The company was officially established in December 1993 as a joint-venture between the Korean Daewoo and the 7983 Mechanic Union Enterprise that was owned by the Vietnamese Ministry of Defense.

[1] On 28 June 2018, General Motors (GM.N) agreed to transfer its Vietnamese operation to VinFast Trading and Production LLC and distribute Chevrolet vehicles.

The transfer, which includes GM's Hanoi plant, dealer network and employee base, was conducted by the end of 2018.

[needs update] GM used its Hanoi plant to assemble Chevrolets with parts imported from South Korea - a country where the U.S. automaker came close to bankruptcy as it struggled to turn around its debt-laden unit.

[2][3] Production of this vehicle began in 2019, greatly increasing capacity and output at the Hanoi plant and growing the manufacturing base of the dynamic VinFast operation.