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VINFAST is the automotive brand under Vingroup, the largest real estate developer in Vietnam, established in 2017, focusing on the production of both gasoline and electric vehicles. As one of the first independent automotive brands in Vietnam, VINFAST delivered its first batch of electric vehicles to domestic users in December 2021 and plans to reach an annual production capacity of 950,000 vehicles by 2026. In March 2022, VINFAST announced plans to build its first factory in North Carolina, USA, with an investment of 4 billion USD to construct a 1,976-acre factory. The first phase is expected to produce 150,000 vehicles per year and will be completed by July 2024. Additionally, VINFAST has committed to creating 7,500 jobs at the new factory and will produce battery-powered VF8 and VF9 SUV models. In July 2022, VINFAST announced the suspension of gasoline vehicle sales, transforming into a pure electric vehicle manufacturer, becoming the first and only pure electric vehicle manufacturer in Vietnam. VINFAST's growth has been rapid, with 34,855 electric vehicles delivered in 2023, a year-on-year increase of 374%, and an additional 72,468 electric scooters delivered. The company is listed on the NASDAQ in the United States, becoming the Vietnamese company with the largest market value listed on that exchange. VINFAST is committed to leading the electric vehicle revolution through global partnerships and R&D investments, and has launched its own charging network in 63 cities and provinces worldwide, while also establishing a retail and service network consisting of more than 122 VinFast stores globally.