Phân tích Internal của Vinfast từ đó suy ra lợi thế cạnh tranh bền vững | Báo cáo Môn Quản trị chiến lược - Đại học Kinh Tế Quốc Dân

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TRƯỜNG ĐẠI HỌC KINH TẾ QUỐC DÂN -------***-------
BÁO CÁO MÔN QUẢN TRỊ CHIẾN LƯỢC CHỦ ĐỀ:
PHÂN TÍCH INTERNAL CỦA VINFAST
TỪ ĐÓ SUY RA LỢI THẾ CẠNH TRANH BỀN VỮNG
Họ và tên: Nguyễn Nhật Linh Vũ Phương Thảo Chu Thùy Linh Trần Linh Giang Nguyễn Thảo Linh Nguyễn Thanh Bình Ngô Đức Mạnh
Lớp: 65A Quản trị Kinh doanh quốc tế CLC HÀ NỘI, NĂM 2025 lOMoAR cPSD| 61401654 MỤC LỤC
INTRODUCTION ........................................................................................................................... 2
1. Objectives of the Analysis .......................................................................................................2
2. Approach ..................................................................................................................................3
INTRODUCTION TO VINFAST ................................................................................................... 3
1. History of Establishment and Development ............................................................................3
2. Vision – Mission – Core Values ...............................................................................................4
INTERNAL ANALYSIS ................................................................................................................. 5
1. Strengths and Weaknesses .......................................................................................................5
1.1. Strengths ...........................................................................................................................5
1.2. Weaknesses .......................................................................................................................7
2. Competitive Advantages ..........................................................................................................8
2.1. VinFast's Value Chain Analysis .......................................................................................8
2.2. Competitors ....................................................................................................................11
2.3. Competitive Advantages .................................................................................................12
3. Sustainable Competitive Advantage ......................................................................................12
3.1. VRIO Framework ...........................................................................................................12
3.2. Sustainable Competitive Advantages .............................................................................12
CONCLUSION ............................................................................................................................. 13
REFERENCES .............................................................................................................................. 13 INTRODUCTION 1. Objectives of the Analysis
This report aims to conduct an internal assessment of VinFast—an electric vehicle (EV)
manufacturing company under the Vingroup conglomerate—in the context of a rapidly evolving
and highly competitive global EV industry. The main objective is to identify VinFast’s current
competitive advantages and evaluate their sustainability.
Specifically, the analysis will: •
Identify and evaluate VinFast’s internal resources and core capabilities. lOMoAR cPSD| 61401654 •
Analyze the company’s strengths and weaknesses. •
Examine its value chain to understand how the company creates and delivers value. •
Benchmark against key competitors such as Tesla, BYD, and Hyundai to assess
VinFast’s relative position. •
From these insights, determine VinFast’s competitive advantages, and apply the VRIO
framework to evaluate whether these advantages are sustainable in the long run. 2. Approach
The report adopts an internal analysis approach, utilizing the following tools: •
Vietnam’s EV Market Context •
Strengths and Weaknesses Analysis to assess internal capabilities. •
Value Chain Analysis to examine the company’s value-creating activities. •
Competitor Comparison to highlight VinFast’s distinctiveness and positioning in the EV market. •
VRIO Framework (Value – Rarity – Imitability – Organization) to assess whether VinFast
possesses a sustainable competitive advantage. INTRODUCTION TO VINFAST
1. History of Establishment and Development
VinFast, Vietnam’s pioneering brand in electric cars and motorcycles, operates under VinFast
Manufacturing and Trading Company Limited, a subsidiary of Vingroup, founded by billionaire
Pham Nhat Vuong. Since its establishment, VinFast has marked significant milestones, evolving
into a globally recognized EV manufacturer by April 9, 2025. Below is an overview of its development trajectory: •
2017: VinFast was founded under Vingroup, initiating construction of a manufacturing
complex in Hai Phong with an initial investment of USD 3.5 billion. •
2018–2019: Introduced its first models—Lux A2.0, Lux SA2.0, and Fadil—followed by
the inauguration of its factory and initial deliveries to the Vietnamese market. •
2020–2022: Shifted focus to electric vehicles, launching the VF e34 and subsequent EV
models, announcing a pure-electric strategy, and ceasing internal combustion engine
production by late 2022. Construction of a U.S.-based factory commenced, with the first
EV exports to the American market. lOMoAR cPSD| 61401654 •
2023–2025: Listed on Nasdaq (VFS), expanded into Europe, Southeast Asia, and the U.S.,
launched next-generation EVs and electric scooters, and delivered over 35,000 EVs
globally in 2023. Strengthened its charging infrastructure and R&D capabilities through
partnerships with leading technology firms.
