In 2002, Pan Riwang returned to Vietnam and began to invest in real estate, and then entered the tourism industry. In 2012, he merged all his businesses and the conglomerate Vingroup was born. The group has grown into Vietnam’s largest private company with a market value of US$11 billion. In 2021, its total assets will account for about 5% of Vietnam’s GDP.
Soon, the richest man set his sights on the car industry. In 2017, VinFast was established. Vietnam’s auto market has long been dominated by foreign companies such as Toyota, and before VinFast, Vietnam didn’t even have a real national auto company.
VinFast has greatly promoted the development of Vietnam’s local auto industry. At first, VinFast aimed at the traditional fuel vehicle market. The company sold 82,000 vehicles in three years, a sizable share for a fledgling automaker in a relatively small market.
In 2022, the company announced its transformation into a pure electric vehicle business. However, in the increasingly competitive U.S. electric vehicle market, VinFast still faces competition from rookies such as Tesla to traditional car companies such as General Motors, Ford and Honda.