VinFast announces partnership with first distributor in Africa

HANOI, VIETNAM - Media OutReach Newswire - 15 March 2024 - VinFast Auto (Nasdaq: VFS) has signed a distribution agreement with Jospong Group of Companies, Ghana's leading multi-industry conglomerate, in Ghana and West African market. This deal marks the Vietnamese electric vehicle pioneer's initial foray into the African market, solidifying its position as a frontrunner in the global shift towards sustainable transportation.

Under this agreement, Jospong will distribute VinFast's entire range of vehicles, including electric cars, e-scooters, e-bikes, and electric buses, throughout Ghana and West Africa. Jospong will also plan to deploy public charging infrastructure across the country to support EV penetration. This collaboration with one of West Africa's leading conglomerates strengthens VinFast's commitment to delivering green and smart transportation solutions to customers worldwide, while also allowing the company to tap into the promising potential of the African electric vehicle market.

Jospong Group operates across 14 different sectors with a network of over 60 companies. The group has a strong presence in industries like automobile, waste management, ICT, and banking.

In addition to the announced distribution agreement, Vingroup, Vietnam's leading private multi-industry conglomerate and parent company of VinFast, has signed a Memorandum of Understanding (MoU) with Jospong Group. Vingroup and Jospong will work together to identify and pursue business opportunities in areas of mutual interest, including electric vehicles, taxi operations, public transportation solutions, education, hospitality, and real estate development.

Dr. Joseph Agyepong, Executive Chairman of Jospong Group, stated, "Vingroup's commitment to a green revolution, particularly through their innovative electric vehicle ecosystem and VinFast's diverse offerings, is truly inspiring. We are thrilled to partner with Vingroup and VinFast on their global journey, working together to build a more sustainable and beautiful future for all."

Mr. Tran Viet Anh, representative of VinFast Global shared: "Ghana and West African electric vehicles market is poised to grow, and we're honored to be at the forefront of this revolution alongside a leading Ghanaian corporation. Together, we're committed to building a sustainable future for Ghana by providing a comprehensive electric transportation ecosystem, from bicycles and cars to buses with flexible sales, ensuring everyone can join the clean transportation revolution."

Electric vehicle market in Ghana and West Africa boasts significant development potential due to ample room for growth and minimal competition. Fueled by government support for achieving net-zero emissions in transportation, demand is forecast to surge rapidly. Ghana envisions a future by 2040 where a significant portion of gas stations will be repurposed to serve sustainable transportation options, like electric vehicles.

This cooperation with Jospong Group presents a significant opportunity for Vingroup and VinFast to rapidly solidify their position in the region's electric vehicle market and establish themselves as leaders in the broader sustainable transportation industry.

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About VinFast

VinFast – a member of Vingroup – envisioned to drive the movement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with scalability that boasts up to 90% automation in Hai Phong, Vietnam.

Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.us/

News Source: Media OutReach