VinFast

The story of VinFast begins not with cars, but with instant noodles. Pham Nhat Vuong, Vietnam's first billionaire, built his initial fortune in post-Soviet Ukraine with an instant noodle business. After selling it, he returned to Vietnam and founded Vingroup, a conglomerate spanning real estate, technology, and retail. With a vision to create a Vietnamese car brand for the world, Vingroup established VinFast in 2017. Initially, the company moved at an unprecedented speed. It acquired a GM manufacturing plant in Hanoi and partnered with established automotive players like BMW and Pininfarina to accelerate development. This strategy allowed VinFast to launch its first gasoline-powered cars in 2019, an incredibly short time for a new carmaker. The company's playbook was clear: leverage the resources of its parent conglomerate to build a national automotive champion. A pivotal moment in the VinFast story was its strategic shift to focus exclusively on electric vehicles. The company phased out its internal combustion engine models to compete in the burgeoning global EV market, a bold move for such a young brand. This transition set the stage for its next major chapter: a global expansion. In August 2023, VinFast achieved a significant milestone by going public on the Nasdaq through a SPAC merger. The event initially valued the company at an astonishing $85 billion, far exceeding established automakers. This IPO provided a massive injection of visibility and capital, signaling VinFast's ambition to compete directly with global EV giants. Today, VinFast represents a case study in industrial ambition, a national brand attempting to carve out its place on the world stage.