VTinFast is a subsidiary of Vingroup, Vietnam's largest private conglomerate. The revenue of Vingroup and V its subsidiaries was around 1.1 percent of the GDP of Vietnam in 2022. The company broadly divides its presence into three sectors - technology and industry, real estate development and services, and social enterprise. Basically, Vingroup's business encompasses the tech sector, real estate, hospitality, education along with several not-for-profit organisations. Vingroup and its owner and chairman Pham Nhat Vuong's rise has been quite rapid, from starting out with an instant noodles business in 1993, to becoming a billionaire with a net worth around USD 7 billion. At one point, following a blockbuster debut on the Nasdaq, VinFast was worth more than the likes of Ford and General Motors with a valuation of USD 85 billion. Point is, the company has money, is growing rapidly, has ambitious plans of selling cars globally, and has now decided to set up a manufacturing facility in India to cater to the domestic as well as export markets.
HOW IT STARTED
This story is from the February 2024 edition of Auto Today.
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