From a small but powerful business journey…
With an overwhelming victory in the category “Event of the Year” at the WeChoice Awards 2023, VinFast’s “Pioneer event listing on the US stock market” has inspired many Vietnamese businesses and young people.
Currently, Vietnamese businesses always have the desire to bring their names to “compete” with foreign businesses. VinFast is a typical example of determination and success in “swimming in the big sea” of a “Made in Vietnam” business.
With the philosophy of “customer-centric”, VinGroup’s “pet” always strives to create class products with reasonable prices and superior after-sales service, bringing smart electric car usage opportunities to everyone, contributing to creating a green, smart, and sustainable future.
Most recently, the VinFast event was officially listed on the Nasdaq stock exchange in the US on August 15, 2023, and became a company with a market capitalization value of over $23 billion, operating under the legal entity VinFast Auto Ltd. (VinFast) with the trading code “VFS”.
According to many experts’ opinions, this event is of great significance, demonstrating the increase in capital and attention from global investors. VinFast has become an icon of the development and determination of Vietnamese businesses in reaching out to the big sea and promoting their international reach.
The “dragon transformation” journey of VinFast started since its establishment in 2017, when this business quickly set the goal of becoming one of the leading car manufacturers in Southeast Asia, surprising experts and other businesses.
VinFast made an important breakthrough when officially introducing the first two gasoline-powered car models Lux A2.0 and Lux S2.0 at the Paris Motor Show 2018.
Not only stopping at introducing products, this business also invested billions of US dollars to build a modern car manufacturing plant in Vietnam.
VinFast’s factory has become one of the largest car manufacturing factories in the region and demonstrates VinFast’s determination in automobile production and development. This has helped create a solid infrastructure for the production and supply of high-quality products.
With the expansion into the international market from 2020 – 2021, VinFast has shown adaptability to demanding markets such as the US, Canada, and Europe by spending time testing the market and running product development projects, ensuring that products meet the international consumers’ requirements and expectations.
As a result, in the period of 2020 – 2021, the number of VinFast cars sold in Vietnam reached an average of 30,000 cars per year, ranking in the top 5 best-selling brands in the market. Especially in October 2021, VinFast even surpassed all competitors to become the best-selling passenger car brand in the market with 3,497 units sold.
Among the three models of the brand, VinFast Fadil – a class A hatchback model quickly became the “national car”. VinFast Fadil is the “king of sales” in the Vietnamese car market in 2021 with 24,128 units sold, an average of more than 2,000 units per month.
It can be said that the “carp turning into a dragon” journey of VinFast is an inspiration not only for businesses in Vietnam but also for young people with dreams of “swimming in the big sea”. At the same time, it demonstrates the determination, creativity, and efforts of Vietnamese businesses to compete and succeed in the international market.
Becoming a “powerful giant” joining the global car market
Sharing with the press earlier, VinFast representative revealed that the company did not stop at the strategic market the US but also planned to expand to other markets such as Canada, Europe, and some regions in Asia, all of which are high-value electric car markets.
Specifically, VinFast believes that its electric car market will have an estimated annual gross growth rate of up to 31% from 2022 to 2028. With this rate, VinFast’s electric car market share is expected to grow significantly.
Notably, VinFast also has plans to expand its dealer network to 125 sales points across the US, although it started humbly. This is part of a larger-scale expansion strategy, especially when two electric vehicle factories worth $4 billion in North Carolina and $2 billion in India, with a production capacity of up to 150 thousand cars per year per factory, will be operational in 2025 and 2026.
Most recently, during a state visit to Vietnam, Philippine President Ferdinand Marcos Jr. and a high-level delegation from the Philippines had a separate meeting with Vingroup Chairman – Mr. Pham Nhat Vuong and Vingroup’s leadership.
At the meeting, Chairman Pham Nhat Vuong introduced the companies in Vingroup’s ecosystem and the investment plan in the Philippine market. Among them, the highlight is VinFast – a global electric vehicle brand with diversity in product lines, from electric motorcycles, electric cars to electric buses.
Chairman Pham Nhat Vuong also emphasized the special importance of the Philippines in Vingroup’s international expansion strategy, marking an important turning point in the relationship between the two countries.
