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VinFast's survival amid the failures of so many of its competitors can be attributed to the financial backing from the Vin Group, a massive conglomerate with Mr. Fam as the wealthiest individual in Vietnam, boasting a net worth of $6.5 billion. The Vin Group’s primary operations lie within real estate, but it expanded into the automotive market by launching VinFast in 2017—marking Vietnam's first domestic car manufacturer. Initially producing gasoline vehicles, VinFast pivoted towards electric vehicles in 2022, introducing electric scooters and buses along the way.