From noodles to electric cars: The inspiring journey of the man powering VinFast

What if we told you that a humble noodle business could pave the way for an electric car revolution? That’s exactly what happened with Pham Nhat Vuong, Vietnam’s richest man and founder of VinFast, the country’s first automotive electric vehicle (EV) brand. Now, he’s bringing his vision to the Philippines, poised to empower Filipinos to join the EV revolution.

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Vuong’s story is a thrilling ride from a modest upbringing in Hanoi to becoming a global entrepreneur. His latest venture, VinFast, isn’t just about making money, it’s about transforming the automotive industry and making a positive social impact.

The billionaire’s early life: From restaurant to instant noodles

Born in Ha Tinh in 1968, Vuong overcame adversity and excelled academically in Hanoi. A scholarship took him to Russia and then Ukraine, where he opened Thang Long, a Vietnamese restaurant he started with a $10,000 loan. Vuong didn’t stop there; he ventured on to create the Mivina instant noodles brand, a testament to his entrepreneurial spirit. This success not only brought him financial security but also uplifted the Vietnamese community in Ukraine.

Now, with VinFast, Vuong is driven by a larger ambition: to establish Vietnam as a strong player in the global electric vehicle industry. As the only Southeast Asian EV brand, VinFast is paving the way for a regional and global EV revolution. “VinFast is not only a business project, but a devotion project,” Vuong shared in an interview, highlighting his commitment to both economic success and social impact.

The birth of Vingroup and the realization of an electric dream through VinFast

In 2001, Vuong invested his Technocom profits in Vietnam, transforming the barren Hon Tre Island into a high-end resort and establishing Vingroup. His ventures expanded into various sectors, contributing nearly 1.6% to Vietnam’s 2023 GDP. Despite Vingroup’s success, Vuong remains humble and committed to social impact, emphasizing the need for continuous change and fierce striving.

This drive led to the launch of VinFast in 2017, with the goal of creating a globally recognized Vietnamese electric car brand. Vuong saw the potential of EVs to revolutionize the automotive industry and address environmental concerns. Despite challenges and skepticism, VinFast made history in 2021 as the first Vietnamese automaker to export cars to the United States.

VinFast is showing no signs of slowing down its global expansion. Having already entered the US market, the company is now setting its sights on Europe, India, and other parts of Asia. In the Philippines, VinFast is accelerating its growth beyond recently launched dealerships in EDSA, Aseana, Alabang, Iloilo, and Isabela, introducing Filipinos to exciting new models like the versatile and affordable VF 5 and the recently unveiled fun and compact VF 3.

As VinFast enters a critical phase of early adoption in a competitive Philippine EV market, navigating technological advancements, evolving consumer preferences, and regulatory challenges is crucial. However, Vuong remains optimistic about the company’s future. “VinFast will reach break-even point soon and be able to stand on its own feet,” he confidently asserts.