Chapter I: The Origins – Vingroup
On a humid September morning in Hanoi, as Vietnam celebrated the 80th anniversary of its National Day, VinFast officially delivered a special fleet – the Lạc Hồng 900 LX – available in both standard and armored versions and designed for heads of state. The fleet was deployed to serve international leaders attending the Grand Ceremony commemorating Vietnam’s 80th National Day.
To many foreign eyes, the moment was a spectacle of modern engineering: an electric automaker presenting itself on the world stage. But to Vietnamese citizens, it carried a deeper resonance. These cars, including bullet-resistant models certified to international standards, were more than just vehicles.
They were emblems of national pride, embodiments of a country’s spirit at a time when Vietnam seeks to redefine its place in the global order. Behind that moment stood Vingroup, the conglomerate that gave birth to VinFast.
Yet VinFast’s ambitions did not stop at symbolic moments at home. Almost immediately after its bold decision to go all-in on electric vehicles, the company set its sights on the most demanding arena of all: the United States. Entering the American EV market, a landscape crowded with startups, dominated by legacy giants, and scrutinized by the toughest consumers, was nothing short of audacious.
But VinFast has pursued this path with a clear philosophy: put the customer at the center. From its earliest days in the U.S., the company positioned itself with one of the industry’s strongest commitments, a 10-year warranty, offering peace of mind that rivaled or surpassed the most established names.
Since then, VinFast has been relentless in refining its vehicles, listening to feedback, and improving designs with each iteration. Most recently, it has accelerated its dealership expansion across America, strengthening its ability to deliver not just cars, but an ownership experience defined by service, trust, and excellence.
This spirit of daring, the choice to pursue a road less traveled, did not arise by chance. It was forged in the vision and resolve of one man: Mr. Pham Nhat Vuong, the founder of Vingroup.
Mr. Vuong’s career has been defined by bold leaps into uncharted territory, guided by a belief that Vietnam must not only catch up with the world, but also compete at the highest level. Where others see risk, he sees necessity. Where others hesitate, he insists on moving forward.
Vingroup, under his leadership, has carried that same philosophy, reshaping Vietnam’s skylines with real estate, revolutionizing healthcare and education, and now, challenging the automotive industry. Each step has been less about following established paths, and more about creating new ones.
VinFast is the purest expression of that will.
From Kyiv to Hanoi
The origins of Vingroup trace back not to Hanoi or Ho Chi Minh City, but to the heart of Eastern Europe in the early 1990s. Ukraine was emerging, its markets hungry for affordable, everyday goods. Into this landscape stepped a young Vietnamese entrepreneur.
In 1993, Mr. Vuong founded a company called Technocom. Its specialty was instant noodles, simple, inexpensive, and perfectly suited to the times. Within a decade, the brand he created, Mivina, had become a national staple. By 2004, its reach was staggering: more than 95 percent of Ukrainians recognized the name, three out of four consumed the product regularly, and cartons of Mivina noodles were being shipped to 29 countries. Technocom was honored by “Food & Drink” magazine with the title of “Founder of the Fast Food Industry in Ukraine”. Mivina had become a generic term for all instant noodles available in the market at that time.
Annual revenues climbed to $150 million, and the brand’s valuation crossed the billion-dollar threshold. From a humble packet of noodles, Vuong had built an empire, one that would soon provide the financial foundation for something far more audacious back home in Vietnam.
From those beginnings, Vuong would eventually return to Vietnam, bringing with him an unshakable vision: to build enterprises capable of transforming his home country.
That vision evolved into Vingroup. Over the past 32 years, it has grown into Vietnam’s largest private conglomerate. Its stated mission is simple yet ambitious: “For a better life for everyone.”
A Nation and a Conglomerate in Transformation
Vingroup now offers a diverse ecosystem of products and services, from electric cars, e-scooters, and robots to artificial intelligence, entertainment, tourism, real estate, retail, healthcare, education, transportation, and renewable energy.
Six Vingroup brands, Vinhomes, VinFast, Vinpearl, Vincom Retail, Vinschool, and Vinmec, were recently named to the “Top 100 Most Valuable Brands in Vietnam” list by global brand valuation firm Brand Finance.
As of June 30, 2025, Vingroup reported total assets of 964.4 trillion VND (about $39 billion), with consolidated revenue of 130.4 trillion VND and net profit of 4.5 trillion VND in the first half of the year.
At the forefront of Vingroup’s industrial pillar, VinFast has accelerated at remarkable speed. In the first six months of 2025, the automaker delivered 72,167 electric cars globally, more than tripling its performance from the same period a year earlier. The company has also gained recognition on the world stage: TIME magazine included VinFast among the 100 Most Influential Companies of 2024 and, in 2025, named it one of Asia-Pacific’s Best Companies.
Beyond Automobiles: The Broader Vingroup Ecosystem
In consumer services, Vinhomes, Vincom Retail, and Vinpearl lead Vietnam in housing, retail real estate, and hospitality. In social development, Vingroup operates Vinmec hospitals, Vinschool, and VinUni, the country’s premier private networks in healthcare and education.
The group has also made philanthropy a cornerstone of its identity, contributing nearly 30 trillion VND to social and charitable programs since its founding. Its Thien Tam Foundation, which has supported millions of disadvantaged citizens for nearly two decades, was recently awarded Vietnam’s First-Class Labor Medal.
Expanding Into Green Energy and Infrastructure
This year, Vingroup announced two new pillars: infrastructure and green energy, signaling a stronger commitment to long-term sustainability. The additions align with its broader mission of “For a better life for everyone” and ensuring that future generations inherit a more sustainable future.
Recently, Vingroup has been honored as one of the “World’s Best Companies” by TIME magazine. Notably, Vingroup is the first and only Vietnamese company to be included on this elite global list, solidifying its reputation and standing on the international stage.
The ranking evaluates businesses on three key criteria: Revenue Growth, Employee Satisfaction, and in-depth analysis of Sustainability (ESG). Vingroup became the first Vietnamese enterprise to meet the rigorous standards, earning a place among the world’s top 1,000 companies.
This, then, is where the story of VinFast begins: in the rise of Vingroup itself. To follow the company’s path is to follow the trajectory of modern Vietnam, a nation of nearly 100 million people, marked by rapid growth, bold ambition, and an unshakable drive to claim its place on the global stage, one electric vehicle at a time.
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