and CEO of VinFast to be on the 2024 Motor Trend Power List. He is the only entrepreneur from Southeast Asia to receive this honor for his vision in pioneering work, rapid growth and VinFast’s solid potential to revolutionize the automotive landscape.
VinFast is not just only an electric vehicle company but also opens up a new frontier of automobile technology with a commitment to AI innovation. The company therefor builds the future where the driving is safer, smarter, and more fun for everyone.
