VinFast was recently included in the TIME100 list of "Most Influential Companies" for the year 2024, becoming the first Vietnamese company to make the list. TIME recognizes VinFast's global impact in the electric vehicle industry, especially due to its remarkably fast factory construction, which was completed in just 21 months. This is the third time the US-based magazine has conducted the selection process for this list.
VinFast is classified as a "disrupter" by TIME for its influence in creating disruption and rapid growth through innovation. After five years of operation, VinFast has entered the TIME100 list of "Most Influential Companies" alongside major corporations such as Google, Microsoft, Amazon, TikTok, BMW and Toyota. This recognition is also appreciated by disruptive startups such as OpenAI and Anthropic.
TIME recognizes VinFast as a "disruptor" in the electric vehicle industry for its innovative business model and contribution to the EV splash phenomenon. With its rapidly evolving sales strategy, especially through its unique battery subscription model, VinFast has significant potential to drive growth for this Vietnamese company.
VinFast's battery subscription policy not only makes electric vehicles more affordable by separating the battery cost from the purchase price, but also offers free battery replacement when its capacity decreases. This has the advantage of reducing costs over the lifetime of the vehicle. The customer-focused approach has been well received as a solution to lowering the initial cost of adopting electric vehicles.
TIME also highlights several factors that it considers to be triggers for surprises, such as VinFast's initial public offering (IPO) in August, which saw its shares soar 700% within two weeks of debuting on the New York Stock Exchange; the company's unique approach to electric vehicle sales and battery leasing programs; and its ambitious plan to increase vehicle deliveries to 100,000 units by 2024, triple its current sales.
TIME notes that VinFast has factories in the US, Indonesia and India, in addition to its main facility in Hai Phong, Vietnam. The company plans to expand its operations to 50 countries this year.
