According to CNN Indonesia, under the leadership of billionaire Pham Nhat Vuong, VinFast not only made history in 2024 as the number one automotive brand in Vietnam but also left a remarkable impression in multiple markets worldwide.
Astonishing Growth
“In 2024, VinFast, a Vietnamese electric vehicle brand, made history by becoming the top-selling automotive brand in its domestic market. In parallel, the company has also been making significant strides in its global expansion efforts,” CNN Indonesia begins its year-in-review article dedicated to VinFast, published on January 2nd, 2024.
The year 2024 marked VinFast’s entry into new high-potential markets. As the global electric vehicle market experienced a slowdown in growth, the Vietnamese automaker seized the opportunity to implement a smart strategy: focusing on quality control and product innovation, continuously solidifying its market position, and building a strong foundation for sustainable growth.
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CNN Indonesia highlights the turning point for VinFast when billionaire Pham Nhat Vuong took on the role of CEO at the beginning of 2024, directly steering the company’s production, sales, and market strategies. Under his leadership and the dedication of the entire VinFast team, the company achieved remarkable growth, demonstrating the effectiveness of their flexible approach and strong focus on product quality.
“There is no plan B, only plan A and A+!” CNN Indonesia quotes Pham Nhat Vuong’s response to the Vietnamese press in August 2024.
“Even as the overall EV market experienced a slowdown, VinFast remained remarkably resilient: quietly yet determinedly expanding globally with a strategic approach in the initial months, followed by explosive growth towards the year’s end,” the leading Indonesian television channel observed.
Expanding Global Footprint
VinFast’s significant achievements in 2024 showcased the effectiveness of its multi-product, multi-market strategy. Following the successful 2023 Nasdaq listing, VinFast continued to strengthen its presence in key markets such as North America and Europe. At the beginning of 2024, VinFast unveiled the VF Wild electric pickup truck concept, the mini e-SUV VF 3, and the Drgn Fly electric bicycle at CES 2024.
CNN Indonesia analyzed that VinFast accelerated its conquest of the US market by expanding its dealer network, optimizing costs, and increasing brand awareness. As of October 31st, 2024, the company’s global retail network comprised 173 automotive showrooms and 160 electric motorcycle showrooms and service workshops, including both VinFast-owned and dealer-owned locations.
Moreover, in the same year, VinFast expanded into other potential markets. “The electric vehicle manufacturer entered the Philippines market and commenced vehicle deliveries there. VinFast also broke ground on a factory in India, demonstrating its strategic moves in key regional markets,” wrote CNN Indonesia.
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In Indonesia, VinFast continuously enhanced its presence after officially launching its brand at the 2024 Indonesia International Motor Show (IIMS). CNN Indonesia praised VinFast for introducing smart electric vehicles, offering attractive sales and warranty policies, aggressively expanding its dealer network, and breaking ground on an assembly plant. “This assembly plant is a crucial step in completing its production capabilities to support its global expansion plans,” the channel commented.
For its contributions to the green transition, VinFast was recognized as the “Automotive Brand Contributing the Most to the Green Revolution in Indonesia” by CNN Indonesia.
The channel also commended billionaire Pham Nhat Vuong’s vision for a greener future and his determination to realize it through a comprehensive ecosystem encompassing VinFast, V-GREEN, and Xanh SM. “With Xanh SM’s electric ride-hailing service, Indonesian consumers can easily experience VinFast’s range of smart electric vehicles, thereby increasing product and brand awareness,” the article analyzed.
Recently, V-GREEN and Middle Eastern conglomerate Prime Group signed a Memorandum of Understanding to establish approximately 100,000 VinFast charging stations in Indonesia over the next three years, with a total investment of up to $1.2 billion.
A Promising New Journey
According to CNN Indonesia, to gain a competitive edge and solidify its position in the global electric vehicle market, VinFast adopted a multi-dimensional approach with a diverse range of electric vehicle products. This strategy proved successful in the Vietnamese market, propelling VinFast to become the best-selling automotive brand in the first ten months of 2024.
CNN Indonesia concluded that with its focus on efficiency, innovation, and customer satisfaction, VinFast has created new market demand and driven the green transition in Vietnam. “As a global company listed on Nasdaq, VinFast’s success in Vietnam could inspire its continued expansion into international markets. Meanwhile, the multi-product, multi-market strategy will be key to overcoming short-term challenges and leading the green revolution,” the channel emphasized.
With strategic, bold moves and inspiring leadership, VinFast embraces the future with optimism. For VinFast, 2024 is just the beginning of a promising journey towards establishing a “long-lasting legacy” in the automotive industry, according to CNN Indonesia.
Thai Son (Tuoitrethudo)
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