Hashtag
Men's Weekly

The Corporate Engine Powering VinFast's Global Push

HANOI, VIETNAM - Media OutReach Newswire - 19 July 2024 - In a bold move against the prevailing headwinds in the electric vehicle (EV) industry, VinFast, the young Vietnamese EV manufacturer, is forging ahead with its ambitious global expansion plans.

While major players like Apple have recently abandoned their decade-long pursuit of an electric vehicle, and others are scaling back their ambitions, VinFast remains undeterred. Having already established a presence in the U.S., Canada, and Southeast Asia, the company is now setting its sights on the Middle Eastern market.

VinFast EV factory in Hai Phong
VinFast EV factory in Hai Phong

The driving force behind VinFast's unwavering confidence is its parent company, Vingroup, Vietnam's largest private conglomerate. Both entities are led by Pham Nhat Vuong, the Southeast Asian nation's wealthiest individual, known for his bold leadership and visionary outlook. Pham's unwavering belief in the future of electric vehicles is evident in his recent declaration at a shareholder meeting: "The electric vehicle market will continue to grow and eclipse gasoline-powered cars."

Under Vuong's leadership, Vingroup has become a powerhouse in Vietnam's economy. Contributing nearly 1.6% to the country's 2023 GDP, the conglomerate operates across a diverse range of sectors, including technology-industry, trade & services, and social enterprise. While all sectors play a role in Vingroup's success, real estate and electric vehicles have emerged as the primary revenue drivers in 2023, surpassing $6.5 billion combined.

Vingroup's robust financial support has been crucial to VinFast's journey. Since its inception in 2017, VinFast has received $11.4 billion in capital injections from Vingroup, its affiliates, and Pham himself. This substantial backing has enabled VinFast to make significant investments in research and development (R&D), manufacturing capabilities, and global expansion. In April, Pham pledged an additional $1 billion from his personal wealth to VinFast, further demonstrating his commitment to the car company's success.

Founded in 2017, VinFast quickly established its Hai Phong automobile factory in 2019, achieving a world record for construction speed. Initially producing gasoline cars, the company made a bold pivot to all-electric and surprised the industry by delivering its first EV to customers in December 2021.

Beyond financial support, Vingroup provides VinFast with a comprehensive technological ecosystem that empowers the EV manufacturer to develop smart and modern vehicles. This ecosystem includes subsidiaries like VinBigData and VinAI, each specializing in different technological domains. Collaborative efforts within this ecosystem have led to innovations like MirrorSense, an AI-driven automatic mirror adjustment technology, and ViVi, a Vietnamese voice assistant, both of which enhance the driving experience for VinFast customers.

Vingroup's commitment to sustainability is another key factor contributing to VinFast's success. The conglomerate was recently awarded the prestigious AIBP 2023 ASEAN Tech for ESG Award, recognizing its leadership in sustainable development. Vingroup's green ecosystem, which encompasses sustainable practices, charging infrastructure, and R&D, provides a solid foundation for VinFast to thrive in the global EV market.

In addition to its existing markets, VinFast is eyeing the Middle East as its next stop, recognizing the growing demand for EVs here. The company has established a regional headquarters in Dubai and formed strategic partnerships with local dealers and distributors in countries like Oman and the UAE.

VinFast's unwavering expansion, fueled by Vingroup's financial and technological backing, sets it apart in the competitive EV landscape. Its commitment to sustainability and recent developments in the Middle East highlight its ambition to become a global leader in electric mobility, challenging industry norms and driving the EV revolution forward.

Despite the challenges facing the EV industry, VinFast's bold approach, backed by Vingroup's resources and vision, positions it for continued growth and success in the global market.

Hashtag: #VinFast

The issuer is solely responsible for the content of this announcement.

Business News

Visa introduces Click to Pay with leading banks and payment facilitators in Vietnam, transforming the online shopping experience

Vietnam is first market in Southeast Asia to embrace Click to Pay, offering unmatched convenience, security, and efficiency in e-commerce transactions. HCMC, VIETNAM – Media OutReach Newswire – 9 Ju...

Hashtag.net.au - avatar Hashtag.net.au

Aspire Becomes First Fintech to Integrate Directly with Payboy, Streamlining Payroll Management

SINGAPORE - Media OutReach Newswire - 10 June 2025 - Aspire, the all-in-one financial operating system for modern businesses, today announced its integration with Payboy, one of Asia’s leading payr...

Hashtag.net.au - avatar Hashtag.net.au

GIA Redefines Lab-grown Diamond Grading Standards Discontinuation of 4Cs Grading System Enhances Differentiation Between Natural and Lab-Grown Diamonds

HONG KONG SAR - Media OutReach Newswire - 10 June 2025 - The Gemological Institute of America (GIA), the world's foremost authority in gemology announced a redefinition in diamond grading on June 2, ...

Hashtag.net.au - avatar Hashtag.net.au

BAIC Announces 2025 Vehicle Lineup for International Automotive &Supply Chain EXPO (HONG KONG)

HONG KONG SAR - Media OutReach Newswire - 9 June 2025 - From June 12 to 15, the INTERNATIONAL AUTOMOTIVE&SUPPLY CHAIN EXPO in Hong Kong will host a major international auto show under the theme ...

Hashtag.net.au - avatar Hashtag.net.au

"2025 Sun Life Hong Kong International Dragon Boat Races" Successfully Concluded in Acclamation

Cancer patients, survivors and their loves ones formed an inaugural dragon boat team Citizens and tourists dive into the Dragon Boat Frenzy HONG KONG SAR - Media OutReach Newswire - 9 June 2025 - Th...

Hashtag.net.au - avatar Hashtag.net.au

Asian Packaging Industry Online Exhibition 2025: Exploring Packaging Equipment and Products, Shaping the Future of Industry Development

TAIPEI, TAIWAN - Media OutReach Newswire – 10 June 2025 - The Asian Packaging Industry Online Exhibition 2025 (APACK 2025) runs from June 10, 2025, to October 10, 2025, offering international buyers ...

Hashtag.net.au - avatar Hashtag.net.au

Health & Wellness

Telehealth Could be the Catalyst for Better Heart Health in Australia

Hashtag.net.au - avatar Hashtag.net.au

Image by stockking on Freepik Heart disease is one of the leading causes of death in Australia despite decades of advancements in medicine and health education campaigns. More than 400 Australians ...

Disability Care in Melbourne: What Families Need to Know in 2025

Hashtag.net.au - avatar Hashtag.net.au

If you’re supporting a loved one with a disability in Melbourne, you’ll know how important it is to find the right care—and how overwhelming it can be to navigate the system. With the National Disab...

Online Medical Certificate Services: Essential Features to Look Out For

Hashtag.net.au - avatar Hashtag.net.au

"Discover top online medical certificate services! Essential features to look for to get trusted and efficient results." Choosing high-quality services is essential for ensuring reliable, efficient, ...