By 2025, VinFast has positioned itself as a trailblazing Vietnamese EV brand on the global stage,
bolstered by an expanding network of showrooms, charging stations, and strategic collaborations
enhancing its manufacturing and innovation capacities. Notable Achievements: •
ASEAN NCAP 5-star safety ratings for Lux A2.0 and Lux SA2.0, and 4 stars for Fadil. •
Multiple “Car of the Year” awards in Vietnam for Fadil, Lux A2.0, Lux SA2.0, and VF e34. •
Establishment of the VinES battery factory in Ha Tinh, targeting self-sufficiency in battery production.
2. Vision – Mission – Core Values
VinFast’s strategic direction is anchored in its ambition to elevate the Vietnamese brand globally
while advancing sustainable development in the automotive and EV sectors.
Vision: VinFast aspires to lead the global smart electric vehicle market, delivering sustainable,
modern, and eco-friendly mobility solutions. Beyond vehicle production, it seeks to create an
intelligent, interconnected technology ecosystem to enhance global living standards.
Mission: Embodied in the slogan “For a Green Future,” VinFast is dedicated to: •
Promoting EVs as a sustainable alternative to fossil fuel vehicles, reducing carbon
emissions and supporting environmental preservation. •
Prioritizing customer-centric solutions through high-quality, safe, and smart products offering exceptional value. •
Elevating Vietnam’s global presence and asserting its competitive prowess in the
international automotive industry. Core Values: •
Superior Quality: Adherence to international standards, validated by organizations like
ASEAN NCAP, with cutting-edge design and technology. •
Customer-Centricity: Focus on customer satisfaction across design, pricing, and aftersales service. •
Continuous Innovation: Significant investment in R&D and partnerships with firms like
Pininfarina, BMW, and Siemens to drive technological advancements. •
Sustainability: Commitment to EVs and renewable energy, aligning with global environmental goals. lOMoAR cPSD| 61401654 •
Vietnamese Spirit: Reflecting national pride, a pioneering ethos, and a determination to
enhance Vietnam’s global stature. INTERNAL ANALYSIS 1. Strengths and Weaknesses 1.1. Strengths
Strong backing from Vingroup and solid financial resources
VinFast benefits greatly from being a member of Vingroup—one of Vietnam’s largest and most
reputable private economic conglomerates—founded by Mr. Pham Nhat Vuong, a visionary and
experienced entrepreneur. This backing offers VinFast several key advantages: •
Abundant capital: Vingroup provides robust financial support, enabling VinFast to make
substantial investments in R&D, manufacturing infrastructure, and market expansion
without capital constraints. For example, VinFast raised over VND 9,000 billion through
bond issuance in just over a month, reflecting strong investor confidence. •
Experience in managing large-scale projects: With a strong presence in real estate,
tourism, healthcare, and retail, Vingroup brings professional management expertise and
execution capability for large-scale projects, supporting VinFast’s rapid development in a short time.
Capable leadership team with strategic vision
VinFast boasts an experienced leadership team—a critical factor driving its growth: •
Mr. Pham Nhat Vuong, Chairman of Vingroup, provides strategic vision and
determination to establish VinFast as an international automotive brand and affirm
Vietnam’s position in the global auto industry. •
International experts: VinFast has attracted top executives from leading automotive
corporations, including Mr. James B. DeLuca (former Vice President of General Motors),
Mr. Vo Quang Hue (over 40 years of experience in the automotive industry), and Ms. Le
Thi Thu Thuy (former Vice President at Lehman Brothers in Japan, Thailand, and
Singapore). This team ensures professional leadership and a well-directed strategy in a highly competitive industry.
