VinFast Makes a Bold U.S. Debut in 2023

Innovative Partnerships Group has been luxury electric car manufacturer VinFast’s Agency of Record, creating and supporting their Sponsorship Valuation & Strategy, since the beginning of 2022. In preparation for their U.S. launch, we worked alongside Vingroup to host exclusive, elite tours of Vietnam. These VIP trips included memorable experiences of Vietnam’s culture, private tours of the state-of-the-art EV plant, and test drive opportunities.

VinFast began its first foray into building partnerships in the U.S. last year when it announced that it would become the first-ever naming rights partner of the IRONMAN U.S. Series starting in 2022. Along with the naming rights, VinFast also became the title partner for the IRONMAN World Championship and the IRONMAN 70.3 World Championship. Innovative Partnerships Group has worked with VinFast behind the scenes to bring these two companies together.

VinFast has taken its next steps into the U.S. market with the groundbreaking of its first electric vehicle manufacturing facility spanning 1,800 acres in Chatham County, NC. The company chose this location after the state offered a $1.2B incentive package with the hope that the investment would create 7,500 new jobs. VinFast aims to produce 150,000 vehicles per year at the plant. 

Going Public

In August VinFast made another big step in its growth into the U.S. market when it made its debut on NASDAQ. The company opened its shares at $22, but those numbers rose sharply, and at the end of the day, they closed at $37.06. VinFast CEO Madame Thủy spoke to CNBC on the company’s decision to go public: “It’s a big milestone for us to be listed in the U.S. The listing is going to open access to the capital markets for us in the future.” 

As VinFast continues to grow, Innovative Partnerships Group is working closely with Madame Thuy in supporting fleet sale opportunities across the U.S. The goal for the remainder of 2023 into Q1 2024 will be to continue the positive brand recognition and grow the consumer and corporate electric vehicle sales verticals.

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