VinFast, inspired by Vingroup’s ethos of “Forever the start-up spirit,” has officially entered the Middle Eastern market. This expansion offers the EV maker a unique opportunity to secure a first-mover advantage and champion sustainable mobility on a global scale.
For Vingroup, the “start-up spirit” is an all-encompassing philosophy. Despite it being Vietnam’s largest private conglomerates, Vingroup’s founder, Pham Nhat Vuong, sees the company as still at the beginning of its journey. With a belief that no company is “too big to fail,” Vuong promotes a start-up mindset: nimble, proactive, and always prepared to tackle new challenges. This outlook propels VinFast forward in the fiercely competitive automotive industry.
Founded in 2017, VinFast stunned the industry by establishing a state-of-the-art facility in Haiphong in a record 21 months. And in just over five years, it has grown into one of Vietnam’s leading automotive brands. By the first ten months of 2024, VinFast achieved a historic milestone as the country’s best-selling automotive brand—a first for any domestic brand, and especially notable for an EV maker, in surpassing both foreign competitors and traditional gasoline-powered brands.
This start-up mentality fuels VinFast’s global ambitions. With a presence already in North America, Europe, and Asia, the company has now extended its reach to the Middle East. In October 2024, VinFast opened its first Middle Eastern dealership in the UAE. The 1,000-square-meter Dubai dealership includes a showroom and service center, showcasing VinFast’s smart EV models, including the VF 6, VF 7, VF 8, and VF 9.
VinFast’s strategy is clear: build brand recognition early to gain consumer trust as the Middle Eastern EV market develops. The Middle East aligns well with VinFast’s expansion plans, with future dealership openings in Saudi Arabia, Qatar, Kuwait, and Bahrain. These markets represent a strategic entry point into a region where governments increasingly encourage EV adoption. Saudi Arabia, for example, aims for 30% EV usage in Riyadh by 2030. With the regional EV market projected to grow at a compound annual rate of 28.9% by 2028, VinFast is positioning itself to meet rising demand for sustainable transportation.
VinFast’s Middle Eastern venture may seem challenging given the region’s historical reliance on oil, but the company’s start-up spirit equips it for the journey ahead. Echoing its early success in Vietnam, VinFast aims to navigate the complexities of the Middle Eastern market and reshape perceptions of electric mobility. This expansion brings VinFast closer to its goal of becoming a global EV leader, grounded in sustainability and an unyielding start-up spirit.Bottom of Form