Founded in 2017 as a subsidiary of the Vietnamese conglomerate Vingroup, VinFast set ambitious goals to establish itself as a global automotive brand. The company made its international debut at the 2018 Paris Motor Show, unveiling the LUX A2.0 and SA2.0 – both rebadged versions of the BMW 5 Series and X5 – rather than launching them domestically in Vietnam.
By 2019, VinFast commenced production and sales of its initial line-up, which included the LUX A2.0, SA2.0, and the Fadil, a rebadged Chevrolet Spark. That year, the company sold approximately 8k Internal Combustion Engine (ICE) vehicles in Vietnam. VinFast’s rapid market entry was facilitated by the acquisition of a General Motors (GM) plant in Vietnam, licensing agreements for rebadged models, and the leadership of its first CEO, James DeLuca, formerly Executive Vice President of Global Manufacturing at GM. Under DeLuca, the company emphasized manufacturing excellence, laying the foundation for its operations.
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A shift in leadership occurred in mid-2021 when Michael Lohscheller, former CEO of Opel and CFO of Volkswagen and Mitsubishi, assumed the CEO role. His appointment signaled a strategic pivot toward financial expansion, particularly with plans to enter the US market and transition into Battery Electric Vehicles (BEVs). However, Lohscheller’s tenure was brief, lasting just five months before Le Thi Thu Thuy, formerly Vingroup’s CFO, took over as Global VinFast CEO. With a background in finance from Lehman Brothers, her leadership further underscored VinFast’s focus on securing a successful US stock market listing to fund its BEV ambitions.
In 2022, the automaker announced that it would cease ICE production by the end of the year to become a BEV company, recognizing the BEV trend and challenges in competing in the conventional powertrain segment globally. The company focused on developed markets like the US and Europe rather than emerging markets.
August 2023 marked a significant milestone as VinFast went public on NASDAQ through a special purpose acquisition company (SPAC) merger, just one month after breaking ground on its North Carolina manufacturing plant. However, in January 2024, another leadership transition took place when Pham Nhat Vuong, Vingroup’s founder, assumed the role of CEO. Under his leadership, the company revised its strategic priorities, postponing the North Carolina plant’s opening from 2025 to 2028 and shifting its market focus toward emerging markets such as the Philippines and Indonesia.
VinFast’s swift decision-making was particularly evident in Thailand, where the automaker actively pursued government incentives, showcased its models at the Bangkok International Motor Show in March 2024, and planned vehicle deliveries for August 2024. However, by July 2024, VinFast had entirely withdrawn from the Thai market due to unfavorable consumer and dealer feedback. This rapid course correction, likely facilitated by direct oversight from the company’s founder, highlights the agility of an owner-led enterprise in mitigating financial risks.
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By GlobalDataThe appointment of Pham Nhat Vuong as CEO suggests that VinFast is at a pivotal juncture, requiring strong executive control to navigate the next phase of its expansion. One of the company’s key upcoming initiatives is its entry into the Indian market.
At the Bharat Mobility Global Expo 2025 in New Delhi, VinFast showcased its VF 6 and VF 7 models, signaling its intent to establish a presence in India. The company plans to begin accepting bookings in the second half of 2025, with production and deliveries targeted for 2026. India, as the world’s third-largest Light Vehicle (LV) market, presents significant opportunities for VinFast, particularly given the regulatory barriers that have restricted the entry of Chinese BEV manufacturers.
As VinFast continues to recalibrate its global strategy, its leadership choices and market shifts will be critical in shaping its long-term trajectory.
Titikorn Lertsirirungsun, Senior Manager, Southeast Asia Forecasting, GlobalData
This article was first published on GlobalData’s dedicated research platform, the Automotive Intelligence Center.
