VinFast
Company History
VinFast History: Founding, Growth & Key Milestones
Founded 2017 in Hanoi, Vietnam
When was VinFast founded?
VinFast was founded in 2017 in Hanoi, Vietnam by Pham Nhat Vuong, making it 9 years old.
- Founded
- 2017
- Founding place
- Hanoi, Vietnam
- Founders
- Pham Nhat Vuong
- Headquarters today
- Haiphong, Vietnam
- Milestones documented
- 12 (2017–2026)
- Current CEO
- Pham Nhat Quan Anh
- Acquisitions
- 6
| Year | Event |
|---|---|
| 2017 | VinFast founded |
| 2018 | Paris Motor Show debut |
| 2018 | Acquired General Motors Vietnam |
| 2019 | Hai Phong plant opens |
| 2020 | Acquired Lang Lang Proving Ground (Australia) |
| 2021 | First Electric Car Delivered |
| 2022 | EVs only |
| 2023 | Nasdaq listing (VFS) |
| 2023 | North Carolina Plant Groundbreaking |
| 2024 | Founder named CEO |
| 2025 | Revenue reaches ~$3.47 billion (VND 90.2 trillion) |
| 2026 | Pham Nhat Quan Anh becomes CEO |
- Where was VinFast founded?
- VinFast was founded in Hanoi, Vietnam in 2017. wikidata.org
- Who founded VinFast?
- VinFast was founded by Pham Nhat Vuong.
- When did VinFast start?
- VinFast was founded in 2017.
- How old is VinFast?
- VinFast is 9 years old as of 2026.
Founding Story
Pham Nhat Vuong made his first fortune in Ukraine with the Mivina instant noodle brand, then built Vingroup into Vietnam's largest private conglomerate in property, retail and hotels. In 2017 he set up VinFast to give Vietnam its own car brand. Ground was broken on the Hai Phong factory in September 2017, and the first cars, built on licensed BMW and GM platforms, reached customers in 2019. In January 2022 VinFast said it would stop making petrol cars by the end of that year and sell only EVs.
Founders
Pham Nhat Vuong
Pham Nhat Vuong is the founder and chairman of Vingroup and is ranked by Forbes as Vietnam's richest person. He founded VinFast in 2017, has funded much of its losses personally and through Vingroup, and served as its global CEO from January 2024 until September 2026, when his son Pham Nhat Quan Anh took over. Education: Hanoi University of Mining and Geology. Pham Nhat Vuong was born in 1968.
Key Milestones
Acquired Lang Lang Proving Ground (Australia)
VinFast acquired Lang Lang Proving Ground (Australia).
Source: en.wikipedia.orgFirst Electric Car Delivered
VinFast began delivering its first electric car, the VF e34, in Vietnam in December 2021.
Source: en.wikipedia.orgNasdaq listing (VFS)
Listed on August 15, 2023, after merging with Black Spade Acquisition Co.
Source: sec.govNorth Carolina Plant Groundbreaking
VinFast broke ground on a factory in Chatham County, North Carolina, in July 2023.
Source: en.wikipedia.orgFounder named CEO
Pham Nhat Vuong became CEO in January; the VF 3 launched and North Carolina production was pushed to 2028.
Source: cnbc.comRevenue reaches ~$3.47 billion (VND 90.2 trillion)
Revenue of ~$3.47 billion (VND 90.2 trillion) on 196,919 EV deliveries; plants opened in Ha Tinh, India and Indonesia.
Source: stockanalysis.comPham Nhat Quan Anh becomes CEO
Became chairman in May and global CEO in September; North Carolina sued over the delayed plant in May.
Source: vinfastauto.usMajor Acquisitions
General Motors Vietnam
2018Took over GM's Vietnamese business, including its Hanoi assembly plant and Chevrolet distribution in Vietnam. Terms were not disclosed.
Lang Lang Proving Ground (Australia)
2020Bought GM Holden's vehicle testing ground in Victoria, Australia. Terms were not disclosed.
Ngoc Hoi
2026Real estate company acquired to support EV infrastructure.
Future Investment Research and Development JSC
2026Merge to consolidate assets and manufacturing.
VinES Energy Solutions
2023Consolidate battery tech and optimize supply chain.
Black Spade Acquisition Co.
2023SPAC to facilitate public listing on Nasdaq.
Keep researching VinFast
VinFast Company History FAQ
When, where, and by whom was VinFast founded?
VinFast was founded in 2017 in Hanoi, Vietnam, by Pham Nhat Vuong, the chairman of Vingroup and Vietnam's first billionaire, with the ambitious goal of establishing Vietnam's first domestic automaker.
How fast was VinFast's flagship manufacturing complex constructed in Hai Phong?
VinFast built its massive, highly automated 335-hectare manufacturing facility on Cat Hai Island in Hai Phong in an astonishing 21 months (groundbreaking in September 2017, opening in June 2019).
What were VinFast's initial internal combustion engine (ICE) vehicles?
VinFast debuted at the 2018 Paris Motor Show with the Lux A2.0 sedan and Lux SA2.0 SUV, engineered using licensed previous-generation BMW 5 Series and X5 platforms with styling by Italian design house Pininfarina.
When and why did VinFast completely terminate internal combustion engine production?
In January 2022, VinFast announced it would completely cease production of petrol-powered cars by the end of 2022 to become a pure-play electric vehicle manufacturer, completing the transition in late 2022.
What was the landmark NASDAQ listing in August 2023?
On August 15, 2023, VinFast listed on the NASDAQ (ticker: VFS) via a merger with SPAC Black Spade Acquisition Co.; extreme low-float trading briefly pushed its market cap above $190 billion before rationalizing.
What early struggles did VinFast face during its US commercial launch in 2023?
The first batch of 999 VF 8 electric SUVs shipped to California in late 2022 faced critical initial automotive reviews targeting early software glitches and suspension tuning, prompting rapid over-the-air software updates.
What is Xanh SM (GSM) and how did it catalyze VinFast's delivery surge?
In March 2023, founder Pham Nhat Vuong created Green and Smart Mobility (GSM), operating the pure-electric taxi service Xanh SM; by deploying tens of thousands of VinFast EVs across Vietnam and Laos, GSM became VinFast's anchor fleet customer.
How did VinFast pivot its global manufacturing and sales strategy toward Asia in 2024–2025?
Recognizing intense Western protectionism and EV adoption cooling, VinFast pivoted to high-growth Asian markets, breaking ground on EV assembly plants in Thoothukudi (Tamil Nadu, India) and Subang (Indonesia).
What occurred with the planned North Carolina manufacturing plant?
VinFast initially broke ground on a $4 billion plant in Chatham County, North Carolina, in 2023, but paused construction in 2024 and deferred production to 2028, leading to a state court dispute in May 2026.
When was Pham Nhat Quan Anh appointed global Chief Executive Officer?
In September 2026, Pham Nhat Quan Anh, the eldest son of founder Pham Nhat Vuong, was named global CEO of VinFast, leading the company's operational turnaround and international expansion.
How fast did VinFast's electric vehicle deliveries grow through 2025 and 2026?
VinFast delivered 196,919 EVs in 2025 (more than doubling 2024 volume), and delivered 128,662 vehicles in the first half of 2026 alone, capturing an estimated 36% market share in Vietnam.
What is VinFast's total manufacturing capacity across operating plants today?
Across its four vehicle plants in Hai Phong, Ha Tinh, Tamil Nadu (India), and Subang (Indonesia), VinFast possesses an aggregate installed capacity of approximately 600,000 EVs annually.
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