VinFast Accelerates Electric Vehicle Expansion into Europe

leveraging Vietnam's production capabilities and supported by Vingroup, the country's largest private conglomerate, Vietnamese EV maker VinFast is gearing up for an expansion in the European market.

Pham Nhat Vuong, Vietnam's richest man and Vingroup's Chairman, reaffirmed his commitment to VinFast, announcing a personal investment of an additional $1 billion. At the Vingroup annual general meeting, Vuong emphasized the importance of VinFast for the group’s future.

Vingroup's diversified portfolio has seen significant contributions from its real estate and EV sectors. In 2023, these segments generated over $6.5 billion in revenue. For the first quarter of 2024, the company reported consolidated net revenue of $853.7 million and a profit of $52.5 million.

Vietnam, emerging as a manufacturing powerhouse, offers low labor costs, a skilled workforce, and open investment policies. VinFast is at the forefront, fostering an independent Vietnamese auto supply chain. Vietnam's car ownership rate is among the lowest globally, highlighting significant market potential.

VinFast's European push includes partnering with Bosch for access to its extensive network of charging stations. Vingroup's ecosystem, featuring subsidiaries like VinBigData and VinAI, enhances VinFast's technological edge.