The company has also imported foreign expertise. At least five of the VinFast leadership team, including Deluca and Calvert, are veterans of General Motors Co.
In June, the U.S. automobile giant agreed to transfer full ownership of its Hanoi factory to VinFast for the Vietnamese firm to produce small cars under a GM global licence from 2019.
But, despite the institutional experience VinFast has acquired, a move into the highly competitive automobile industry is not without significant risks.
Local auto assembly companies have tried - and failed - in Vietnam to sell home-grown models to the masses. Regionally, companies such as Malaysia's Proton or Australia's Holden have struggled to gain traction outside their home countries.
"The key question is why the world needs yet another car brand in a era when hardware is commoditising," said Bill Russo, head of Shanghai-based consultancy Automobility Ltd and a former Chrysler executive.
"The fact that they have outsourced design and manufacturing and are relying on foreign R&D tells me they are following a traditional path that may not be competitive in an era of digital mobility services."
Bui Ngoc Huyen, chairman of Vinaxuki, which tried to establish a domestic automaker but ceased production in 2012 before its first car was officially launched, said Vingroup's deep pockets should help, but warned that building a brand would take time.
"You have to move from producing small and cheap cars to luxury ones," he said. "It will take several years for a new carmaker to fine tune its products and win the confidence of consumers. It will take between 10 and 20 years."
Deluca said VinFast's early models would be "very affordable" to lure local buyers, but declined to give details of pricing.
But in Vietnam, where hundreds of thousands of people take to the streets with flares and flags to celebrate moderate success after under-23 football games, VinFast is banking on an additional competitive edge
"We think national pride is a tremendous advantage for VinFast," said Deluca. "What we're doing here is something special for the men and women of Vietnam".
