The U.S.-based TIME Magazine said Vinfast has made a global impact in the EV industry due to the lightning pace of construction of its factory in just 21 months.

According to TIME, VinFast has bold plans ahead as it strives to triple vehicle delivery in 2024 to 100,000.

The company is headed by Viet Nam's richest man, Pham Nhat Vuong who is one of six Vietnamese billionaires on Forbes 2024 list.

VinFast is also in the process of opening factories in North Carolina, Indonesia, and India.

Despite posting a US$618.3 million loss in the first quarter of the year, Pham vowed to at least break even next year, pledging an additional US$1 billion of his personal wealth to make it happen.

Established in 2017, VinFast is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing electric vehicles (EV) such as electric cars and electric scooters./.