VINFAST, the Vietnamese electric vehicle (EV) manufacturer, is making waves with its latest expansion into the Philippines. This move is part of VinFast's strategic global growth, bolstered by strong support from its parent company, Vingroup.
Since its inception in 2017, VinFast has already established a significant presence in the United States, Canada, and Indonesia. Now, it is poised to enter the Philippine market, aiming to bring its electric vehicles to a broader segment in Southeast Asia.
The driving force behind VinFast's aggressive expansion strategy is Vingroup, Vietnam's largest private conglomerate. Under the visionary leadership of Pham Nhat Vuong, VinFast is well-positioned to challenge industry norms and accelerate the EV revolution.
"The electric vehicle market will continue to grow and eclipse gasoline-powered cars," Pham said, underscoring his belief in the sector's potential despite current challenges.
Vingroup's substantial backing is crucial to VinFast's success. Contributing nearly 1.6 percent to Vietnam's 2023 gross domestic product, Vingroup operates across various sectors, including technology, trade, services, and social enterprise. Real estate and EVs emerged as key revenue drivers in 2023, with the conglomerate achieving significant financial milestones in the first quarter of 2024.
VinFast has benefited from $11.4 billion in capital injections from Vingroup, its affiliates, and Pham himself since its founding. At a recent shareholder meeting, Pham pledged an additional $1 billion from his personal wealth to support VinFast, demonstrating his unwavering commitment to the company.
VinFast's entry into the Philippine market is not just about expanding its geographic footprint. It is also about introducing advanced technological innovations that set VinFast vehicles apart. The company benefits from Vingroup's comprehensive technological ecosystem, which includes VinBigData, developing smart voice assistants and artificial intelligence (AI) cameras; VinAI, enhancing vehicle performance with AI-driven solutions; VinCSS, providing cybersecurity services; VinHMS, offering specialized tech products to optimize business operations; and VinBrain, revolutionizing healthcare with AI solutions.
One notable innovation is MirrorSense, an AI-driven automatic mirror adjustment technology co-developed by VinFast, VinAI and VinBrain. This technology, which won an Innovation Award at CES 2024, adjusts rearview mirrors based on the driver's head and eye position, enhancing safety and convenience.
Another significant feature is ViVi, a voice assistant developed by VinBigData, which understands Vietnamese commands and performs various tasks, enhancing the user experience.
The Vietnamese automaker has focused primarily on electric SUVs and crossovers. Currently, VinFast has six models: VF3, VF5, VF6, VF7, VF8 and VF9.
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