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Fortune
Fortune
Christiaan Hetzner

EV startup from Vietnam with barely any sales and horror reviews is now worth more than Ford and GM

Ford Pham Nhat Vuong VinFast Vietnam Nasdaq Rivian
Pham Nhat Vuong, chairman and founder of Vingroup JSC, is Vietnam’s richest tycoon. (Credit: Linh Pham—Bloomberg/Getty Images)

It may come as a surprise that a loss-making automotive startup founded six years ago is now worth more than Ford and General Motors—but somehow Vietnamese conglomerate VinFast Auto Ltd. has managed it.

And it’s not just the much-maligned Detroit incumbents that are getting passed by the Hanoi-based newcomer.

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