Vingroup: The Powerhouse Propelling VinFast’s Electric Dreams

The unwavering dedication of Vingroup’s chairman, Mr. Vuong, to the electric mobility
sector has been the driving force behind VinFast, the group’s automotive arm.

Mr. Vuong’s strong personal conviction in the future of electric vehicles has
resulted in him describing VinFast as a “devotion project.” This vision has
propelled the company forward, even amidst a challenging global economic
climate characterized by rising interest rates and unpredictable consumer
behavior.

At Vingroup’s annual shareholder meeting, Mr. Vuong reaffirmed his
unwavering commitment to VinFast and expressed his firm belief in the
continued growth of the electric vehicle market. “VinFast is Vingroup’s
mission, honor, and future,” he stated, underscoring the company’s
determination to become a global leader in electric vehicles.

As VinFast accelerates its efforts to compete on the world stage, Mr.
Vuong’s substantial financial resources provide a vital cushion,
showcasing his deep pockets’ strategic importance.

A Multi-Industry Corporation from Vietnam: Forging a New Manufacturing
Powerhouse

Vietnam’s rapid economic ascent has propelled domestic conglomerates such
as Vingroup to the forefront of the country’s business landscape. As a
giant contributing approximately 1.6% to Vietnam’s GDP in 2023, Vingroup
has successfully diversified its portfolio across technology-industry,
trade & services, and social enterprise sectors.

Real estate and electric vehicles have emerged as the twin powerhouses of
Vingroup’s financial performance. In 2023, these sectors combined generated
over $6.5 billion in revenue. This positive trajectory continued into
2024, with the company reporting consolidated net revenue of $853.7
million in the first quarter.

Vinhomes, Vingroup’s real estate subsidiary, is a dominant force in
Vietnam’s property market. Known for its scale, speed, and service,
Vinhomes is leading the way in the country’s real estate sector. With a
vision to create world-class living environments, Vinhomes is
revolutionizing urban living by seamlessly integrating residential spaces
with nature, amenities, and community.

Manufacturing has been the key driver of this growth, with revenue
reaching an impressive 238.2 million USD, reflecting a significant
3.4-fold increase compared to the same period in 2023. This highlights
Vingroup’s growing strength in the manufacturing sector.

Vietnam has established itself as a manufacturing powerhouse, attracting
global companies seeking to diversify their supply chains. Low labor
costs, a skilled workforce, and open investment policies have fueled
this growth. However, Vietnam has long aspired to develop its own
independent automotive industry, complete with a domestic supply chain.

Prior to VinFast’s emergence, the Vietnamese auto sector relied heavily
on imports, with limited local assembly and underdeveloped supporting
industries. VinFast has played a pivotal role in fostering an
independent and proactive Vietnamese auto supply chain, thereby
elevating the country’s brand on the world stage. Just seven years after
unveiling its first models at the Paris Motor Show, Vingroup’s chairman
and founder of VinFast has been recognized in the 2024 MotorTrend Power
List, a prestigious list of the most influential figures in the global
auto industry.

Vingroup’s Tech Ecosystem Fuels VinFast’s Electric Vehicle Journey

VinFast aims to establish itself in the competitive electric vehicle
market by forging strategic partnerships and prioritizing consumer-centric
technology features. The company’s product portfolio emphasizes
innovative features that enhance the driving experience. This focus,
coupled with the support of its parent company, Vingroup, positions
VinFast for potential success.

Vingroup brings more than just financial resources to the table. It
offers a comprehensive technological ecosystem that enables VinFast to
develop cutting-edge, smarter electric vehicles that surpass their
gasoline-powered counterparts.

Vingroup’s technology ecosystem serves as a robust platform, empowering
not only VinFast but also its real estate, services, and healthcare
divisions to leverage the latest innovations.

• VinBigData: Built on the foundation of Vingroup Big Data
  Institute’s expertise in data science and AI, VinBigData delivers
  cutting-edge products like ViVi (smart voice assistant) and AI Camera.
• VinAI: As a leader in smart mobility solutions, VinAI empowers
  automakers to enhance vehicle performance through advanced AI
  technologies. Their innovations are already integrated into VinFast
  models and those of European automakers. Notably, VinFast’s
  collaboration with VinAI on VinFast MirrorSense, the world’s first
  AI-driven automatic mirror adjustment technology, received an
  Innovation Award at CES 2024.
• VinES: With a focus on research, development, and battery
  production, VinES plays a crucial role in solidifying VinFast’s
  self-sufficiency in battery technology. The merger between VinES and
  VinFast in 2023 further strengthened VinFast’s position in the
  competitive EV market.
• VinCSS: VinCSS takes cybersecurity to the next level by
  providing passwordless authentication solutions and comprehensive IT
  security services.
• VinHMS: VinHMS specializes in optimizing business operations
  through high-quality tech products designed to streamline enterprise
  activities.
• VinBrain: VinBrain revolutionizes healthcare with AI,
  leveraging cutting-edge technology to create tailored solutions for
  the medical sector.

Recently, Vingroup received the distinguished AIBP 2023 ASEAN Tech for ESG
Award, solidifying its position as a leader in sustainable development
across Southeast Asia. As a regional multi-industry conglomerate,
Vingroup is driving a greener future through digital initiatives
centered around ESG principles.

By leveraging advanced technologies such as AI, IoT, robotics, immersive
tech, and blockchain, Vingroup addresses sustainability challenges
across its diverse portfolio, which includes the technology industry,
trade & services, and social enterprise sectors.

VinFast represents the final piece of Vingroup’s ambitious puzzle,
driven by a vision to enhance the lives of people worldwide through
smarter technologies.

Vingroup’s chairman emphasizes social responsibility as a key motivator
for investing in VinFast. He aims to establish VinFast as a prestigious
Vietnamese brand on the global stage and acknowledges the long-term
commitment required. To ensure VinFast’s success, he pledges to dedicate
significant resources from both Vingroup and himself.