VinFast

Pure Electric Vehicles (EVs)Founded 2017

Market Data Current As Of: September 12, 2026

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VinFast

Pure Electric Vehicles (EVs)Founded 2017

Reviewed by Swet Parvadiya

Last reviewed: September 12, 2026

Market Data Current As Of: September 12, 2026

Company History

VinFast: Founding, Growth & Key Milestones

Founded 2017 in Haiphong, Vietnam

Founding Story

In 2017, Pham Nhat Vuong, who built his early fortune selling instant noodles in Ukraine before founding **Vingroup** and transforming Vietnam's real estate, retail, and healthcare sectors, decided that Vietnam needed its own world-class national automotive champion. Skeptics said building a car company from scratch would take a decade. Vuong acquired 335 hectares of marshland in Dinh Vu, Haiphong, and in just 21 months built a state-of-the-art smart factory with 1,200 industrial robots. After launching licensed BMW-based combustion cars (Lux A2.0 and Lux SA2.0) in 2018, Vuong made the daring decision in late 2021 to cease all combustion car production and bet 100% of the company's future on electric vehicles.

Founders

Pham Nhat Vuong

Pham Nhat Vuong is Vietnam's first Forbes billionaire, Chairman of Vingroup, and Chief Executive Officer of VinFast Auto Ltd. In 2017, Vuong founded VinFast to establish Vietnam as a global automotive powerhouse. Vuong built the Haiphong factory in 21 months, committed over $10 billion to EV engineering, executed the 100% electric pivot, and led VinFast's 2023 NASDAQ listing.

Key Milestones

2017

VinFast Founded in Haiphong, Vietnam

Pham Nhat Vuong launched VinFast, breaking ground on a 335-hectare smart automotive complex in Dinh Vu.

2018

World Debut of Lux A2.0 & Lux SA2.0 at Paris Motor Show

Unveiled first vehicles designed by Pininfarina, winning the 'A Star Is Born' award from AUTOBEST.

2019

Factory Completion in Record 21 Months

Inaugurated Haiphong mega-factory with 1,200 ABB robots, commencing commercial vehicle deliveries.

2022

The Historic 100% Pure Electric Vehicle Pivot

Ceased all internal combustion engine car production to focus exclusively on pure electric SUVs.

2023

Initial Public Offering on NASDAQ (Ticker: VFS)

Listed on NASDAQ via a $23 billion business combination with Black Spade Acquisition Co.

2024

Pham Nhat Vuong Takes Over as CEO & Launches VF 3 Mini-EV

Founder Pham Nhat Vuong assumed direct CEO leadership; launched the ultra-affordable VF 3 mini electric SUV.

2026

Surpasses $2.15B Revenue with 90,000+ Global Deliveries

Achieved annual revenue exceeding $2.15 billion USD across North America, Asia, and Europe.

VinFast Company History FAQ

What are the defining historical milestones for VinFast?

Since its establishment in 2017, VinFast expanded from an early-stage venture into a recognized leader in Pure Electric Vehicles (EVs), Smart Electric SUVs, Electric Scooters, Clean Mobility Ecosystems & Global Automotive Manufacturing, overcoming key market challenges.

What major strategic pivots shaped VinFast's evolution?

Over its history, VinFast executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.

How has VinFast adapted to recent industry disruptions?

By continually modernizing operations and embracing workflow automation, VinFast maintains resilience through changing technological and economic cycles.

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