This support decision was made in light of VinFast recently becoming the top-selling automotive brand in Vietnam and achieving positive results in the global market, affirming its potential for future growth.
In Vietnam market, VinFast has delivered over 51,000 electric vehicles in the first ten months of the year. This achievement marks a significant milestone, as VinFast has surpassed foreign automakers and become the first electric vehicle manufacturer to outsell traditional gasoline-powered vehicles in the country after just over two years of transitioning to an all-electric lineup. Internationally, VinFast continues to expand its business in the U.S., Canada, and Europe, while rapidly penetrating new markets such as the Middle East, Indonesia, the Philippines, and India.
Mr. Nguyen Viet Quang, Vice Chairman of the Board of Directors and CEO of Vingroup, shared: “Vingroup is unwavering in our commitment to a sustainable future. This green vision guides every aspect of our operations. VinFast’s ascent to the top of Vietnam’s automotive market is a testament to our capabilities. This milestone propels us forward, fueling our ambition to accelerate growth. To realize our vision of smart, eco-friendly electric vehicles, Vingroup will continue to invest significantly in VinFast. Our goal is to solidify VinFast’s market leadership in Vietnam and contribute to the global shift towards electric mobility.”
A representative of Mr. Pham Nhat Vuong’s Office said: “With the passion to create a world-class Vietnamese electric car brand, Mr. Pham Nhat Vuong will allocate significant resources to propel VinFast’s advancement. The newly secured funding source provides VinFast with the necessary financial resources to achieve sustainable growth without relying on external capital. This strategic move enables VinFast to prioritize research and development, production, and business expansion.
With Vingroup and Mr. Pham Nhat Vuong as major shareholders and surging customer demand, VinFast is well-positioned to scale up production, optimize costs, and expand its market reach. This will solidify its business capabilities and attract additional investment, accelerating the transition to electric vehicles and making them accessible to a wider audience. VinFast currently offers 7 electric car models in Vietnam from mini-SUV to E-SUV, catering to various segments and budgets.
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About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play EV manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, EMEA and Asia. Learn more at: https://vinfastauto.us/
