VinFast, founded in 2017, pivoted to a pure electric-vehicle strategy after debuting internal-combustion models in 2018. The company offers six EV models, one electric bus model and nine electric motorbikes and showcased four SUVs at the 2022 LA Auto Show. Within a year of launching, its vehicles became the fastest-selling in Vietnam, and about 3,000 electric cars have been exported to foreign markets. VinFast is pursuing U.S. expansion with plans for a factory in North Carolina and a network of showrooms and service centers; it received $1.2 billion in incentives tied to the factory. The company filed for a U.S. initial public offering, though that process appears delayed with no shares, price range or date disclosed. Recent large capital commitments have been made to support its U.S. ambitions and broader growth. VinFast is a Vietnam-based electric-vehicle technology startup and subsidiary of conglomerate Vingroup. The company builds electric cars and is expanding production to manufacture Vietnam’s first fully electric public transport bus fleet and a national EV charging network. It has been rapidly scaling operations—announcing hires of 8,000 new employees to ramp up production and meet growing demand. VinFast has partnered with automotive and battery suppliers including LG Chem, Gotion, Pininfarina, and ZF, and its team includes alumni from major global automakers. The startup is part of Vingroup, which was founded in 1993 by Phạm Nhật Vượng, and VinFast has been positioned as the group’s automotive arm. The company is pursuing capital and financing to support its manufacturing and infrastructure roll-out in Vietnam.

Total raised

$3.6B

Funding rounds

6

Latest round

Equity

Latest activity

Apr 2023