VinFast is Vietnam’s first and so far only major car manufacturer, but the domestic market is small enough to convince CEO Pham Nhat Vuong to expand his business to China in 2021.
The startup automaker is still fairly young, only having premiered its LUX A2.0 sedan/saloon and LUX SA2.0 crossover/SUV at the 2018 Paris Motor Show (see the gallery and the attached video). Both models use the tech of the older BMW X5 and 5 Series and benefit from custom design carried out by Italian coachbuilder Pininfarina. Later on, the company launched the Fadil crossover hatchback based on the Opel Karl Rocks, having purchased the production license from General Motors along with the factory in Hanoi.
VinFast will begin its international expansion with the United States, but may eventually come to other markets as well. Pham Nhat Vuong, the country’s first billionaire and holder of 49% of the company shares, says he intends to invest two billion USD from his personal funds into conquering the North American market.