Meet the CEO Taking Vietnam EV Maker VinFast Global

Pham Nhat Vuong, Vietnam’s Richest Man, is Driving the Global Expansion for EV Manufacturer VinFast in the US and India in his New Role as CEO

Things are happening quickly at VinFast – Vietnam’s electric car manufacturer. Hot on the heels of signing agreements with dealerships in the all-important US market, and an MoU with India to build a US$2 billion manufacturing facility, the company has a new CEO.

This is significant because that person also happens to be the founder and chairman of Vingroup Pham Nhat Vuong – VinFast’s parent company and the country’s largest conglomerate – and also Vietnam’s richest man, with an estimated personal fortune of US$4.6 billion.

Not only that, but Vuong is also indirectly VinFast’s biggest customer – with around 60% of Q3 sales (around 6,000 vehicles) going to taxi operator Green SM, which is 95% owned by the tycoon.

Voung moves from his current role as Chairman of the Board of VinFast to take the CEO position. He will continue as a Director and will also assume the role of Managing Director. 

Previous CEO Le Thi Thu Thuy will assume the position of Chairwoman of the Board, while Nguyen Thi Lan Anh replaces David Mansfield as CFO.

The move comes at a pivotal moment for the EV brand, and follows a successful SPAC in 2023 valued around US$27 billion.

It seems 55-year-old Vuong has the golden touch, and that view is reflected by the Board which sees him as the ideal person to accelerate VinFast’s ambitions. Vuong will now oversee global production, sales, and marketing.

Those ambitions are also taking shape. There is a US$6.5 billion car plant upcoming in North Carolina which will have the capacity to produce 150,000 vehicles by 2025.

The VinFast EV plant in Vietnam

While only five independent dealers have currently signed up to sell VinFast’s range of vehicles, the aim is to have 125 in the US, VinFast also has 13 retail outlets of its own in California.

This model of building production capability in key markets is also being replicated in India – the world’s most populous nation and a fast-growing EV market.

The VinFast project in Tamil Nadu also aims to produce 150,000 vehicles a year, similar to the factory in the US, with construction due to start this year. 

The man behind Vietnam's EV movement

So who is Pham Nhat Voung and how did he make his billions? The story is as twisting as a mountain road, and just as unpredictable.

Vuong’s business career took off, unlike surely all others, by selling instant noodles in Ukraine. He eventually sold that business, Technocom, to Nestle for a reported US$150 million in 2009.

Upon returning to Vietnam, savvy investments in Vietnam’s burgeoning luxury hospitality and real estate saw Voung become the country’s first dollar billionaire.

Vingroup – the multi sector corporation that emerged from the noodle business – now covers three main pillars. These are technology & industry, trade & services, and social enterprise. As well as VinFast, there is VinAI, VinBigData, VinUniversity, VinSchools, VinHomes and many more – covering everything from mobility to medical.

VinFast was only established in 2017 and is already a best-seller in Vietnam. Boasting tech that would not be out of place in a Tesla, now VinFast is looking to deliver on its mission for global sales.

However, with around 50,000 sales expected for the whole of 2023, VinFast has a lot of catching up to do to even register with market leader Tesla’s 1.8 million units, not to mention China’s BYD that shifted a record 526,409 units in Q4 alone.

Everyone has to start somewhere, even if it is selling instant noodles, and Vuong has proven time and again he is prepared for the journey, and willing to dig deep into his own substantial pockets to achieve success.

Share

Featured Articles

Why ESG Executives must Attend Sustainability LIVE Net Zero

Sustainability & ESG executives have the opportunity to hear the world’s best sustainability leaders as they present and discuss the future of net zero

Sustainability LIVE Net Zero Speakers: Tech and Mobility

New speakers join the lineup as Sustainability LIVE Net Zero recruits leaders to discuss technology, mobility, and carbon reduction through innovation

COMING SOON: Top 100 Women in Sustainability 2024

This March in honour of International Women’s Day, Sustainability Magazine will release its annual Top 100 Women supplement

Sustainability LIVE Net Zero: Conservation and Travel

Net Zero

Capgemini Sponsors Sustainability LIVE Net Zero Conference

Net Zero

Sustainability LIVE Net Zero: Decarbonised Future with AI

Net Zero