Who Owns VinFast And Where Are The Cars Made?

The automotive industry has experienced a significant transformation over the last 10 to 15 years, driven by smart technology and, of course, the rise of the electric vehicle. Brands that didn't exist or were not in everyday lexicon like Tesla, Polestar, and Rivian are now widely known and commonly driven. You might not have heard of VinFast, America's newest automotive import, even though some of its cars are now navigating American roads.

VinFast is owned by another company you've probably never heard of – Vingroup. Originally a Ukrainian company, Vingroup started business in Vietnam in the early 2000s. The company owns several brands, though none most Americans would be familiar with, and outside of the automotive industry focuses on technology, real estate, and more.

The new kid on the block, VinFast, hit the ground running in 2017 with the opening of its manufacturing complex in Hai Phong, Vietnam, where all of its cars are still made. The company is currently at work on a new $4 billion manufacturing plant in North Carolina, but the project has suffered significant delays. Though the plant was originally expected to open at the end of 2025, VinFast now says it will be operational in 2028. According to VinFast, the new manufacturing facility will employ up to 7,500 people, and be capable of building 150,000 cars annually.

In less than 10 years, a company that started out by selling electric scooters now boasts a stock price that is more valuable than Ford. It launched its first EV, a small SUV, in 2021, and began pre-orders for the larger all-electric VF8 and VF9 SUVs in 2022. The company delivered the first cars to U.S. customers in March 2023, and it opened its inaugural dealership in California in June 2025.

Growth and stock price do not necessarily equal success, at least in the American market. The company was hoping that the now-delayed North Carolina plant would allow Americans to take advantage of the $7,500 federal tax credit for EVs, but that program sunsets on September 30, 2025. Additionally, VinFast EVs have not experienced an enthusiastic response in the U.S. When SlashGear reviewed the Vinfast VF8 in 2023, we called it an "inconsistent and unconvincing EV debut," and Consumer Reports had a long list of complaints about the electric SUV.

VinFast did not provide a breakdown of sales for 2024. Worldwide, it sold about 97,000 cars, and about 90% of those sales were in Vietnam. In 2023, VinFast reported a deficit of $2.4 billion, and it lost almost $2 billion in the first three quarters of 2024. Still, it's clear that the company isn't yet ready to concede defeat in the Western market.