A noodle shop doesn’t seem like the best way to grow into a car manufacturer, but someone miraculously managed to do it. That is the story behind the Vietnamese brand VinFast, which will soon open its first store in Amsterdam. This is the interesting story behind the new electric car brand.
The VinFast story begins in the 1990s. Then one Phạm Nhật Vượng, a brilliant mathematician from Vietnam, sets foot in Ukraine. His parents were not rich, because he had just graduated from a Russian university. We suspect that his parents were not very happy at the time that he was not going to do anything with his expensive education.
He starts a noodle bar that quickly becomes popular with local students. This grows into a company in ready-to-eat meals. In no time, his company has grown to the point where Nestlé sees a future in it. They’re taking over his noodle business for $150 million.
The first success of Phạm Nhật Vượng
Many people would leave it at that, buy a nice house with a matching car and enjoy your well-earned money for the rest of your life. But not Vượng. At the beginning of this millennium, he dives into the real estate and resorts market. That also works and in 2015 Vượng can call himself Vietnam’s first billionaire.
Real estate, shopping malls, resorts, amusement parks, schools, universities, voluntary hospitals, pharmacies and big data companies are all part of his Vingroup company. What was apparently still missing was an own car brand. This is how VinFast was born. With no staff, factory or experience, he embarks on his next adventure.
VinFast .’s cars
Within two years, VinFast will be at the Paris auto show with two cars: a modified 5-series and X5. The design comes from ItalDesign and Magna Steyr (builder of the Toyota Supra and Jaguar I-Pace) is responsible for production. VinFast wants to succeed locally first. The brand new car brand benefits from the Vingroup’s name recognition.
The orders are pouring in. Today, three years after the introduction of petrol cars, VinFast will stop using combustion engines. From now on they will go full-electric with the small VF5 and four crossovers (the VF6, VF7, VF8 and VF9). For the latter two, VinFast approaches the legendary Italian design house Pininfarina.
Now also VinFast in the Netherlands
The party just doesn’t stop. At the beginning of next year they will also come to the Netherlands with a dealer in Amsterdam. A year later, ‘shops’ should also be opened in Rotterdam and The Hague. The 8 comes with a range of 420 km and 383 hp, while the 9 has a power of 408 hp and is 438 kilometers away.
VinFast is building a factory in America. In the meantime, they are also looking for a location to set up a factory in Europe. Anyone have a few acres left by chance? When the factory in the US is completed, Vượng will have pumped $10 billion into his car adventure. If the evolution of the brand is like the rest of the Vingroup, we won’t have to wait long to judge the cars.
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