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

Highbrow Unveils Its New Beauty Salon at The Adelphi

SINGAPORE - Media OutReach Newswire - 27 June 2025 - HighBrow, one of Singapore’s most trusted names in brow, lash, and nail care, is thrilled to announce the launch of its new beauty salon at The...

Cyberport 5 as Hong Kong's New I&T Landmark

Driving Emerging Strategic Industries Development Heralding a New Chapter in Integration of I&T and the Community HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Cyberport ...

VinFast signs dealer financing cooperation agreement with BCA

JAKARTA, INDONESIA - Media OutReach Newswire - 27 June 2025 - VinFast has officially entered into a pivotal financial partnership with PT Bank Central Asia Tbk. (BCA), one of Indonesia's leading p...

Food Expo PRO and Hong Kong International Tea Fair Return in August with New Coffee Zone and Expanded Halal Sector

HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Organised by the Hong Kong Trade Development Council (HKTDC), the Food Expo PRO and Hong Kong International Tea Fair will be staged concurr...

Food Expo PRO and Hong Kong International Tea Fair: One-Stop F&B Platform Returns in August

Spotlighting Food Science & Tech HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Organised by the Hong Kong Trade Development Council (HKTDC), the Food Expo PRO and Hong Kong Internat...

The best CFD broker 2025': Octa receives yet another award

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 27 June 2025 - Octa, a globally regulated and trusted broker since 2011, was recently named 'The best CFD broker 2025' by the AllForexRating.com...

DHL Express completes the modernization of its Air Hong Kong-operated fleet to boost Asia Pacific network capacity and fuel efficiency

14 A330 freighters in total have been added to the regional network, retiring the previous A300-600F fleet This is part of DHL Express's ongoing investment to enhance its network ...

Rethinking Obesity: Novo Nordisk’s Latest Initiative Urges Singaporeans to Treat, Not Blame

“Beyond the Scale” focuses on obesity as a chronic disease — urging empathy, early intervention, and evidence-based care. SINGAPORE - Media OutReach Newswire - 27 June 2025 - Imagine a chronic dis...

Trend Micro to Deliver AI Factory with Dell and NVIDIA for Secure Infrastructure at Scale

Platforms to accelerate secure AI adoption for modern IT environments HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecur...

HKICPA renews its Mutual Recognition Agreement with ACCA

HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA)...

Demand for Home Batteries surges as Federal Rebate Kicks In

A leading provider of energy solutions VoltX Energy has seen a 400% increase in demand for home batteries in the past three weeks as people put d...

Why Sport Remains the Safest Bet in an Uncertain World

When Rome was in crisis, its leaders did not retreat to the Senate. They went to the circus. To the chariot races. To the gladiators. Sport was no...

THE FINE LINE WITHIN HILARIOUS SIGNAGE DESIGN FAILS

It seems like design failures still occur in today’s modern branding era, despite rigorous rounds of approvals behind the scenes. One signage show...

Deputy Announces Exclusive Global Partnership with Predelo to Bring AI to Shift-Based Businesses

Deputy, the global people platform for shift-based businesses, has announced an exclusive partnership with Predelo, an AI Decision Agent-as-a-Serv...

Leftover Budget? The Last-Minute EOFY Tip to Drive Business Success in FY25/26

The countdown is on. With just days left until EOFY, now’s the time to make your remaining 2024–2025 budget work harder and smarter. After workin...

pay.com.au appoints new CEO and Managing Director

The former COO will lead the company’s next growth phase, with ex-CEO Edward Alder transitioning into the role of Managing Director AUSTRALIA, 25...

Sell by LayBy