VinFast, Vietnam's first global EV manufacturer, aims to revolutionize transportation and lead the shift toward sustainable, clean energy solutions.
HANOI, VIETNAM - Media OutReach Newswire - 30 September 2024 - VinFast was never intended to be just another car company. Born from Vingroup's broader vision of driving innovation and societal change, the company believes a sustainable future is only possible when everyone can enjoy access to smart, safe, and environmentally friendly EVs.
VinFast EV manufacturing complex in Hai Phong, Vietnam.
"Many people asked why Vingroup created VinFast. It actually started with our desire to contribute to society, not purely a business matter," Pham Nhat Vuong, Chairman of Vingroup, once affirmed.
VinFast's commitment to a sustainable future is no mere slogan. In 2022, it signed The Climate Pledge to achieve net-zero carbon emissions by 2040 and the COP26 Zero-Emission Vehicle (ZEV) Declaration, committing to 100% zero-emission vehicle sales in key markets by 2035.
The company's journey included a transformative step away from internal combustion engines, becoming one of the world's first automotive manufacturers to commit fully to electric vehicles. This decision positioned the company at the forefront of the global shift toward clean energy, responding to the increasing global demand for sustainable solutions. Furthermore, its integrated approach to sustainability is not just about producing EVs but embedding environmental responsibility into every aspect of its business.
VinFast's electric mobility ecosystem, encompassing cars, buses, scooters, and charging infrastructure, is a model for green transportation. VinFast's efforts extend beyond vehicles, emphasizing a circular economy by collaborating with leading research institutes to develop zero-carbon solutions and using responsibly sourced, recyclable batteries. A massive project initiated in 2022 and still ongoing saw them establish fast-charging stations across Vietnam, making EV adoption more accessible and encouraging consumers to switch from traditional vehicles to electric ones.
The EV maker has also introduced a battery subscription model that replaces old batteries at 70% capacity, reusing them for energy storage. This model significantly reduces emissions, optimizes resource use, and reinforces the company's environmental commitment.
VinFast's sustainability initiatives are also closely tied to its innovation in design and production processes. By integrating energy-efficient robots and sustainable materials, VinFast is minimizing waste and optimizing energy efficiency in manufacturing, setting new standards for eco-friendly production. In supply chain management, their principles of localization, near-shoring, diversification, and modernization have allowed them to reach a localization rate of up to 60%, and to be able to produce 47% of materials in-house.
Recognition of these efforts has been swift: in 2022, VinFast received a Corporate ESG Assessment score of 23.3 from Morningstar Sustainalytics, one of the highest among EV companies. Additionally, it won the "Corporate Sustainability Champions" category at the 2022 ORIGIN Innovation Awards, underscoring its leadership in sustainable business practices.
In just a few short years since its inception in 2017, VinFast has shown that it is fully capable of holding its own in the global playfield. After gaining a foothold in international markets like North America, Europe, and Southeast Asia, the EV maker is strategically entering the Middle East market. This move aligns seamlessly with the company's vision, as the region is actively seeking to diversify its energy sources and reduce its carbon footprint. But no matter where it operates, one thing is clear: VinFast's unwavering focus on sustainability ensures that it is paving the way for a cleaner, greener future.
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