The Future Of Automotive - Background Of Vinfast Founder Pham Nhat Vuong

The founder of Vinfast, Famat Wong, has become a household name in the automotive industry. Ever since their stock price skyrocketed after going public last month, Vinfast has been making headlines. What makes Famat Wong's story even more intriguing is his background and how he became Vietnam's richest man.

Wong's journey started in Russia, where he graduated from school in 1993. Sensing an opportunity in the post-Soviet Union world, he made a pivotal decision to move to Ukraine. With a loan of $10,000 from friends and family, Wong opened a Vietnamese restaurant in Ukraine. Although the restaurant concept didn't work out, he quickly found success in making and selling instant noodles - a new concept in Ukraine at that time. Instant noodles proved to be incredibly popular, and by the time Wong sold the business to Nestle in 2010 for $150 million, its annual revenues had reached more than $100 million per year. That's a lot of instant noodles!

With a hefty sum of money from the sale of his instant noodle business, Wong returned to Vietnam at the perfect time. Vietnam's government was transitioning from a centralized to a market economy, and Wong saw the potential for growth. He started investing in various sectors, including property, entertainment, retail, healthcare, education, and technology. Through his ventures, which include Vin Pearl, Vin School, Vin Ai, and Vin Brain, Wong's company, Vin Group, reported revenue of $5.4 billion last year and became the largest private corporate employer in Vietnam with over 51,000 employees. Wong's story is truly inspirational and resonates with budding entrepreneurs worldwide.

Now, with the success of Vinfast, Wong is focused on making inroads into the hyper-competitive automotive market in the US. While it remains to be seen if Vinfast can penetrate this market, one can't deny that Wong's journey from humble beginnings to becoming Vietnam's most successful and wealthy entrepreneur is a fascinating one.

Companies to Watch: Asento Robotics

In this segment, we explore companies in the automotive technology space that are worth keeping an eye on. This week, we shine the spotlight on Asento Robotics.

In many industries, including automotive, there is an acute shortage of security guards. This scarcity means that the guards who are still on the job have to work extra hours, increasing the likelihood of mistakes due to fatigue. Asento Robotics aims to address this issue by introducing autonomous security patrolling robots called Asento Guards.

What sets Asento Guards apart is their unique wheel leg design, allowing them to cover various terrains effortlessly. These robots are currently deployed on large industrial sites, where they execute repetitive tasks such as perimeter checks. When necessary, they send alerts to human security guards. Asento Robots move at a walking pace and perform essential but tedious tasks like verifying perimeters, detecting holes or openings in fences, recording property lights, ensuring the clarity of parking lots, and even detecting floods or fires.

If there is a security threat, such as an intruder, Asento Guards promptly send alerts to human security guards through their dedicated app. This app also integrates with existing video management systems, ensuring efficient communication and complete encryption.

The introduction of robotics in the automotive industry doesn't stop at security. For example, companies have already started using robots to change tires and conduct vehicle Adas calibrations automatically. It is not surprising to imagine a future where dealership security guards are Asento units working 24/7, eliminating the need for smoke breaks or holidays.

To learn more about Asento Robotics and their innovative solutions, visit their website at www.asento.doi.

Join Our Investment Club for Autotech and Mobility Startups

If you're an entrepreneur working on a solution that benefits car dealerships in the Autotech industry, we want to hear from you! At Automotive Ventures, we're actively investing out of our new dealer fund. By joining our investment club, you'll have the opportunity to make direct investments into Autotech and Mobility startups.

There is no obligation to dive into investments right away. By becoming a member, you'll gain access to our valuable deal flow. We continuously have attractive investment opportunities available to our members. By joining our investment club, you'll be at the forefront of shaping the future of the automotive industry.

Don't forget to check out my book, "The Future of Automotive Retail," available on amazon.com. And keep an eye out for my upcoming book, "The Future of Mobility," set to release at the end of the year.

Thank you for your ongoing support, and we look forward to working closely together with you to shape the future of this industry!

Conclusion

In this week's Future of Automotive segment, we explored the inspirational backstory of Famat Wong, the founder of Vinfast. Wong's journey from opening a Vietnamese restaurant in Ukraine to becoming Vietnam's richest man showcases the power of ambition, adaptability, and seizing opportunities.

We also highlighted Asento Robotics as a company to watch in the automotive technology space. Their autonomous security patrolling robots, Asento Guards, offer a creative solution to the shortage of human security guards.

If you're an Autotech entrepreneur working on innovations for car dealerships, we encourage you to reach out to us. As active investors in the Autotech and Mobility sectors, we're always on the lookout for promising startups.

Thank you for tuning in to this week's Future of Automotive segment. We'll see you next week for more exciting developments in the automotive industry!