VinFast 2022

Abstract

“Move over Tesla how about a Vinfast”. Not many people knew that this bold statement came from VinFast – a growing member of Vietnam’s largest conglomerate VinGroup. This is just one among many announcements of VinFast’s ambition to expand globally. Founded in 2017 with a 250,000-car annual production complex in Hai Phong, Vietnam, VinFast had been securing its leading position in Vietnam market while eyeing the potential market in the United States. The firm had an approaching intention to construct a new EV manufacturing factory in North Carolina, U.S., gaining applauses from U.S. President Joe Biden as well as taking the rare opportunities from welcoming foreign investments in U.S.’s EV industry. Carrying the national prides and dreams to showcase the industrialized image to the world, Madam Thuy Le (VinFast Global CEO), together with Mr. Vuong Pham (VinGroup Chairman), pledged to complete the 2-billion-USD U.S. EV manufacturing plant in 2 years and to quickly bring its annual production capacity to 500,000 cars. Motivated by fund source from VinGroup and the possible Initial Public Offering (IPO) plan by end of 2022, VinFast aimed for 45,000 cars sold in U.S. market alone. Given the existing industry dominance by Tesla and market competitions in the States, could an unknown, but young and ambitious firm like VinFast really thrive in the heart of EV automobile industry? How should VinFast evaluate and improve its existing and new supply chain network reach its dream? Was the IPO plan to be followed by Mdm. Thuy and the team?

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