Vinfast

Vinfast is the automotive brand of Vietnamese conglomerate VinGroup. Following the construction of an 828-acre EV manufacturing facility near the city of Hai Phong, Vietnam, in 2017, the company launched its first EVs at the Paris Motor Show in 2018. The three models—the Lux A2.0 sedan, the Lux SA2.0 SUV, and the city car Fadil—later became the bestselling EVs in Vietnam. In January 2024, the company introduced its new concept, VF Wild, an electric pickup truck. Vinfast also produces e-scooters, electric buses, and charging station systems.

In July 2021, the company officially began operations in the US, Canada, France, Germany, and the Netherlands as VinFast Commercial and Services Trading LLC. In 1H 2022, the company established headquarters in Frankfurt, Paris, and Amsterdam and announced its fixed and flexible battery subscription packages for the US market. In November 2022, the company launched its global EV brand, unveiled two electric SUV models (VF e35 and VF e36), announced that it shipped its first batch of 999 cars to the US, and opened its first showroom in Toronto, Canada. Furthermore, as of August 2022, the company had opened the first six of a planned 36 dealerships in California as part of its expansion plans in the US. In March 2023, the company began deliveries of the first 45 VF 8 EVs from its nine stores across California. In January 2024, VinFast announced an agreement with the Tamil Nadu State to construct an EV manufacturing facility in India with an initial investment of USD 500 million in 2024.

Key customers and partnerships

In March 2022, VinFast and the Government of North Carolina signed a memorandum of understanding (MoU) to establish the company’s first North American manufacturing plant in Chatham County. The 2,000-acre manufacturing plant was to feature three main areas: electric cars and bus production and assembly, EV battery production, and ancillary industries for suppliers. VinFast intends to invest USD 2 billion to develop Phase I of the facility, which is to be operational from 2025 and produce the company’s VF7, VF8, and VF9 models.

In October 2023, Vinfast acquired VinES Energy Solutions, a member company of Vingroup that specializes in researching, developing, and manufacturing advanced lithium-ion batteries for mobility and energy storage applications. The merger is intended to improve VinFast’s self-sufficiency in battery technology and production chain.

Vinfast has also established an extensive list of partnerships with companies such as BCA Europe (May 2023), NXP Semiconductors, Vayyar Imaging (January 2023), T-Mobile, Google Cloud (December 2022), INFORM (November 2022), TuneIn, Infineon Technologies, Ironman (October 2022), ProLogium (July 2022), Intel (May 2022), Amazon, Electrify America (April 2022), and EDF Group (November 2021).

In January 2024, VinFast signed agreements with five dealers in the US to sell its all-electric SUV including Leith VinFast, Smith Haven VinFast, Principle VinFast Grapevine, Hiley VinFast of Fort Worth, and VinFast Wichita to accelerate the delivery time and maintain its after-sales policies.

Funding and financials

Vinfast’s most recent funding was in April 2023, when it received USD 2.5 billion. The funding stemmed from a USD 1 billion grant from Pham Nhat Vuong, as well as a USD 500 million grant and USD 1 billion loan from Vingroup. The company expected to use the funds to support its growth objectives. Prior to that, Vinfast received funding in October 2022, when the Asian Development Bank provided a USD 135 million financing package for the company to manufacture Vietnam’s first fully-electric public transport bus fleet and first national EV charging network. In July 2022, Vinfast received a USD 1.2 billion incentive package from the State of North Carolina for its EV manufacturing project in the US.

Additionally, in October 2023, VinFast entered into a subscription agreement with Yorkville Advisors. Under this agreement, Yorkville may be asked to subscribe for up to USD 1.0 billion of VinFast's ordinary shares within a term of 36 months. Vinfast was listed on Nasdaq through a SPAC merger in August 2023. The company was the largest Vietnamese company listed on the US stock market per market capitalization (USD 23 billion).