VinFast Advances Global Reach With First Distributor In Micronesia

HANOI, VIETNAM - In a strategic move to broaden its global footprint, VinFast Auto (Nasdaq: VFS) has entered into a pivotal cooperation agreement with Guam AutoSpot, setting the stage for the distribution of VinFast electric vehicles across Micronesia. This collaboration not only signifies a major leap in VinFast's worldwide expansion efforts but also aligns with its ambition to spearhead a global green mobility revolution. As per the agreement, Guam AutoSpot will serve as the official distributor for VinFast in the Micronesian region, which includes Guam and other island groups within Micronesia.

Starting May 2024, Guam AutoSpot is poised to import a range of VinFast electric vehicles, such as the VF 7, VF 8, VF 9 models, alongside DrgnFly electric bicycles and various vehicle components for distribution. This partnership marks a significant milestone for VinFast, enhancing its international presence and reinforcing its commitment to offering innovative green and smart transportation solutions globally. Established in 2008, Guam AutoSpot has developed a robust dealer network across Micronesia over the past 15 years, earning a reputation for delivering superior distribution products and services.

Mr. Steve Tran, a representative from VinFast Global, expressed optimism about the Micronesian market's potential for electric vehicles, citing growing consumer interest in sustainable mobility solutions. "We are confident that our cooperation with Guam AutoSpot will enable VinFast to swiftly penetrate the market and offer customers a wide array of high-quality electric vehicle products," he stated. Echoing this sentiment, Mr. Derrick Muna-Quinata, President of Guam AutoSpot, remarked on the significance of partnering with VinFast. He highlighted that this collaboration would not only foster the development of Micronesia's electric vehicle market but also enhance the electrified mobility experience for customers.

The emergence of Micronesia as a burgeoning electric vehicle market is being propelled by the entry of international brands and the expansion of charging station infrastructure. VinFast's foray into this region is expected to significantly contribute to the adoption of greener transportation options in Micronesia and throughout the Western Pacific. In line with its ambitious expansion strategy, VinFast has announced plans to extend its operations to at least 50 countries by 2024. This includes not only key markets like the US, Canada, and Europe but also an aggressive push into neighboring Asian countries such as India, Indonesia, Thailand, and the Philippines, as well as regions like the Middle East and Africa.

In addition to bolstering its presence in Vietnam, VinFast is accelerating efforts to establish electric vehicle manufacturing plants in strategic locations around the world including the US, India, and Indonesia. This global expansion underscores VinFast's dedication to leading the charge towards a more sustainable and environmentally friendly future in transportation. #VinFast