VinFast Auto

Backed by Vietnam's largest conglomerate, Vingroup, VinFast Auto is the country's first homegrown carmaker to sell passenger vehicles abroad. Launched in 2017 and based in the port city of Hai Phong, it builds electric SUVs and electric scooters and has pushed aggressively into North America and Europe, staking its future entirely on battery-electric models. The company listed in the United States in 2023 through a SPAC merger, but almost all of its shares remain in the hands of founder Pham Nhat Vuong, leaving very little stock trading freely and making the price prone to wild swings. VinFast is deeply unprofitable, spending enormous sums to build factories, including one under construction in the United States, and to fund its expansion, with much of that money coming from its founder and parent. It is essentially a high-risk bet on a young automaker breaking into a brutally competitive global EV market.

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