Amidst a competitive EV landscape, VinFast’s quick global expansion is fueled by no less than the backing of its parent company, Vingroup. With a robust financial foundation, Vingroup empowers VinFast to push the EV revolution forward.
Though young, VinFast has already expanded its footprint to a truly global scale including a presence in North America, Indonesia, and now, the Philippines.
The source of VinFast’s confidence lies in its parent company, Vingroup, Vietnam’s largest private conglomerate. At the helm of both is Pham Nhat Vuong, renowned for his bold leadership and visionary outlook.
“The electric vehicle market will continue to grow and eclipse gasoline-powered cars,” Pham declared in a recent shareholder meeting, showing a firm conviction in the EV sector amid a challenging landscape for the industry.
Vingroup’s impact on Vietnam’s economy is undeniable. Contributing nearly 1.6 percent to the country’s 2023 GDP, the conglomerate operates across technology-industry, trade & services, and social enterprise.
While all sectors contribute to Vingroup’s success, real estate and electric vehicles have emerged as the primary revenue drivers in 2023, surpassing USD 6.5 billion combined. The first quarter of 2024 alone saw the company achieve USD 855.7 million in consolidated net revenue and USD 52.5 million in consolidated after-tax profit.
Vingroup’s robust financial support has been crucial to VinFast’s journey. Since its inception in 2017, VinFast has received USD 11.4 billion in capital injections from Vingroup, its affiliates, and Pham himself. And there is more to come. At a shareholder meeting in April, Pham pledged another USD 1 billion from his personal wealth to VinFast, showing his determined commitment to the car company.
“VinFast is Vingroup’s mission, honor, and future, and I will not give up on VinFast.”, Pham said, adding that he will also invest nearly USD 400 million in 3 years to build an EV charging network in Vietnam.
It's named Vinfast but it's not fast lol
ReplyDelete