Vietnamese EV Manufacturer VinFast Enters Middle East Market

Haiphong Harbor holds memories of a part war, but it also represents Vietnam’s economic growth. Haiphong itself is the birthplace of VinFast, first homegrown automaker out of Vietnam. The automaker, which is a subsidiary of Vingroup – Vietnam’s largest conglomerate – is the brainchild of Vietnam’s wealthiest man, Pham Nhat Vuong. He established the car company in 2017.

After the launch of 3 gasoline models, VinFast went all electric delivering its first EVs to Vietnamese customers in December 2021, i.e. in less than five years. The accelerated development can be attributed to VinFast partnering with some of the giants in the automotive world, the likes include BMW and Pininfarina; as well as by leveraging their expertise in construction and real estate development to establish a nationwide network of charging stations.

Following Initial domestic success, in 2022, the first VinFast VF 8 vehicles were sold in North American. The following year, VinFast became a publicly listed company on NASDAQ, marking another step in its “bold foray into the U.S. market”.

VinFast is also expanding into Asia, Africa, and the Middle East. The latter region, with its young, affluent demographic, growing environmental awareness and plans to diversify from fossil fuels, presents a promising market for electric vehicles, especially with countries like the UAE, which aims to have 50% of its vehicles electric by 2050.  Mordor Intelligence projects that the region’s EV market is to experience a Compound Annual Growth Rate (CAGR) of 23.20% between 2024 and 2029, reaching USD 9.42 billion. In Oman, the company has partnered with Bahwan Automobiles Trading to distribute their electric vehicles, while in the UAE, it has signed an exclusive dealership agreement with Al Tayer Motors and has established a regional headquarters in Dubai.

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