Strong brand image and national pride
VinFast has built a powerful brand identity, supported by Vingroup’s reputation and its own distinctive strategies: lOMoAR cPSD| 61401654 •
Inherited brand equity: Brands such as Vinpearl, Vinhomes, and Vinmec have established
professional and trustworthy images, providing VinFast with a solid foundation in the eyes of consumers. •
Brand meaning: “VinFast” stands for “Vietnam – Style – Safety – Creativity – Pioneer,”
reflecting the country’s industrialization aspirations and national pride. Its logo and slogan,
“Boundless Vietnamese Spirit,” reinforce its positioning as an international-class Vietnamese brand. •
Positive customer reception: VinFast’s products are praised for modern design and high
quality, helping build trust and attract both domestic and international consumer attention.
Strong investment in technology and EV orientation
VinFast is ahead of the curve by focusing on electric vehicles (EVs), providing a competitive edge
in the fast-growing global EV market: •
Advanced technology: Collaborations with global partners like BMW, Pininfarina (Italy),
and leading technology suppliers help VinFast develop products that meet international standards. •
Sustainable vision: The focus on EVs aligns with global “green” trends and enhances
VinFast’s image as a technology-driven, environmentally conscious enterprise. •
Market-relevant products: VinFast’s EV lines have received strong support from
Vietnamese consumers, especially as Vietnam leads Southeast Asia in car consumption growth.
Large-scale production facilities and high-quality management
VinFast possesses strong manufacturing capabilities, supported by modern infrastructure and
international quality management standards: •
Hai Phong factory: One of Vietnam’s largest car manufacturing plants, equipped with
modern, high-capacity production lines that optimize costs and meet market demand. •
International standards: VinFast adheres to strict standards in quality, safety, and
environmental protection, ensuring that products meet the requirements of demanding
markets like the U.S. and Europe. •
Localization: Collaborating with domestic suppliers like An Phat to increase the
localization rate to 60% helps reduce costs and realize the dream of a true “Vietnamese car.”
Diverse ecosystem and extensive distribution network
VinFast is building a comprehensive ecosystem and a widespread distribution network, creating advantages in customer reach: lOMoAR cPSD| 61401654 •
Ecosystem: In addition to manufacturing vehicles, VinFast offers related services such as
charging stations, maintenance, and insurance, enhancing customer experience and creating long-term value. •
Dealership network: With over 40 1S, 2S, and 3S dealerships as of 2019 and a plan to
expand to 76 showrooms by 2020, VinFast surpassed competitors like Hyundai Thanh
Cong (70 dealerships) and Toyota Vietnam (56 dealerships). Acquiring 22 dealerships from
GM Vietnam and leveraging Vingroup's shopping malls further increases its market presence. Conclusion
VinFast’s strengths lie in its strong financial foundation, capable leadership, modern technology
orientation, and smart market strategies. Backed by Vingroup, its focus on EVs, coupled with a
robust ecosystem and distribution network, positions VinFast not only as a leader in the Vietnamese
market but also as a promising Vietnamese car brand on the global stage. 1.2. Weaknesses
Higher prices compared to competitors in the same segment
High production costs affect VinFast’s pricing, making it less competitive in the Vietnamese market: •
Price comparison: As of November 2021, the Fadil (VND 414–490 million) was more
expensive than the Kia Morning or Hyundai i10; the Lux SA 2.0 (VND 1.5–1.8 billion)
was priced higher than competitors like the Hyundai SantaFe or Honda CR-V in the same
segment. This reduces its appeal to price-sensitive customers. •
Selling below cost: The “three no’s” policy (no depreciation, no financial costs, no profit)
leads to losses, creating financial pressure and unsustainability amid intense market competition.
