The move to electrification is opening the global playing field to new players, all keen to secure a foothold in what promises to be a booming market. Vietnam’s VinFast is only six years old, but its growth journey has been rapid. Backed by the deep pockets of Vingroup, Vietnam’s largest private conglomerate, its sights are set on the global stage.
The company began manufacturing cars in 2018 but switched to an all-electric strategy in 2022. Today, it offers several electric cars, a number of e-scooters, and an electric bus. Sales volumes are still small at just 11,315 for the first half of 2023, but its ambitions are big, with the stated aim of becoming a global smart electric car company. It is already building plants and opening dealerships in key markets across North America and Europe. VinFast Chief Executive Le Thi Thu Thuy (also known as Madame Thuy), tells Automotive World that its momentum has been driven by an enterprising mindset, which she intends to maintain moving forward.