An introduction to VinFast

Discussion in 'Vinfast' started by Domenick, Apr 27, 2022.

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  1. Domenick

    Domenick Administrator Staff Member

    VinFast is an automaker from Vietnam. It is part of Vingroup, which is a large conglomerate of companies run by Phạm Nhật Vượng, who serves as its Chairman (and who is typically addressed as "Chairman"). He's the communist country's richest man, I believe, and has an interesting back story.
    He grew up with working parents, not affluent at all. After high school he studied at a mining/geology school and then transferred to a similar program in Russia. Getting his degree there, he then moved to Ukraine where he started his first business: an instant noodle restaurant, which expanded to wholesale production of instant noodles and other food items.

    He called his company Technocom (which is very un-food like, but ok). He eventually sold this company to Nestle in 2009, but had already started doing real estate development in Vietnam, starting with the Vinpearl Resort Nha Trang in 2003 (a high-end property on an island in the south of the country where I recently got to stay for a couple nights. Photo of view out my room below) and Vincom City Towers in Ha Noi in 2004.
    Fast forward to now, and Vingroup holds Vinpearl, with a number of resorts, hotels, amusement parks, golf course, and more; Vinhomes, with 27 urban complexes (communities, basically); Vincom, a huge retail business with over 80 malls throughout the country; and several not-for-profit enterprises - Vinuniversity, Vinschool, Vinbus (public transport), VinMec (hospitals and clinics) and more.

    Vingroup makes up about 3% of Vietnam's GDP, and has an incredible presence in the country.

    So, back to VinFast.

    The Chairman, who has a love of cars and driving fast, sees the potential of Vietnam to be as modern and technologically advanced as any other country, and vehicle manufacturing is a keystone industry. It makes sense, then, that he tackle this business.

    Vinfast was established in 2017. On a piece of land, some of which was reclaimed from the sea, in Hai Phong (a city on the northern coast), it built a huge industrial site and had its first cars rolling within a span of 22 months. Amazing speed.

    Here's the site as it appears on Google Maps at the moment.

    Although the "fast" in VinFast is an acronym for style, safety, creative, pioneering and doesn't really refer to speed, it should. be continued
    BigNerd likes this.
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  3. BigNerd

    BigNerd New Member

    How is "fast" an acronym? Surprised he didn't use VinEV or VinElectric.
    Last edited by a moderator: Aug 3, 2022
  4. Domenick

    Domenick Administrator Staff Member

    I guess the letters F A S T stand for the Vietnamese words for style, safety, creative, and pioneering.

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