Here’s a New Automotive Name to Know: VinFast. And Here’s Why
Scotty Reiss
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Modern, ambitious and female led, this company is on the fast track to become a global player.
Out of the ashes are born Phoenixes, as they say, and when it comes to the automotive industry, this has been especially true for Asian brands. Toyota, Honda, Nissan and Mazda came of age following World War II, the Korean war and Japan’s reconstruction. The power of Hyundai and Kia were unleashed following the end of military rule in Korea. And now, Vietnam, which has been building a world-class economy, is poised to enter the global automotive industry led by the automaker VinFast.
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VinFast CEO Le Thi Thu Thuy announcing the company’s partnership with General Motors. Photo: VinFast
Le Thi Thu Thuy: From Hometown Girl to Global CEO
VinFast is embarking on its expansion under the leadership of newly appointed CEO Le Thi Thu Thuy. Thuy joins a small and exclusive sorority of female leaders of car brands, including Linda Jackson, CEO of Peugeot, Joy Falotico of Lincoln, Claudia Marquez of Genesis N.A., Annette Winkler, of Smart Automobiles and of course, Mary Barra of General Motors.
Thuy has spent much of her career at Vingroup, one of Vietnam’s largest conglomerates, where she held roles in industry, technology, finance, investment and international relations. Before taking a role at Vingroup, she was a VP at Lehman Brothers in Japan after earning her MBA. The appointment of Thuy builds on other relationships designed to strengthen the company. In addition to raising more than a billion dollars from stalwart investors around the globe, the company has a partnership with General Motors, has hired top engineers and designers from legacy car brands like Toyota, and is staking out a presence in key North American and European markets.
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VinFast Showrooms Will Open in US Cities Soon
We should start to see the physical presence of VinFast shortly; the company is building a $200 million facility in Los Angeles and will hire more than 1,000 California-based employees. And in 2022 the company expects to open showrooms in 35 US cities where buyers can explore VinFast’s electric cars.
The race toward electrification will heat up in 2022 and VinFast is set to be among the new names vying for shoppers attention— including Lucid, Fisker, Rivian, Byton, Polestar and Bollinger—as well as familiar names like VW, Ford, Mercedes, Toyota, Mazda, Hyundai, Kia, Volvo and of course, Tesla. With solid funding and vision, VinFast is in a good place to be heard. But with modern and visionary leadership in Thuy, we’re all ears.
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