Vingroup's Expanding Horizons: Beyond VinFast
- Written by Telegraph Magazine
As Vietnam becomes a magnet for foreign investment, Vingroup is at the forefront of the country's global ascent. Beyond the electric vehicle company VinFast, the conglomerate is making waves in real estate, tourism, and technology, with initiatives like VinFuture underscoring the company’s commitment to a better world.
HANOI, VIETNAM - Media OutReach Newswire - 30 August 2024 - Vietnam's economy is revving up, with foreign investment pouring into the Southeast Asian nation. In the first seven months of 2024, total registered foreign direct investment (FDI) surged 10.9 percent to $18 billion, while new investments soared by 35.6 percent to nearly $10.8 billion.
The World Bank has praised Vietnam's economic resilience, noting its steady growth trajectory. The country's per capita income has outpaced many regional rivals, a testament to its growing economic clout.
Vietnam's economic ascent is also fueling the growth of domestic conglomerates. Vingroup, the nation's largest private corporation, is expanding rapidly across sectors including industry, technology, real estate, services, healthcare, and education. These domestic giants, like Vingroup, the parent company of VinFast, are not only benefiting from Vietnam's attractiveness to foreign investors but are also actively building global brands of their own.
A prime example of this transformation is the electric vehicle. VinFast's sleek, high-tech cars are seen as symbols of Vietnam's technological prowess and a bridge between its heroic past and its modern, ambitious future. They embody the nation's shift from a resilient underdog to a globally integrated economic player.
VinFast's Strategic Expansion Worldwide
The ringing of the Nasdaq golden bell in August 2023 marked a pivotal moment for VinFast and Vietnam's business landscape. The successful listing on the U.S. stock exchange signaled the maturity of a homegrown company with global ambitions while inspiring a new generation of Vietnamese startups.
Since the Nasdaq debut, VinFast has rapidly expanded its global footprint. Beyond its presence in the U.S., Europe, Canada, and the Middle East, the automaker made strategic moves into emerging markets closer to home, including India, the Philippines, and Indonesia.
In Indonesia, VinFast has quickly gained traction. The company has launched the VF e34 and VF 5 models, opened dealerships, and broken ground on an assembly plant in Subang. These initiatives underscore VinFast's commitment to the region and its strategy of offering high-quality, affordable electric vehicles backed by strong after-sales service.
This global push was underscored by the inclusion of VinFast's founder and CEO, Pham Nhat Vuong, on the prestigious 2024 MotorTrend Power List. Notably, Vuong is the only honoree from Southeast Asia, highlighting his visionary leadership and the groundbreaking work underway at VinFast.
In another achievement for Vietnamese business, VinFast was named one of the world's 100 most influential companies by TIME magazine in May 2024. The honor marked the first time a Vietnamese enterprise has been included in the prestigious list.
Beyond Borders: Vingroup's Global Impact
VinFast has captured international headlines, but the broader Vingroup ecosystem is also gaining recognition. Subsidiaries such as VinFuture, VinAI, and Vinhomes are contributing to the group's growing stature.
Vingroup demonstrated its commitment to society during the COVID-19 pandemic by donating billions of Vietnamese dong to pandemic relief efforts. The company also launched the VinFuture Foundation, a global science and technology award that has elevated Vietnam's international profile. The award's growing influence, with nearly eight times as many nominating partner scientists and 2.5 times as many nominations in its fourth year, affirms Vingroup's role in addressing global challenges.
Vingroup's technology division is making significant strides, offering a range of products and services in big data, artificial intelligence, healthcare AI, operational transformation, cybersecurity, data management, and more. These solutions are gaining traction in global markets.
The division is also a key contributor to VinFast's success, developing cutting-edge technologies like Advanced Driver Assistance Systems (ADAS), smart services, and self-generating AI virtual assistants. These innovations provide VinFast with a substantial competitive edge in the electric vehicle market.
VinFast made history on January 8, 2024, when its MirrorSense technology was honored with the Innovation Award Honoree at CES 2024 in the Vehicle Tech and Advanced Mobility category. Developed jointly with VinAI, a Vingroup subsidiary specializing in AI research and development, MirrorSense is the world's first AI-driven automatic mirror adjustment system.
This prestigious award recognizes the groundbreaking nature of MirrorSense and solidifies VinFast and VinAI's position as leaders in automotive technology innovation. The system uses AI to accurately detect a driver's head position and eye gaze, adjusting mirrors accordingly with a precision of 10 millimeters.
Vingroup's influence extends far beyond its industrial and technological ventures. Its real estate arm, Vinhomes, has captured global attention. This year, the Ocean City complex garnered widespread acclaim from international media as one of the world's most desirable places to live.
Since its inception in 2013, Vinhomes has redefined urban living in Vietnam. The developer has created a portfolio of world-class residential and commercial projects that have transformed the country's skyline and set new standards for luxury living. Vinhomes' growing collection of prestigious international awards solidifies its position as a global real estate leader.
Meanwhile, Vingroup's foray into tourism began in 2002 with the opening of the five-star Vinpearl Resort Nha Trang, transforming the pristine Hon Tre Island into a luxurious destination and symbolizing the nascent Vietnamese tourism industry. Just four years later, the group unveiled Vinpearl Land, Southeast Asia's largest and most unique resort and entertainment complex, complete with the world's longest over-sea cable car at the time.
These iconic projects not only created world-class destinations but also elevated Vietnam's global tourism profile through a series of high-profile events. Vinpearl and VinWonders have played a pivotal role in positioning Vietnam as a must-visit destination for international travelers, contributing seamlessly to Vingroup's mission of positively impacting virtually every aspect of Vietnamese people's lives and expanding its global reach.
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