Vietnamese EV maker VinFast has finally entered the Middle East market. VinFast was founded in 2017, and in just five years, it has grown to become one of Vietnam’s leading car brands. In 2024, it achieved a historic milestone as the country’s best-selling car brand and became a significant player in Vietnam’s economy, contributing about 1.6 per cent of its GDP in 2023. Vingroup operates across three core sectors: technology and industry, trade and services, and social enterprises.
The Nasdaq-listed Vietnamese electric vehicle manufacturer has long-term growth potential in the industry.
After making significant inroads into mature markets such as North America and Europe, VinFast has set its sights on high-potential markets, including Southeast Asia and the Middle East. The company recently held an official brand launch event in the Middle East.
In October 2024, coinciding with the brand launch, VinFast, in collaboration with its partner Al Tayer Motors, officially opened its first dealership in the UAE, strategically located in Downtown Dubai. The dealership spans over 1,000 square metres, features a contemporary and luxurious design, and seamlessly integrates a service workshop. This state-of-the-art facility enables customers to interact directly with VinFast’s smart solutions as it unveils various smart and eco-friendly mobility solutions.
It includes a showroom and service centre showcasing VinFast’s smart electric vehicle models, including the VF 6, VF 7, VF 8, and VF 9. Dealerships are set to open in Saudi Arabia, Qatar, Kuwait, and Bahrain in the future.
VinFast’s strategy is to build early brand recognition to gain consumer confidence, mainly as the Middle East’s electric vehicle market develops. Given the region’s historical dependence on oil, the company’s venture into the Middle East may seem daunting. Still, the company’s startup spirit is well-positioned for the journey ahead, especially as governments increasingly encourage the adoption of electric vehicles. For example, Saudi Arabia aims to have 30% of its Riyadh vehicles electric by 2030. VinFast is positioning itself to meet the growing demand for sustainable transportation. Following its early success in Vietnam, VinFast aims to become a global leader in electric vehicles, built on sustainability and an unwavering startup spirit.
