Pham Nhat Vuong, the enigmatic chairman of Vingroup, is a man of few words but immense vision. I first met him at the VinFast Future Prize 2023 in Hanoi. I broke cordon sanitaire just after the Vietnam president left escorted by his bodyguards. I attempted to get a selfie, instead I got a handshake that left an enduring impression. Vuong, exuded a quiet determination that hinted at the transformative potential of his latest venture: VinFast, Vietnam’s first global electric vehicle manufacturer.
VinFast’s story is one of audacious ambition and rapid execution. Established in 2017 as a subsidiary of Vingroup, Vietnam’s largest conglomerate, VinFast has emerged as a symbol of the country’s burgeoning technological prowess and industrial ambition. Vuong, who had already built a vast empire spanning real estate, retail, healthcare, and education, saw an opportunity to revolutionize Vietnam’s automotive industry and position the nation as a key player in the global electric vehicle market.
Leveraging Vingroup’s extensive resources and Vuong’s unwavering determination, VinFast embarked on an ambitious journey to develop a comprehensive range of electric vehicles, from compact cars to SUVs, and even electric buses and scooters. The company’s state-of-the-art manufacturing facility in Hai Phong, Vietnam, boasts cutting-edge technology and a commitment to sustainability, reflecting Vuong’s vision for a greener future.
In a remarkably short period, VinFast has achieved significant milestones. The company’s vehicles have garnered international acclaim for their design, performance, and technological innovation. In 2019, VinFast made a splash at the Paris Motor Show, unveiling two models — the LUX A2.0 sedan and the LUX SA2.0 SUV — designed in collaboration with renowned Italian design house Pininfarina. These models quickly became popular in Vietnam, establishing VinFast as a domestic leader.
VinFast’s global aspirations were evident from the outset. The company partnered with leading automotive suppliers and technology firms, including BMW, Bosch, and Siemens, to ensure its vehicles met international standards. In 2021, VinFast announced plans to expand into North America and Europe, setting the stage for its entry into the global electric vehicle market.
A pivotal moment for VinFast came in 2022 when the company announced its commitment to becoming a fully electric vehicle manufacturer. This bold move signaled Vuong’s belief in the inevitability of the global shift towards electric mobility and his determination to position VinFast at the forefront of this revolution.
VinFast’s rapid growth has not been without challenges. The company faced initial skepticism from some industry observers, who questioned its ability to compete with established global automakers. However, VinFast has consistently defied expectations, proving its capabilities through innovative engineering, strategic partnerships, and a relentless focus on customer satisfaction.
In the first quarter of 2024, VinFast continued its global expansion, launching its brand in Thailand and Indonesia and establishing a presence in the Middle East. The company also initiated construction on a new manufacturing facility in India, further solidifying its commitment to global expansion. While domestic sales remain strong, VinFast is also experiencing encouraging growth in the U.S. market, where it has launched two electric SUV models, the VF 8 and VF 9.
Vuong’s long-term vision for VinFast is unwavering. In a recent interview, he reiterated his commitment to the company, stating, “Until I run out of money,” when asked about his financial support. This statement reflects Vuong’s belief in the transformative power of electric vehicles and his determination to build a sustainable and enduring company that will not only benefit Vietnam but also contribute to a greener future for the planet.
As VinFast continues to innovate and expand, it is poised to become a major player in the global electric vehicle market. Vuong’s ambition to create a Vietnamese brand with global influence is becoming a reality, and VinFast’s success is a testament to the power of vision, determination, and a relentless pursuit of excellence.
