VinFast

VinFast Auto Ltd. is a Vietnamese multinational automotive manufacturer established in 2017 in Hải Phòng, Vietnam, as a subsidiary of Vingroup, one of the largest private conglomerates in Vietnam, founded by billionaire Phạm Nhật Vượng. It is the first Vietnamese automaker to sell passenger cars internationally and to manufacture electric vehicles, including electric cars and electric scooters. VinFast was created as part of Vingroup's entry into the automotive industry, framed around Vietnam's national industrialization ambitions and intended to become the country's first globally competitive car brand. Its first two models, the LUX A2.0 sedan and LUX SA2.0 SUV, were petrol vehicles based on BMW platforms and unveiled at the 2018 Paris Motor Show. In 2022, the company announced it would cease production of internal combustion engine vehicles and transition exclusively to electric vehicles. The company's legal and financial headquarters are registered in Singapore, while its operational headquarters and primary manufacturing remain in Vietnam. VinFast went public on the Nasdaq exchange on 15 August 2023 through a merger with a special-purpose acquisition company (SPAC), briefly reaching a market valuation higher than several established global automakers before its share price fell sharply. VinFast pursued an aggressive international expansion across North America, Europe, and Asia, but the effort was marked by significant setbacks, including the indefinite delay of a planned factory in the United States, the cancellation of its UK market entry, and the suspension of its expansion into Thailand. The company has reported persistent net losses since its founding, prompting Vingroup and Phạm Nhật Vượng to commit billions of dollars in additional financing to sustain operations. In May 2026, VinFast announced a major corporate restructuring under which it would divest its Vietnamese manufacturing operations in a deal valued at approximately US$530 million, transitioning toward an asset-light model while retaining its research and...