Scaling up for regional EV adoption

VinFast Auto (VFS) is a Vietnamese pure-play electric vehicle (EV) manufacturer that has transitioned from internal combustion engines to a fully electric line up of EV passenger cars, e-scooters and e-buses. The company is leveraging its core competencies in Vietnam (one of the fastest-growing EV markets globally) and its integrated EV ecosystem to expand in India, Indonesia and the Philippines. In our view, VinFast combines a strong strategic position in Vietnam with a sizeable opportunity to extend that model into high-growth regional markets, balanced against the execution and capital risks typical of a fast-growing EV manufacturer.