Built in a record-breaking 21 months, VinFast’s state-of-the-art facility in Haiphong has enabled the company to quickly pivot to electric vehicles and challenge established gasoline-powered rivals.

In October 2024, Vietnam celebrated a historic milestone: its homegrown automaker, VinFast, became the best-selling car brand in the country for the first ten months of the year. Remarkably, this achievement came just two years after the company’s bold pivot to becoming a pure electric vehicle (EV) manufacturer. By surpassing foreign gasoline-powered rivals, VinFast not only redefined its trajectory but also propelled Vietnam’s automotive industry into a new era.

VinFast, inspired by Vingroup’s ethos of “Forever the start-up spirit,” has officially entered the Middle Eastern market. This expansion offers the EV maker a unique opportunity to secure a first-mover advantage and champion sustainable mobility on a global scale.

For Vingroup, the “start-up spirit” is an all-encompassing philosophy. Despite it being Vietnam’s largest private conglomerates, Vingroup’s founder, Pham Nhat Vuong, sees the company as still at the beginning of its journey. With a belief that no company is “too big to fail,” Vuong promotes a start-up mindset: nimble, proactive, and always prepared to tackle new challenges. This outlook propels VinFast forward in the fiercely competitive automotive industry.