Vietnam’s economic landscape is undergoing a remarkable transformation, led by ambitious Vietnamese brands ready to take on the world. Vingroup, a trailblazing conglomerate, exemplifies this trend, inspiring a new generation of entrepreneurs to “think big.”
HANOI, VIETNAM 6 September 2024 – Visitors to Vietnam in recent decades will likely notice the ubiquity of Vingroup’s “Vin” brands. From real estate (Vinhome) to hospitality (Vinpearl), healthcare (Vinmec), and education (Vinschool), Vingroup’s presence is deeply woven into the fabric of life in the Southeast Asian country, a testament to the power of visionary leadership and the potential of Vietnamese businesses.
With real estate as its foundation, Vingroup has strategically expanded into new sectors. Notably, in 2018, the largest private conglomerate in Vietnam announced a 10-year plan to become a leading global technology-industry-service conglomerate, with technology at its core.
Vingroup’s Chairman, Pham Nhat Vuong, once revealed his vision to leverage technology to uplift the lives of his fellow citizens. “When technology and industry have developed, we can contribute to changing the lives of many people,” Vuong stated in 2019. “For example, the income of those less fortunate is now negligible, but it could be significantly higher if they become even just ordinary technology workers.”
Vingroup’s remarkable growth trajectory mirrors Vietnam’s own journey from a war-torn nation to a burgeoning economic power in less than four decades. It is a symbol of the resilience and ingenuity of the Vietnamese people, and it is also an inspiration.
The conglomerate’s recent moves also signify a broader shift in the mindset of Vietnamese entrepreneurs. They are increasingly shedding their inhibitions, embracing bold ambitions, and setting their sights on global markets. Experts believe Vietnam has the potential to produce more companies like Vingroup, especially given the global technology boom.
One of Vingroup’s most audacious international ventures is VinFast, its automotive arm. The establishment of VinFast is a historic moment for Vietnam, marking the birth of its first homegrown car brand. Before VinFast, the Vietnamese auto sector was heavily reliant on imports, with limited local assembly and underdeveloped supporting industries.
Despite the challenges and setbacks inherent in the electric vehicle industry, Vuong remains unwavering in his commitment to VinFast. His determination to invest in the company “until his money runs out” reflects a broader ambition to achieve national pride through innovation.
Recognizing the untapped potential of the Middle East market, VinFast is making another bold move. After establishing a presence in North America and Europe, the company is now actively engaging with potential partners and distributors in the Middle East. This strategic expansion underscores VinFast’s global aspirations and highlights the growing economic ties between Vietnam and the region.
VinFast’s foray into international markets serves as a powerful reminder that Vingroup, and Vietnam as a whole, are capable of surprising the world. They possess the courage and the capability to explore new frontiers, challenge established players, and carve out a niche for themselves in the global marketplace.
As Vietnamese brands continue to innovate and expand their reach, they are not only shaping the country’s economic future but also inspiring a new generation of entrepreneurs to dream big and contribute to Vietnam’s ongoing transformation. The world is watching with anticipation as these ambitious brands write the next chapter in Vietnam’s remarkable story.
