VinFast Auto Ltd. is an automotive company owned by Vingroup. The company was founded in 2017 by Vietnamese billionaire Phạm Nhật Vượng and is the first Vietnamese company to offer products in the global market. First developing electric scooters and gas-powered vehicles, VinFast has quickly transitioned into a worldwide EV brand.
In September 2017, a state-of-the-art 828-acre manufacturing complex was created as the headquarters of VinFast and has roughly 90% of its automotive production automated. In 2018, they introduced the first line of vehicles called Lux at the 2018 Paris Motor Show and were given the “A Star is Born” award by Autobest.
Within two years of introducing the VinFast Lux series models, they became the best-selling cars in their segments in Vietnam. In 2021, two e-scooters and an e-Bus were launched in their home country. This was Vietnam’s first electric bus. Just a short time after, in 2021, VinFast showed off three new EVs: the VF e34 compact SUV for the Vietnamese market, the VF 8, and the VF 9 premium, all-electric SUVs for the global market.
In July of 2023, VinFast broke ground on a brand new EV production facility in Moncure, North Carolina, about 60 miles outside of the Research Triangle Park (RTP), often referred to as the Silicon Valley of the East. The American manufacturing facility is a $4 billion investment by Vingroup and will be just shy of 2,000 acres and potentially employ as many as 7,500 people. The plant is expected to be opened by the end of 2025 and will have the capacity to build 150,000 cars per year. Customers will be able to take advantage of the $7,500 federal tax credit for EVs assembled in the United States.
VinFast cars are currently taking the market by storm, and the company hopes to sell 100,000 vehicles by 2024.