Dependence on foreign technology and components
VinFast has not yet achieved full production autonomy in Vietnam, posing localization risks: •
Imported technology: Vehicles use technology and components from Germany (BMW,
Schuler), Italy (Pininfarina), and the U.S. (GM), which limits actual localization despite
collaboration with An Phat (aiming for 60%). •
Lack of domestic talent: Most senior engineers and experts are foreign, revealing a
shortage of highly skilled Vietnamese professionals in the auto industry. This reduces the
“Vietnamese” identity of the vehicles and increases reliance on foreign supply chains.
Brand not yet competitive with long-established automakers
Despite rapid growth, VinFast faces challenges in brand positioning within Vietnam: lOMoAR cPSD| 61401654 •
Limited brand recognition: As a relatively new brand, VinFast has yet to match the long-
standing reputation of established players like Toyota, Honda, or Hyundai, which have
strong mindshare among Vietnamese consumers (e.g., the Toyota Camry is seen as a mid- range luxury icon). •
Time needed to build trust: VinFast still needs time to earn customer loyalty and trust,
especially as Vietnamese consumers tend to prefer familiar, time-tested brands.
High-pressure and rigid work environment
VinFast’s internal culture (inherited from Vingroup) may be a barrier to attracting and retaining talent: •
High work pressure: Heavy workloads, high-performance demands, and frequent
overtime (even if not mandatory) cause stress, especially for new employees or interns. •
Strict discipline: The rigid and rule-driven work environment may not suit young, creative
employees, leading to high turnover or downsizing rates. •
Limited support for newcomers: New employees are often expected to learn on their own
in a high-pressure environment, which can lead to burnout or falling behind. Conclusion
In the Vietnamese market, VinFast faces weaknesses such as limited brand strength, high prices,
dependence on foreign technology, underdeveloped after-sales services, limited product range,
weak marketing, and a high-pressure workplace. To strengthen its domestic position, VinFast
should focus on reducing costs, enhancing service quality, expanding product offerings, and
tailoring marketing strategies to the needs of Vietnamese consumers. 2. Competitive Advantages
2.1. VinFast's Value Chain Analysis
VinFast’s value chain, as a subsidiary of the Vingroup conglomerate, is structured based on
Michael Porter’s model, emphasizing the optimization of both primary and support activities to
create exceptional value in the electric vehicle (EV) industry. This analysis highlights how VinFast
leverages internal resources and strategic direction to position itself in both the Vietnamese and international markets. 2.1.1. Primary Activities a. Inbound Logistics
Supply Chain Management:
VinFast employs a localization and near-shoring strategy to optimize its supply chain and reduce
risks stemming from global logistics disruptions. As of 2025, the company has achieved a
localization rate of up to 60%, with 47% of materials produced directly at its Hai Phong facility. lOMoAR cPSD| 61401654
This not only reduces transportation costs but also increases flexibility in adjusting production
based on market demand. For instance, basic components like chassis and interior parts are
domestically produced, while high-tech parts are selectively imported.
Supplier Relationships:
VinFast has formed strategic partnerships with global suppliers such as Bosch (electronics
systems), Siemens (manufacturing automation), and especially VinES (a battery company under
Vingroup). The collaboration with VinES secures a high-quality battery supply with up to 95%
recyclability, aligning with global sustainability trends. This advantage reduces dependency on
foreign battery suppliers like CATL and LG Chem and allows for better cost control. b. Operations Smart Manufacturing:
The Hai Phong plant is equipped with advanced technologies, including energy-saving robots and
sustainable materials (e.g., recycled steel and bioplastics). Over 90% of the production line is
automated, minimizing human error and optimizing labor costs. This also aligns with VinFast’s
sustainability commitment, as the company aims to minimize emissions during manufacturing. Vertical Integration:
The acquisition of VinES marks a crucial step in VinFast’s vertical integration strategy, enabling
the company to produce its own batteries—which account for 40-50% of an EV’s value. This
reduces costs and provides flexibility to develop new battery types (such as solid-state batteries),
creating a long-term competitive edge over rivals reliant on external suppliers. c. Outbound Logistics Distribution:
VinFast adopts a hybrid distribution model, combining direct sales with 3S-standardized
dealerships (Sales, Service, Spare parts). This ensures fast product delivery and effective aftersales
service. A highlight is its fast-charging station network across Vietnam, with over 150,000 charging
points expected by 2025—far surpassing domestic competitors and facilitating EV adoption. Export:
VinFast leverages Vietnam’s low production costs to penetrate international markets such as North
America, Europe, and the Middle East. Models like the VF 8 and VF 9 have been showcased at
major auto exhibitions, with exports expected to contribute 30% of total revenue by 2030.
