Vingroup’s expanding horizon: beyond VinFast

As Vietnam becomes a magnet for foreign investment, Vingroup is at the forefront of the country’s global rise. In addition to electric vehicle company VinFast, the conglomerate is making waves in real estate, tourism and technology, with initiatives like VinFuture underscoring the company’s commitment to a better world.

HANOI, VIETNAM – Media OutReach Newswire – August 30, 2024 – Vietnam’s economy is gaining momentum, with foreign investment flowing into the Southeast Asian nation. In the first seven months of 2024, total recorded foreign direct investment (FDI) rose 10.9 percent to $18 billion, while new investment increased 35.6 percent to nearly $10.8 billion.

The World Bank has praised Vietnam’s economic resilience, noting its steady growth. The country’s per capita income has surpassed many regional rivals, evidence of its growing economic power.

Vietnam’s economic rise is also fueling the growth of domestic conglomerates. Vingroup, the country’s largest privately held company, is expanding rapidly into sectors such as manufacturing, technology, real estate, services, healthcare and education. These domestic giants, such as Vingroup, the parent company of VinFast, are not only capitalizing on Vietnam’s appeal to foreign investors, but are also actively building their own global brands.

A prime example of this transformation is the electric vehicle. VinFast’s sleek, high-tech cars are seen as symbols of Vietnam’s technological prowess, and as a bridge between its heroic past and its modern, ambitious future. They embody the country’s shift from a resilient underdog to a globally integrated economic player.

Strategic expansion of VinFast worldwide

The ringing of the Nasdaq golden bell in August 2023 marked a pivotal moment for VinFast and Vietnamese business. The successful listing on the US stock exchange signaled the maturity of a homegrown company with global ambitions, while inspiring a new generation of Vietnamese startups.

Since its debut on the Nasdaq, VinFast has rapidly expanded its global footprint. In addition to its presence in the U.S., Europe, Canada and the Middle East, the automaker has made strategic moves into emerging markets closer to home, including India, the Philippines and Indonesia.

In Indonesia, VinFast has quickly gained popularity. The company has launched the VF e34 and VF 5 models, opened dealerships and started construction of an assembly plant in Subang. These initiatives underline VinFast’s commitment to the region and its strategy to offer high-quality, affordable electric vehicles, supported by strong after-sales service.

This global push was underscored by the inclusion of VinFast’s founder and CEO, Pham Nhat Vuong, on the prestigious 2024 MotorTrend Power List. Notably, Vuong is the only guest of honour from Southeast Asia, highlighting his visionary leadership and the groundbreaking work underway at VinFast.

Another achievement for Vietnamese business is that VinFast was named one of the 100 most influential companies in the world by TIME Magazine in May 2024. This honor marks the first time a Vietnamese company has been included in this prestigious list.

Beyond Borders: Vingroup’s Global Impact

VinFast has made international headlines, but the wider Vingroup ecosystem is also gaining recognition. Subsidiaries such as VinFuture, VinAI and Vinhomes contribute to the group’s growing stature.

Vingroup demonstrated its social commitment during the COVID-19 pandemic by donating billions of Vietnamese dong to disaster relief efforts. The company also launched the VinFuture Foundation, a global science and technology prize that has raised Vietnam’s international profile. The prize’s growing influence, with nearly eight times as many nominating partner scientists and 2.5 times as many nominations in its fourth year, confirms Vingroup’s role in tackling global challenges.

Vingroup’s technology division is making great strides, offering a range of products and services in big data, artificial intelligence, healthcare AI, operational transformation, cybersecurity, data management and more. These solutions are gaining popularity in global markets.

The division is also a key contributor to VinFast’s success, developing cutting-edge technologies such as Advanced Driver Assistance Systems (ADAS), smart services and self-generating AI virtual assistants. These innovations provide VinFast with a significant competitive edge in the electric vehicle market.

VinFast made history on January 8, 2024, when its MirrorSense technology was honored with the Innovation Award Honoree at CES 2024 in the Vehicle Tech and Advanced Mobility category. Jointly developed with VinAI, a subsidiary of Vingroup specializing in AI research and development, MirrorSense is the world’s first AI-driven automatic mirror adjustment system.

This prestigious award recognizes the groundbreaking nature of MirrorSense and solidifies VinFast and VinAI’s position as leaders in automotive technology innovation. The system uses AI to accurately detect the driver’s head position and gaze and adjusts the mirrors accordingly with 10-millimeter precision.

Vingroup’s influence extends far beyond its industrial and technology businesses. Its real estate arm, Vinhomes, has attracted worldwide attention. This year, its Ocean City complex was widely praised by international media as one of the world’s most desirable places to live.

Since its inception in 2013, Vinhomes has redefined urban living in Vietnam. The developer has created a portfolio of world-class residential and commercial projects that have transformed the country’s skyline and set new standards for luxury living. Vinhomes’ growing collection of prestigious international awards further cements its position as a global leader in real estate.

Meanwhile, Vingroup’s foray into tourism began in 2002 with the opening of the five-star Vinpearl Resort Nha Trang, which transformed the pristine Hon Tre Island into a luxury destination and became a symbol of Vietnam’s emerging tourism industry. Just four years later, the group unveiled Vinpearl Land, Southeast Asia’s largest and most unique resort and entertainment complex, complete with the world’s longest sea cable car at the time.

These iconic projects not only created world-class destinations, but also raised Vietnam’s global tourism profile through a series of high-profile events. Vinpearl and VinWonders have played a pivotal role in positioning Vietnam as a must-visit destination for international travellers, seamlessly contributing to Vingroup’s mission to positively impact virtually every aspect of Vietnamese people’s lives and expand its global reach.

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News source: VinFast