This is the third year the US-based TIME Magazine has voted for this list, and for the first time a Vietnamese company has been named in the list.

TIME 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.

Accordingly, VinFast is classified in the category 'Disrupters' for those that have made surprises in the past year.

TIME pointed out factors that they believe VinFast has created surprises, such as VinFast’s August IPO, with shares rocketing 700% over two weeks after its debut on the New York Stock Exchange; the firm’s unique model of selling electric cars and leasing batteries; and its bold plans to triple vehicle delivery in 2024 to 100,000.

The magazine said billionaire Pham Nhat Vuong, the founder and current CEO of VinFast, has pledged an additional 1 billion USD of his personal wealth to the firm.

TIME highlighted that VinFast has opened factories in the US, Indonesia, and India in addition to its main factory in Hai Phong, Vietnam.

VinFast has planned to expand its operation to 50 countries in 2024, focusing on key markets in North America, Europe, India, Indonesia, Thailand, the Philippines, the Middle East, and Africa./.VNA