VinFast, driven by Vingroup’s “Forever the Start-Up Spirit,” has officially launched in the Middle East. This move provides the EV maker with a significant chance to capture a first-mover advantage and lead the shift toward sustainable mobility on a global scale.
For Vingroup, this “start-up spirit” is a core philosophy. Despite being Vietnam’s largest private conglomerate, founder Pham Nhat Vuong views Vingroup as just beginning its journey. With the belief that no company is “too big to fail,” Vuong promotes an agile, proactive mindset, embracing new challenges. This approach propels VinFast in the highly competitive automotive landscape.
Founded in 2017, VinFast made waves by establishing a cutting-edge facility in Haiphong in just 21 months. Within five years, it emerged as one of Vietnam’s top automotive brands, and by late 2024, it became the country’s best-selling carmaker—a remarkable feat for an EV brand, surpassing both international and traditional gasoline-powered competitors.
VinFast’s start-up mindset fuels its global aspirations. With an established presence in North America, Europe, and Asia, the company now extends its reach to the Middle East. In October 2024, VinFast opened its first dealership in Dubai, UAE. The 1,000-square-meter facility houses a showroom and service center, featuring VinFast’s smart EV lineup, including the VF 6, VF 7, VF 8, and VF 9.
VinFast’s strategy is to build brand recognition early, fostering consumer trust as the Middle Eastern EV market grows. The region is well-suited to VinFast’s ambitions, with future dealerships planned for Saudi Arabia, Qatar, Kuwait, and Bahrain. Governments in these markets increasingly promote EV adoption; for example, Saudi Arabia aims for 30% EV usage in Riyadh by 2030. With the Middle Eastern EV market projected to grow at an annual rate of 28.9% by 2028, VinFast is positioning itself to meet the rising demand for sustainable transportation.
While the Middle East’s historical reliance on oil may pose challenges, VinFast’s start-up spirit equips it to navigate these complexities. Following its early success in Vietnam, VinFast aims to redefine electric mobility in the Middle East. This expansion brings VinFast closer to its vision of becoming a global EV leader, firmly rooted in sustainability and an enduring start-up spirit.
