- By Divanshi Sharma
- Fri, 21 Jun 2024 02:29 PM (IST)
- Source:JND
Vingroup, Vietnam's top private company and ranked 45th on the Fortune Southeast Asia 500, is aiming to become a regional powerhouse in technology, trade, services, and social enterprise. At the heart of this ambitious plan is VinFast, one of the world's few pure electric car manufacturers. Despite being a newcomer to the automotive industry, VinFast benefits from Vingroup's robust financial backing.
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In a recent interview with Bloomberg, Pham Nhat Vuong, CEO of VinFast and Chairman of Vingroup, expressed an unwavering commitment to VinFast's success. When asked how long he would support the electric vehicle maker financially, Vuong's response was, “Until I run out of money.” This statement reflects a deep dedication to VinFast's long-term goals, beyond immediate profits.
Vuong's approach contrasts with the typical business emphasis on short-term gains. He prioritizes a company's intrinsic and future value over current stock prices. Consequently, Vingroup is not rushing to release more shares to the market, focusing instead on attracting significant long-term investors.
Vuong describes VinFast as a "devotion project," highlighting his personal commitment to the company's success. As a prominent and private business leader in Vietnam, Vuong's Vingroup dominates the real estate market and has extensive interests in consumer goods, property development, shopping malls, and education.
VinFast, founded just over six years ago, has quickly become a leading Vietnamese auto brand and is making notable strides in the global market. It is one of the few electric car companies worldwide to have developed a comprehensive green ecosystem, including electric cars, motorbikes, bicycles, and buses, supported by a vast network of charging stations and customer service facilities.
VinFast's rapid success is attributed to its determination and ambition. Vuong emphasizes that VinFast represents more than just a business; it symbolizes Vingroup's aspiration to establish a globally influential Vietnamese high-tech industrial brand. This vision aims to enhance Vietnam's image as a dynamic and modern country on the world stage.
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Despite challenges facing the electric vehicle industry, Vuong remains confident in VinFast's potential. He believes that the growth of electric vehicles is inevitable. VinFast is pushing ahead with its global expansion, planning to open its Indian factory ahead of schedule and begin construction on a new plant in Indonesia. The company has also launched its brand in Thailand and Indonesia, expanded into the Middle East, and increased its sales network globally. While other automakers are slowing down their expansion plans, VinFast continues to forge ahead, positioning itself for significant future growth. Vuong's steadfast belief in the future of electric vehicles and VinFast's role in it underscores his visionary leadership.
