VinFast Enters Middle East

SAUDI ARABIA : This marks a new chapter as the brand continues on its mission to provide sustainable mobility solutions on a global scale. 

 

• The brand is trying to capitalize on its start-up spirit to obtain an early advantage in the thriving EV market in the Middle East. 

• The agile approach of VinFast, along with its proactive mindset, has led to its rapid success, making it the top automotive brand in Vietnam in just five years.

 

Inspired by the dynamic “Forever the start-up spirit” ethos of the Vingroup, VinFast has finally set its foot in the automotive market in the Middle East. As the leading Vietnamese EV maker, VinFast is trying to gain a first-mover advantage in the Middle East.

 The Start-Up Mindset behind VinFast’s Vision

The “start-up spirit” philosophy, that defines Vingroup, encourages the company to always remain at the beginning of the journey. Incidentally, Vingroup is the largest private conglomerate in Vietnam, founded by Pham Nhat Vuong. 

This proactive approach has worked wonders for VinFast, as it has grown exponentially since its launch in 2017. It has built a modern facility in record time, emerging as the top-selling automotive brand in Vietnam in 2024. This rapid success demonstrates the commitment of the brand to agility and resilience in the competitive EV sector.

Strategic Intent for Expanding to the Middle East 

The recent entry of VinFast into the Middle East Market is in line with its ambitious global growth strategy. Currently, the brand has an established presence in other countries in North America, Europe, and Asia. In October 2024, VinFast opened its first dealership in the Middle East in Dubai, UAE. This was a 1,000-square-meter facility housing a showroom and service center. 

Currently, it showcases the advanced EV lineup of VinFast, including the VF 6, VF 7, VF 8, and VF 9 models. The automobile brand had designed these models prioritizing sophisticated technology and sustainability. 

This expansion strategy of VinFast is designed to build its brand recognition across the Middle East. Thanks to government incentives in these countries, the adoption of EVs has received a boost. For instance, Saudi Arabia aims to achieve a 30% usage of EVs in Riyadh by 2030. 

The brand also has new dealerships planned for Saudi Arabia, Qatar, Kuwait, and Bahrain. This positions VinFast to serve a growing market projected to expand at an impressive 28.9% CAGR by 2028.

Pioneering Sustainable Mobility in a Historically Oil-Driven Region

The entry of VinFast into the Middle East is a bold move in a region traditionally known for its oil industry. This demonstrates the resilient start-up mentality of the brand, along with its ability to address fresh challenges. VinFast’s goal is to reshape the perceptions of EVs in the Middle East and bring about a regional shift towards sustainable transportation. 

This expansion brings the company closer to its vision of establishing itself as a global leader in electric vehicles.