It's a tough world out there for electric vehicle startups since most are struggling to keep afloat as costs are skyrocketing, funding is harder than ever to come by, and profits remain a distant dream. But VinFast appeared to be one of the few EV makers that did not have financial worries, being backed by Vietnam's largest industrial conglomerate, Vingroup.
Besides the car making operation, Vingroup is involved in technology, software, real estate, hospitality, retail, leisure parks, and education. The conglomerate is run by billionaire Pham Nhat Vuong, who also founded VinFast in 2017.
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