However, challenges remain in building distribution channels and charging infrastructure in these
markets. d. Marketing and Sales Brand Strategy:
VinFast positions itself as an affordable, high-quality EV brand focused on sustainability. It
participates in global events like the Paris Motor Show 2022 to boost brand recognition, while
leveraging the “Made in Vietnam” label to inspire national pride in the domestic market. This
strategy differentiates VinFast from traditional brands such as Toyota and Hyundai. Promotions: lOMoAR cPSD| 61401654
Discount programs (2–14% for 11 models in 2025) and a unique battery leasing policy help reduce
initial purchase costs—an attractive feature for the price-sensitive Vietnamese market. The battery
leasing model not only lowers vehicle prices but also eliminates concerns about battery
replacement costs, increasing appeal compared to other EV brands. e. Service After-Sales:
VinFast offers up to 10-year warranties for certain models—well above the industry standard
(usually 3–5 years)—along with a mobile app for charging and maintenance management. The
integrated charging and quick-repair service stations enhance customer experience. Additionally,
partnerships with companies like Motech in the Philippines expand the brand’s international service network. 2.1.2. Support Activities a. Firm Infrastructure
Parent Company Vingroup:
Financial and brand support from Vingroup provides a strong foundation for VinFast. Backed by
diversified operations in real estate, healthcare, and education, Vingroup enables VinFast to invest
heavily in R&D and scale operations without facing the short-term financial pressure that independent firms might.
Sustainability Framework (ESG):
VinFast complies with international standards such as GRI (Global Reporting Initiative) and
UNSDGs (United Nations Sustainable Development Goals), with KPIs like reducing production
emissions by 50% by 2030 and achieving net-zero emissions by 2040. This not only aligns with
global trends but also attracts ESG-focused investors. b. Human Resource Management Training:
VinFast implements in-depth training programs on sustainability practices and EV technologies
for employees at all levels. For example, engineers are trained in using AI for manufacturing, while
sales staff are equipped to advise customers on EV benefits.
International Recruitment:
The company attracts talent from major firms like BMW, General Motors, and Italian design house
Pininfarina, bringing expertise and creativity to design and production. This enhances product
quality and competitiveness against established brands. c. Technology Development AI and Big Data:
VinFast applies AI and blockchain to increase supply chain transparency, predict manufacturing
errors, and optimize processes. For instance, real-time equipment monitoring helps reduce production line downtime.
Battery and Charging Technology: lOMoAR cPSD| 61401654
In collaboration with international research institutes, VinFast is developing solid-state batteries
(expected post-2025) and building a global charging station network. This technology promises
over 500 km of range per charge, directly competing with Tesla and BYD. d. Procurement Long- Term Partnerships:
VinFast prioritizes suppliers with environmental commitments, such as those offering recycled
batteries or eco-friendly materials. This supports its sustainability strategy and mitigates risks from
international environmental regulations. Cost Negotiation:
Thanks to its large scale and strategic relationships with suppliers like Bosch and Siemens, VinFast
secures lower material prices, gaining a cost advantage over non-integrated competitors. Conclusion
Overall Strengths: VinFast’s value chain combines modern technology, vertical integration, and
a sustainable strategy, enabling the company to optimize costs, enhance quality, and position itself
as a highly promising global EV brand.
