Vietnam’s VinFast Is Powering the Global EV Movement
Vietnam’s richest man, Pham Nhat Vuong, has just been made CEO of VinFast, an electric vehicle company which aims to ‘drive the global smart electric vehicle revolution’.
Here we take a closer look at the company and what’s coming next.
Vietnam's electric vehicle revolution and Pham Nhat Vuong's vision
VinFast is dedicated to creating a sustainable future for everyone with its manufacturing complex, which is responsible for 90% of the automation in Hai Phong, where VinFast is headquartered. Founded in 2017, VinFast is also a member of Vingroup, the largest private enterprise in the country.
VinFast also featured as one of our ‘Top 10 EV industry startups driving automotive innovation’. Read it here.
VinFast’s new CEO, Pham Nhat Vuong, studied in Moscow and ran Technocom, an instant noodle business, in Ukraine. In 2009, Vuong sold Technocom to Nestle for US$150m. He then moved back to Vietnam to work in real estate and develop the country.
“We want to bring better products to Vietnam,” said Vuong. “My hope is through changes in lifestyle and products we consume, it will affect the people and change the way they are thinking.”
In 2013, he became the first Vietnamese person to reach the Forbes rankings of the world's wealthiest people.
VinFast’s EVs: advanced, smart and attractive
The models produced by VinFast include Sedans and SUVs, with technological features including advanced infotainment systems and smart connectivity options. The company has worked with Italian designers Pininfarina and ItalDesign, to create attractive car interiors.
The new VF 9 model is designed to be a powerful presence on any road. It includes a digital cockpit with a 15.6 inch touch screen and premium vegan leather seats to keep drivers comfortable. Three rows of seats offer legroom under customisable ambient lighting, wherever the journey takes them. Safety takes precedence, with systems including Adaptive Cruise Assistance, Smart Parking Assistance, Remote Parking Assistance and Smart Summon Mode. In addition, the all-wheel-drive electric powertrain’s two electric motors, total 402 horsepower.
VinFast is now changing the way people all across the world are thinking - and driving.
USA
One of VinFast’s overseas sites is in North Carolina, USA. The US$4bn Chatham County factory uses automated systems to build its cars, the first of its kind in the state. Once construction is finished in 2025, VinFast aims to build 150,000 vehicles each year, which will provide 7,500 local jobs.
“We look forward to contributing to the development of the North Carolina community – our second home – during the production and business operation here,” said Nguyen Thi Van Anh, then-CEO of VinFast, at the official groundbreaking ceremony for VinFast’s Chatham County factory.
India
With a US$2bn investment, VinFast has entered the world’s third-biggest car market by building another plant in Tamil Nadu state, India. The state is already one of India’s biggest electronics exporters, known for its work in manufacturing pharmaceuticals and textiles.
UK
Vinfast has just confirmed that it plans to expand to the UK, but has not provided a timeline. Andrew Pilkington, former Managing Director of Genesis, has been appointed as Deputy CEO of Vinfast UK.
“As a new start-up, disruptor EV brand, we are building an experienced professional team and committed retailer network to join us on our epic journey.”
EV magazine will continue to track VinFast’s EV success, wherever the road will lead.
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