Business Daily Media

The Times Real Estate

.

Vingroup: the powerhouse behind VinFast's electric vehicle ambitions

Leveraging Vietnam’s manufacturing ecosystem and backed by deep-pocketed Vingroup, the country's largest private conglomerate, VinFast is positioning itself as a global electric vehicle contender.

HANOI, VIETNAM - Media OutReach Newswire - 26 July 2024 - Pham Nhat Vuong, Vietnam's wealthiest man and the driving force behind Vingroup, the country's largest private conglomerate, is all-in on electric vehicles.

His unwavering belief in the future of electric mobility has fueled VinFast, Vingroup's automotive arm.

Vingroup, the powerhouse behind VinFast
Vingroup, the powerhouse behind VinFast's electric vehicle ambitions

Mr. Vuong has described VinFast as a "devotion project," a testament to his personal conviction that the electric vehicle market is poised for explosive growth. This vision has propelled the company forward, even as it navigates a challenging global economic landscape marked by rising interest rates and uncertain consumer sentiment.

At Vingroup's annual shareholder meeting, Mr. Vuong reiterated his ironclad commitment to VinFast. "The electric vehicle market will continue to grow," he declared. "VinFast is Vingroup's mission, honor, and future." His words underscored the company's determination to become a global electric vehicle powerhouse.

As VinFast races to compete on the world stage, Mr. Vuong's deep pockets provide a crucial financial cushion.

VinFast’s manufacturing complex in Hai Phong, Vietnam
VinFast’s manufacturing complex in Hai Phong, Vietnam

Multi-industry Corporation from Vietnam, a New Manufacturing Powerhouse

Vietnam's rapid economic growth has propelled domestic conglomerates like Vingroup to the forefront of the nation's business landscape. As a behemoth contributing an estimated 1.6% of Vietnam's 2023 GDP, Vingroup has diversified its portfolio across technology-industry, trade & services, and social enterprise.

Real estate and electric vehicles have emerged as the twin engines driving Vingroup's financial performance. In 2023, these sectors combined to generate over $6.5 billion in revenue. This momentum carried into 2024, with the company reporting $853.7 million in consolidated net revenue during the first quarter.

Vinhomes, Vingroup's real estate subsidiary, stands as a dominant force in Vietnam's property market. Renowned for its scale, speed, and service, Vinhomes is at the vanguard of the country's real estate sector. With a vision to create world-class living environments, Vinhomes is redefining urban living by seamlessly blending residential spaces with nature, amenities, and community.

Meanwhile, manufacturing emerged as the key driver of this growth, with revenue reaching 238.2 million USD, a significant 3.4-fold increase compared to the same period in 2023. This highlights the growing strength of Vingroup's manufacturing sector.

In fact, Vietnam has emerged as a manufacturing powerhouse, attracting global companies seeking to diversify supply chains. Low labor costs, a skilled workforce, and open investment policies fuel this growth. However, Vietnam has long aspired to develop its own independent automotive industry, complete with a domestic supply chain.

Prior to VinFast's appearance, the Vietnamese auto sector relied heavily on imports, with limited local assembly and underdeveloped supporting industries.

VinFast has become a key player in fostering an independent and proactive Vietnamese auto supply chain. This, in turn, elevates the national brand on the world stage. Just seven years after unveiling its first models at the Paris Motor Show, Vingroup's chairman, the founder of VinFast, has been included in a prestigious list of the most influential figures in the global auto industry, the 2024 MotorTrend Power List.

Vingroup's Tech Ecosystem Propels VinFast's Electric Vehicle Push

Forging strategic partnerships and prioritizing consumer-centric technology features, VinFast aims to carve a niche in the competitive electric vehicle market. The company's product portfolio emphasizes innovative features that enhance the driving experience. This focus, coupled with the backing of its parent company, Vingroup, positions VinFast for potential success.

VinFast's parent company brings more than just financial muscle to the table. It also provides a comprehensive technological ecosystem that empowers VinFast to develop cutting-edge, smarter electric vehicles that surpass gasoline-powered rivals.

Vingroup's technology ecosystem serves as a robust platform, empowering not only VinFast but also its real estate, services, and healthcare divisions to leverage cutting-edge innovations.

  • VinBigData: Established on the bedrock of Vingroup Big Data Institute's data science and AI expertise, VinBigData delivers cutting-edge products like ViVi (smart voice assistant) and AI Camera.
  • VinAI: A leader in smart mobility solutions, VinAI empowers automakers to elevate vehicle performance through advanced AI technologies. Their innovations are already integrated into VinFast models and those of European automakers. Notably, VinFast's collaboration with VinAI on VinFast MirrorSense, the world's first AI-driven automatic mirror adjustment technology, recently earned an Innovation Award at CES 2024.
  • VinES: With a focus on research, development, and production of batteries, VinES plays a crucial role in solidifying VinFast's self-sufficiency in battery technology. Last year's merger between VinES and VinFast further strengthens VinFast's position in the competitive EV market.
  • VinCSS: Cybersecurity takes center stage with VinCSS, which provides passwordless authentication solutions and IT security services.
  • VinHMS: Optimizing business operations is VinHMS's forte. This software company delivers high-quality tech products specifically designed to streamline enterprise activities.
  • VinBrain: Revolutionizing healthcare with AI, VinBrain leverages cutting-edge technology to create tailored solutions for the medical sector.
Recently, Vingroup has earned the prestigious AIBP 2023 ASEAN Tech for ESG Award, solidifying its position as a leader in sustainable development across Southeast Asia. As a regional multi-industry conglomerate, Vingroup is driving a greener future through digital initiatives focused on ESG principles.

