Business Daily Media

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.

News from Asia

"Wine Olympics" returns to China as international expo opens

YINCHUAN, CHINA - Media OutReach Newswire - 11 June 2025 - The Fifth China (Ningxia) International Wine Culture and Tourism Expo opened Monday in Yinchuan, capital of northwest China's Ningxia Hui...

Hong Kong Hosts World’s Largest ISSCR Stem Cell Gathering for the First Time

Some 2,400 stem cell and regenerative medicine pioneers convene to chart new frontiers, resulting from bidding efforts of Hong Kong Convention Ambassadors of the Hong Kong Tourism Board HONG K...

De Beers launches ‘Ombré Desert Diamonds’ jewellery beacon and ‘Origin, De Beers Group’ polished diamonds

First ‘beacon’ product in more than a decade will support category demand for natural diamonds, while Origin initiative will differentiate De Beers-sourced polished diamonds Rapid delivery of Origi...

VinUni sets its sights on world’s top 100 universities – Recruiting 500 leading scholars worldwide

HANOI, VIETNAM - Media OutReach Newswire - 9 June 2025 - VinUniversity (VinUni) has officially unveiled its second-phase development strategy, with the ambitious vision of becoming one of the worl...

Empowering the SDGs through Journalism

2025 Sustainable and Constructive News Awards Now Open for Entries TAIPEI, TAIWAN - Media OutReach Newswire - 12 June 2025 - The 2025 Sustainable and Constructive News Awards are now officially op...

Global Tourism Elites Gather for "Night of Hainan"

SANYA, CHINA – Media OutReach Newswire – 9 June 2025 – On June 7, more than 450 global tourism industry representatives met in Sanya, China, for the Night of Hainan Tourism Promotional Event, wher...

Global Tourism Elites Eye New Opportunities in Hainan, China

SANYA, CHINA - Media OutReach Newswire - 10 June 2025 - On June 8, the Overseas Tour Operators Hainan Tour 2025 was inaugurated in Sanya, China, and more than 450 tourism industry representatives ...

Gother upgrades tourism platform, targeting next-gen travelers and a top 3 spot in Thailand’s travel market by 2027

BANGKOK, THAILAND - Media OutReach Newswire - 10 June 2025 – Gother, a tourism service platform, operated by Search Engine Optimization, a joint venture between Beacon Venture Capital (venture arm...

Vinmec performs its first total femoral replacement for world's youngest cancer patient

HANOI, VIETNAM - Media OutReach Newswire - 11 June 2025 - Vinmec Healthcare System has successfully performed a Total Femoral Replacement (TFR) surgery using personalized 3D printing material...

Wildberries plans to build a $150 million warehouse in Uzbekistan

TASHKENT, UZBEKISTAN – Media OutReach Newswire – 12 June 2025 – Wildberries, a leading e-commerce platform in Eurasia, plans to spend $150 million on building a flagship warehouse in Uzbekistan to...

How AI is Reshaping Banking in Australia

AI in the Banking and Financial Services Industry  From fraud detection and credit scoring to personalised financial advice, AI is transforming t...

Tracksuit set for growth after $38M investment

Tracksuit Raises $38M Series B to Accelerate Global Expansion and Boost its Growing US Presence VMG Partners leads oversubscribed round; Tracksui...

Deputy Launches Payroll in Australia: Purpose Built for Shift-Based Businesses

Deputy, the global people platform purpose-built for shift work, officially launched Deputy Payroll in Australia today — a seamless experience desig...

How Notion is Addressing Australia's Tech Bloat and Productivity Challenges

In Australia's rapidly evolving digital landscape, businesses are facing an unexpected challenge : tech bloat. This phenomenon is causing a signific...

Konica Minolta Australia partners with Box to drive Intelligent Content Management

Konica Minolta Australia has announced a strategic partnership with Box, the leader in Intelligent Content Management, to deliver a transformative...

TP Leverages AI for Accent-Translation to Improve Customer Engagement

Global digital business services provider Teleperformance (TP) is leveraging AI voice technology to improve communication between customers and se...

Sell by LayBy