VinFast is Vietnam’s answer to the surging global demand for electric vehicles.
VinFast, the automotive unit of Vietnam’s largest conglomerate VinGroup has big plans for global expansion with its new electric vehicle (EV) rollout, plans to expand in the U.S. market and initial public offering (IPO).
VinGroup has been planning VinFast’s IPO in the U.S. to help it grow its U.S. EV sales and grow its global brand presence. Once the IPO goes ahead, VinFast will become the first Vietnamese conglomerate to have its shares traded in the world’s largest stock exchange.
From what started as a Vietnamese automaker in 2017, VinFast has quickly established presence in Canada, France, Germany, Netherlands and now the U.S. VinFast started its U.S. expansion plan by launching its U.S. headquarters in Los Angeles in November 2021, while simultaneously rolling out two high-quality EVs the VF e35 and VF e36 at the 2021 Los Angeles Auto Show.
VinFast is becoming a global powerhouse in the EV sector as the company has recently recruited senior executives from Tesla, BMW, Porsche, Toyota and Nissan to launch a new line-up of smart electric vehicles. VinFast is challenging the likes of Tesla by offering competitive prices as well as innovative technology like its virtual assistant which leverages artificial intelligence, big data and machine learning.
According to Allied Market Research, the global EV market is projected to reach USD 803 billion by 2027 which presents a significant opportunity for VinFast to capture more market share. VinFast’s momentum continues with it plans to reveal three new EVs at the 2022 Consumer Electronics Show (CES).
VinFast is a business success story in Vietnam. Here at Vietwheels.com we commend innovative brands like VinFast and encourage Vietnamese consumers to consider electric and hybrid vehicles given climate change is a pressing issue for Vietnam.
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