Challenges: Limited international brand recognition, underdeveloped service networks in export
markets, and high initial investment costs may hinder rapid expansion. To maintain its competitive
edge, VinFast needs to continue investing in technological innovation (such as solidstate batteries
and autonomous vehicles), strengthen its EV ecosystem, and accelerate its international market penetration strategy. 2.2. Competitors Factor VinFast Hyundai BYD Localization 60%, 47% materials Low, mainly Not localized in produced domestically assembled in VN via VN, imported from joint ventures China Battery Vertically integrated with Dependent on LG Autonomous Blade Autonomy VinES, 95% recyclable Chem, no battery Battery, produced batteries autonomy in China Smart
Robots, 90% automation, Modern, but focused Vertically
Manufacturing sustainable materials on gasoline/hybrid integrated, lowcost, large scale Charging 150,000 points in VN,
Few charging stations, Weak in VN, no Network superior domestically not optimized for EV dedicated network lOMoAR cPSD| 61401654
Battery Leasing Battery leasing, 2-14% No leasing, mid- Low pricing, no Policy discounts, flexible pricing tohigh pricing, few leasing policy EV incentives Warranty 10 years, mobile app for 3-5 years, strong Weak in VN, charging/maintenance service for traditional standard warranty vehicles 2.3. Competitive Advantages
Localization and Battery Autonomy: With 60% localization and vertical integration through
VinES, VinFast reduces costs and logistics risks—outperforming Hyundai (which relies on
imports) and competing effectively with BYD (which has not localized production in Vietnam).
Charging Station Network: VinFast’s 150,000 charging points across Vietnam provide a
significant advantage, as neither Hyundai nor BYD has comparable infrastructure in the country.
Battery Leasing Policy: This model lowers the cost of ownership, making it well-suited for the
Vietnamese market, whereas Hyundai and BYD do not offer similar policies.
10-Year Warranty: Builds strong customer trust, far surpassing Hyundai’s 3–5 years and BYD’s
relatively weak after-sales service in Vietnam.
3. Sustainable Competitive Advantage 3.1. VRIO Framework Strength Value Rarity Imitability Organization Localization and Battery YES YES YES YES Autonomy (60% + VinES) Charging Network YES YES YES YES (150,000 points) Battery Leasing Policy YES YES NO YES 10-Year Warranty YES YES NO YES
3.2. Sustainable Competitive Advantages
Sustainable Competitive Advantages: Localization and battery autonomy, along with the
nationwide charging station network, meet all four VRIO criteria (Valuable, Rare, Inimitable,
and Organized to capture value). These are therefore considered sustainable competitive advantages.
Unsustainable Competitive Advantages: The battery leasing policy and 10-year warranty,
while beneficial, do not satisfy the "Inimitable" criterion—competitors like Hyundai or BYD
could replicate these features, making them only temporary advantages. lOMoAR cPSD| 61401654 CONCLUSION
VinFast’s value chain analysis reveals that the company has built an efficient operational system,
leveraging key strengths to establish its position in the electric vehicle (EV) industry. Elements
such as 60% localization and battery autonomy through VinES, a network of 150,000 charging
points, battery leasing policy, and a 10-year warranty help VinFast not only optimize costs and
enhance customer experience but also differentiate itself from competitors like Hyundai and BYD in the Vietnamese market.
Notably, the VRIO analysis confirms that localization and battery autonomy, along with the
charging station network, qualify as sustainable competitive advantages due to their high value,
rarity, inimitability, and the company’s ability to exploit them effectively. On the other hand, the
battery leasing policy and extended warranty, while offering notable benefits, are considered
temporary advantages as they can be easily replicated in the future.
To sustain and grow its market position, VinFast must continue investing in technological
innovation (such as solid-state batteries), strengthen its EV ecosystem, and boost brand recognition
in international markets. Backed by Vingroup’s strong foundation and a long-term sustainable
strategy, VinFast has the potential not only to lead the Vietnamese market but also to compete with
global EV giants like BYD—provided it overcomes challenges related to scale and service infrastructure abroad. REFERENCES
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