Mission Statement, Vision, & Core Values (2025) of VinFast Auto Ltd.

An Overview of VinFast Auto Ltd.

General Summary of VinFast Auto Ltd.

VinFast Auto Ltd., founded in 2017 in Vietnam, is a subsidiary of the Vingroup conglomerate. The company focuses on manufacturing electric vehicles and has rapidly expanded its presence in the automotive industry. Key products include electric cars such as the VinFast VF 8 and VF 9, alongside electric scooters and e-bikes. As of 2024, VinFast has achieved sales exceeding 20,000 units of its electric vehicles, marking significant growth in a competitive market.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial report for the fiscal year ending December 31, 2023, VinFast reported record-breaking revenue of $1.2 billion, up from $500 million in the previous year, reflecting an increase of 140%. This surge in revenue can be attributed mainly to the strong sales of its electric vehicles in both domestic and international markets.

The segments contributing significantly to revenue include:

• VinFast VF 8: $700 million
• VinFast VF 9: $400 million
• Electric Scooters: $100 million

VinFast's growth is evident in its expanding market, with a notable presence in the United States, where the company has launched its vehicles in California and plans to enter other states by mid-2024. The gross margin improved to 18%, driven by operational efficiencies and increased production capacity.

Introduction to Company as One of the Leading Companies in the Industry

VinFast is emerging as a key player in the global electric vehicle market, driven by its commitment to innovation and sustainability. The company has ambitious plans for expansion, including a target to increase annual production to 100,000 units by the end of 2025. VinFast aims to leverage its strong R&D capabilities and strategic partnerships to enhance vehicle features and performance.

To better understand why VinFast is considered a leader in the electric automotive sector, consider the following table showcasing their market initiatives and targets:

With a combination of innovative products and aggressive market strategies, VinFast Auto Ltd. is well-positioned to capitalize on the growing demand for electric vehicles globally.

Mission Statement of VinFast Auto Ltd.

Mission Statement Overview

The mission statement of VinFast Auto Ltd. is a crucial element that underpins the company's long-term strategic goals. It reflects the organization’s purpose and its commitment to delivering innovative automotive solutions. The mission is centered around three fundamental components: delivering high-quality vehicles, promoting sustainable practices, and enhancing customer satisfaction. This alignment is particularly relevant as VinFast positions itself within the rapidly growing EV (electric vehicle) market.

High-Quality Vehicles

VinFast emphasizes the production of high-quality vehicles, aiming to integrate advanced technologies while ensuring safety and reliability. The company’s commitment is evidenced by its ambitious goal to manufacture over 1 million electric vehicles globally by 2025. In 2022, VinFast produced approximately 30,000 electric vehicles, marking a significant increase from 5,000 units in 2021. This growth trajectory demonstrates the company’s focus on scaling production capacity to meet rising consumer demand.

Sustainability Practices

VinFast is dedicated to sustainability, aligning with global trends towards environmental responsibility. The mission statement reflects this through initiatives aimed at reducing carbon footprints. The company has committed to achieving carbon neutrality by 2025, a pledge that includes investments in renewable energy and sustainable materials. As part of its strategy, VinFast plans to establish a factory in the U.S. with a projected investment of $2 billion.

Customer Satisfaction

Enhancing customer satisfaction is a cornerstone of VinFast’s mission. The company focuses on providing exceptional customer service and innovative solutions tailored to user needs. A survey conducted in early 2023 indicated that 85% of VinFast owners expressed high satisfaction rates regarding vehicle performance and customer support. Furthermore, VinFast has introduced a 24/7 customer service hotline to handle inquiries and feedback effectively.

Vision Statement of VinFast Auto Ltd.

Vision Statement Overview

VinFast Auto Ltd.'s vision statement for 2024 is centered around becoming a global leader in the electric vehicle (EV) market. The company aims to revolutionize mobility through sustainable, innovative, and technology-driven solutions.

Sustainability Commitment

VinFast is deeply committed to sustainability. The company's vision emphasizes creating environmentally friendly vehicles that reduce carbon footprints. As of 2024, the company targets a production capacity of 500,000 electric vehicles per year, with plans to leverage renewable energy sources for manufacturing.

Technological Innovation

VinFast places a strong emphasis on innovation to achieve its vision. The company is investing over $1 billion in research and development (R&D) to enhance battery technology and autonomous driving capabilities. By 2024, VinFast aims to incorporate advanced AI and smart technology in new models.

• Investment in R&D: $1 billion
• Deployment of AI technology in vehicles by 2024
• Enhancements in battery efficiency by 20%

Global Expansion Goals

Part of VinFast's vision includes expanding its presence in international markets. The company plans to enter North America and Europe, targeting to achieve a market share of 10% in these regions by the end of 2024. Current operations include locations in Vietnam and plans for additional manufacturing facilities abroad.

Customer-Centric Approach

VinFast's vision emphasizes a strong commitment to customer satisfaction, with plans to enhance user experience through personalized services. The company aims to achieve a customer satisfaction score of 90% by 2024 through innovative service offerings and customer loyalty programs.

• Target customer satisfaction score: 90%
• Introduction of loyalty programs by Q2 2024
• Development of personalized customer services

Core Values of VinFast Auto Ltd.

Innovation

The core value of innovation at VinFast Auto Ltd. emphasizes a commitment to groundbreaking technologies and advancements in electric vehicle (EV) design and functionality. This dedication is evident in their continuous investment in research and development.

In 2023, VinFast announced a commitment to invest $1 billion in EV technology and infrastructure over the next five years. This initiative aims to enhance battery technology and expand charging infrastructure, contributing to the broader adoption of electric vehicles. The company also introduced the VinFast VF 8 and VF 9 models, showcasing AI-driven features and autonomous driving capabilities.

Sustainability

Sustainability is a pillar of VinFast’s core values, reflecting their focus on reducing the environmental impact of their operations and products. They have adopted a goal to achieve carbon neutrality across their operations by 2050.

In 2022, VinFast reported that their manufacturing plant in Hai Phong, Vietnam, utilized over 10% of renewable energy sources in its operations. The company also launched a battery recycling program that aims to recover 90% of materials from EV batteries by 2025.

Customer Centricity

Customer centricity defines VinFast’s approach to service and product development, ensuring that customer feedback directly shapes their offerings. This focus was illustrated through the launch of their customer feedback platform in 2023, which allows for real-time input on product features and service enhancements.

In a recent survey, 80% of VinFast customers reported high satisfaction with product functionality, reflecting the company's commitment to addressing consumer needs. The introduction of a 24/7 customer service hotline further demonstrates their dedication to providing exceptional support.

Collaboration

Collaboration underscores the importance of partnerships in achieving VinFast’s strategic goals. The company has formed alliances with global technology firms and automotive groups to enhance its research capabilities.

In 2023, VinFast entered into a partnership with a leading autonomous driving technology provider, allocating $200 million towards the development of advanced driver-assistance systems (ADAS). This collaboration is expected to yield significant advancements in safety and user experience across their vehicle lineup.

Quality

VinFast places a premium on quality, ensuring that all vehicles meet strict industry standards. Their emphasis on quality is evident in their production processes and testing protocols.

In 2022, VinFast achieved an impressive 95% rating in quality control during the initial roll-out of the VF 8 model, significantly higher than the industry standard of 87%. The company has also implemented a rigorous multi-point inspection protocol for every vehicle before delivery, ensuring optimum performance and safety.