Leveraging cutting-edge technologies like AI, IoT, robotics, immersive tech, and blockchain, Vingroup addresses sustainability challenges across its diverse portfolio covering the technology industry, trade & services, and social enterprise.

VinFast serves as the final piece of Vingroup's ambitious puzzle, driven by a vision to elevate the lives of everyone with smarter technologies.

Vingroup's chairman emphasizes social responsibility as a key motivator for investing in VinFast. He aspires to establish VinFast as a prestigious Vietnamese brand on the global stage. Mr. Vuong acknowledges the long-term commitment required and pledges to dedicate significant resources from both Vingroup and himself to ensure VinFast's success.

Hashtag: #Vinfast

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

News from Asia

Backbase and Synpulse partner to accelerate banking transformation across APAC

Combining Backbase's Engagement Banking Platform with Synpulse's regional expertise to deliver customer-centric solutions SINGAPORE - Media OutReach Newswire - 13 March 2025 - Backbase, the leade...

Technology driving positive outlook for Malaysian small businesses

Malaysia’s small businesses lead the region in innovation Younger entrepreneurs dominate small business landscape AI investment on the rise ...

ST Telemedia Global Data Centres Accelerates AI Ambitions, Achieves Certification under NVIDIA DGX-Ready Data Center Program

SINGAPORE - Media OutReach Newswire - 13 March 2025 - ST Telemedia Global Data Centres (STT GDC), one of the world's fastest-growing data centre colocation service providers headquartered in Singa...

HL Assurance Becomes First in Singapore to Launch Core Travel Insurance Coverage Add-Ons

HL Assurance addresses key concerns for the modern traveller in their new combination of essential travel insurance add-ons. SINGAPORE - Media OutReach Newswire - 13 March 2025 - Singaporeans can ...

USPACE Partners with AICO to Launch 6,000-Satellite Constellation Plan

— Hybrid Constellation Focused on Direct Mobile-Satellite Connectivity to Empower “Belt and Road” Digital Future HONG KONG SAR - EQS Newswire - 13 March 2025 - At the "100 Satellites" exhibition he...

Octa broker receives the 'Best use of AI in fintech' award

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 March 2025 - OctaTrader, Octa broker's proprietary trading platform, was recently awarded for the 'Best Use of AI in Fintech 2025' by Global Bu...

Visa offers seamless tap-to-ride experiences for Visa cardholders on Ho Chi Minh City Metro Line 1

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 13 March 2025 - Visa (NYSE: V), a global leader in digital payments, has continued its role as an Official Co-sponsor of the Inauguration Cer...

Make a Splash This Summer: Celebrate Water and Culture at Five Iconic Bangkok Destinations with ONESIAM

ONESIAM’s Songkran celebrations, part of Siam Piwat’s guest experience program, offer tourists an elevated summer journey through culture, tradition, and immersive festivities BANGKOK, THAILAND - ...

DHL Express Hong Kong becomes the Official Partner of Kai Tak Sports Park

Both parties will collaborate to drive the growth of sports and entertainment events to the city and help to foster the development of Hong Kong into a premier hub for mega live events ...

Henkel presents the next edition of the Martha Schwarzkopf Award for outstanding female scientists

DÜSSELDORF, GERMANY - Media OutReach Newswire - 13 March 2025 - For the fourth time, Henkel is proud to present the Martha Schwarzkopf Award for Women in Science, dedicated to supporting and empow...

Incode joins Australia’s Age Assurance Technology Trial to protect children online

With a market-leading +99% accuracy rate, Incode will play a key role in safeguarding Aussie minors on social media Incode Technologies Inc., a...

Empowering small businesses: Localsearch rolls out affordable digital solutions

New suite of digital solutions designed to boost visibility, engagement, and customer acquisition In response to a rapidly evolving digital lan...

Why Responsible Leadership is a Competitive Advantage for Small Businesses

In today’s fast-changing business landscape, leadership is evolving. While large corporations are reassessing their diversity, equity, and inclusi...

Why it’s a great time to include the EU in your export push

With the US market beset with unknowns, training your sights on mainland Europe in 2025 makes sound sense. Wondering whether the introduction o...

Success Isn’t About Labels—It’s About Mindset

In the lead up to International Women’s Day, I’ve been reflecting on my own success as a business owner and whether or not being a woman has playe...

Accelerate Action- Thryv champions women in business for International Women’s Day

Thryv® (NASDAQ: THRY), provider of the leading small business software platform, is celebrating International Women’s Day by shining a spotlight o...

Sell by LayBy