VinFast lauded as ‘Disruptor’, named to TIME100 most influential companies

VinFast, the Vietnamese electric vehicle company, has secured a prestigious spot on TIME magazine’s coveted “TIME100 Most Influential Companies” list for 2024. TIME specifically recognized VinFast as a “Disruptor,” applauding the company’s rapid growth and innovative approach, which is shaking up the electric vehicle industry.

Founded just five years ago in northern Vietnam’s Red River Delta region, VinFast has swiftly risen to challenge established automotive giants with its bold vision and state-of-the-art manufacturing facilities. The company’s sprawling factory complex, built in a remarkable 21 months on reclaimed land, boasts cutting-edge automation and flexibility to produce multiple vehicle models simultaneously on a single assembly line.

VinFast’s inclusion on the TIME100 list alongside tech titans like Google, Microsoft, Amazon, and TikTok, as well as automotive leaders BMW and Toyota, underscores the Vietnamese company’s disruptive influence. The recognition also places VinFast in the company of trailblazing AI firms like OpenAI and Anthropic.

TIME specifically highlights VinFast’s innovative battery subscription model as a key disruptive force. By separating the battery cost from the vehicle price and offering free battery replacements, VinFast addresses a major barrier to EV adoption- the upfront costs, making its electric cars more accessible to a wider range of consumers.

The company’s meteoric rise is fueled by the vision and financial backing of its founder, Vietnam’s richest man Pham Nhat Vuong. VinFast is rapidly expanding globally, with plans to open factories in North Carolina, Indonesia, and India, in addition to its existing operations.

Despite challenges facing the broader EV industry, VinFast remains undeterred, setting an ambitious target of delivering 100,000 vehicles in 2024 – a threefold increase from current sales. The company’s unwavering determination, coupled with its innovative strategies and strategic global expansion, positions it as a true disruptor poised to reshape the automotive landscape.

Former Director of the Vietnam Institute of Economics, Dr. Tran Dinh Thien, lauds VinFast’s inclusion on the TIME100 list as a significant milestone, not only for the company but also for Vietnam. He highlights the recognition as a testament to VinFast’s maturity and ability to navigate the global automotive arena, inspiring businesses worldwide, particularly those in emerging economies, to be bolder and more innovative.

As VinFast continues its disruptive journey, reshaping the electric vehicle industry with its groundbreaking approach, the company’s story serves as an inspiration, empowering new business visions globally and motivating enterprises from developing nations to embrace challenges and fiercely compete on the world stage.