- VinFast Auto Ltd. recently commenced trading on the Nasdaq Global Select Market with an equity value of over $23 billion.
- On July 28, 2023, VinFast broke ground at its new EV manufacturing facility in the U.S.
- VinFast had delivered close to 19,000 EVs as of June 30, 2023.
- The company has established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces.
VinFast Auto Ltd. (NASDAQ: VFS), a member of Vingroup JSC, is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States and, soon, Europe.
The company has brought together stunning design, advanced technology and cutting-edge manufacturing to create Vietnam’s first global automotive manufacturer. Vingroup has been changing the way people live in Vietnam for 30 years, and now VinFast brings that mission to the world stage. Its mission is simple: to create a sustainable future for everyone.
On July 28, 2023, VinFast broke ground at its new EV manufacturing facility in the U.S. The event marked a significant step toward its global expansion and supply chain development in North America.
VinFast is headquartered in Hai Phong, Vietnam.
Following a successful business combination with Black Spade Acquisition Co. in August 2023, VinFast debuted on the Nasdaq and became the largest Vietnamese company listed on the U.S. stock market by market capitalization.
VinFast’s design language blends sporty curves, luxurious strokes and formidable presence, all while optimizing performance, functionality and elegant simplicity. Its current vehicle lineup includes:
- VF8 (Available for Order) – A sustainably focused two-row electric SUV
- VF9 (Available for Reservation) – A sophisticated three-row eSUV with a sustainable soul
- VF6 (Available Soon) – A tech-savvy compact five-passenger eSUV
- VF7 (Available Soon) – A modern and sporty five-passenger eSUV
VinFast EVs are built with premium craftsmanship and high-quality parts designed for safety, reliability and comfort on every journey.
The company had delivered close to 19,000 EVs as of June 30, 2023. It is also preparing for the upcoming launch of new models in the Vietnamese and global markets.
VinFast is working to build upon its rapid expansion as the company rolls out next-generation EVs and solutions and carries out its strategy of expanding its footprint globally.
The company has established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces, and it plans to expand it further in the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.
The global EV market was valued at $273 billion in 2017, according to Fortune Business Insights, and is forecast to exceed $987 billion by 2027, with a projected CAGR of 17.4 percent. The relative high manufacturing costs of EVs compared to gasoline-powered vehicles and the resulting higher sticker price to consumers is a major obstacle to near term market adoption.
Pham Nhat Vuong is the Chairman and Director of VinFast. He studied in Russia and started a popular instant noodle business in the Ukraine in the 1990s before moving back to Vietnam. Today, he chairs Vingroup, Vietnam’s largest conglomerate, with interests in real estate, retail and healthcare, among others. He turned some investments into non-profit ventures, including some in health care, education and sports. He also built a center of contemporary art.
Le Thi Thu Thuy is the company’s Managing Director and Global CEO. She also serves as vice-chair of the Vingroup conglomerate. She was educated in business and economics at Hanoi Foreign Trade University, International University of Japan and the Harvard Kennedy School. In 2017, she was made responsible for opening the first automobile factory in Vietnam.
David Thomas Mansfield is the CFO of VinFast. He previously held leadership positions with J.P. Morgan, Credit Suisse and Goldman Sachs. He is a fintech entrepreneur who received his education from Trinity College, Dublin.