In a bold move to solidify its international presence, Vietnamese electric vehicle (EV) maker VinFast is officially launching in the Philippines on May 31. This expansion comes as the company continues to leverage the formidable backing and cutting-edge technological ecosystem of its parent company, Vingroup.
VinFast’s unwavering global push, spanning the U.S., Canada, and Indonesia, is fueled by Vingroup’s robust financial foundation and commitment to sustainability. As Vietnam’s largest private conglomerate, Vingroup has injected over $11.4 billion in capital into VinFast since its inception in 2017, and its visionary chairman, Pham Nhat Vuong, recently pledged an additional $1 billion from his personal wealth to support the EV brand’s future growth.
“The electric vehicle market will continue to grow and eclipse gasoline-powered cars,” Pham declared, showcasing his firm conviction in the sector despite the industry’s current challenges.
Vingroup’s Technological Edge
But Vingroup’s support goes beyond just financial backing. The conglomerate provides VinFast with a comprehensive technological ecosystem that empowers the EV company to develop innovative, sustainable vehicles that outshine their traditional counterparts.
This ecosystem includes subsidiaries like VinBigData, VinAI, VinCSS, VinHMS, and VinBrain, which collaborate to deliver cutting-edge solutions like the award-winning MirrorSense technology and the voice assistant ViVi. These innovations, co-developed by VinFast, VinAI, and VinBrain, are set to redefine the driving experience for consumers.
Sustainability at the Forefront
Vingroup’s commitment to sustainability also plays a crucial role in VinFast’s global expansion. The conglomerate was recently honored with the prestigious AIBP 2023 ASEAN Tech for ESG Award, recognizing its leadership in integrating environmental, social, and governance (ESG) principles across its diverse business portfolio.
This green ecosystem provides a solid foundation for VinFast to thrive in the global EV market. By leveraging renewable energy, sustainable practices, charging infrastructure, and R&D, VinFast can establish itself as a leader in the EV revolution, appealing to environmentally conscious consumers worldwide.
The Philippines Launch
VinFast’s launch in the Philippines on May 31 marks a significant milestone in the company’s global strategy. The Southeast Asian nation’s growing appetite for electric vehicles, coupled with the appeal of VinFast’s sustainable offerings and Vingroup’s technological expertise, positions the company for success in this new market.
“As VinFast continues to expand globally, the Philippines represents an exciting opportunity for us to bring our cutting-edge, eco-friendly EVs to a new customer base,” said Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast. “With the support of Vingroup’s robust ecosystem, we are confident in our ability to deliver a transformative driving experience to Filipino customers.”
