VinFast Announces Strategic Partnership With Jospong Group To Enter African Market

HANOI, VIETNAM - In a strategic move that signifies its entry into the African market, VinFast Auto (Nasdaq: VFS) has recently inked a distribution agreement with the Jospong Group of Companies, a leading multi-industry conglomerate in Ghana. This partnership not only marks VinFast's initial steps in Africa but also underscores its ambition to be at the forefront of the global transition towards sustainable transportation. The agreement entails Jospong distributing VinFast's comprehensive range of electric vehicles (EVs), including cars, e-scooters, e-bikes, and electric buses across Ghana and the broader West African region.

Furthermore, Jospong is set to spearhead the development of public charging infrastructure throughout Ghana, enhancing the accessibility and convenience of EV usage. This collaboration aligns with VinFast's vision of promoting green and smart transportation solutions globally and leverages Jospong Group's extensive network across over 60 companies in 14 different sectors, including automobile, waste management, ICT, and banking.

In addition to this distribution agreement, Vingroup - Vietnam's premier private multi-industry conglomerate and the parent company of VinFast - has entered into a Memorandum of Understanding (MoU) with Jospong Group. This MoU aims to explore and capitalize on business opportunities in various fields such as electric vehicles, taxi operations, public transportation solutions, and sectors like education, hospitality, and real estate development.

Dr. Joseph Agyepong, Executive Chairman of Jospong Group, expressed his enthusiasm about the partnership: "Vingroup's dedication to spearheading a green revolution through their innovative electric vehicle ecosystem is commendable. We are excited to collaborate with Vingroup and VinFast on their global mission to create a more sustainable future."

Mr. Tran Viet Anh from VinFast Global shared similar sentiments: "The electric vehicle market in Ghana and West Africa holds tremendous growth potential. We are privileged to lead this transformative journey with a distinguished Ghanaian corporation like Jospong. Our joint efforts aim at establishing a comprehensive electric transportation ecosystem in Ghana, making clean transportation accessible to all."

The electric vehicle sector in Ghana and West Africa is on the brink of significant expansion. Supported by governmental initiatives aimed at achieving net-zero emissions in transportation, the demand for EVs is expected to skyrocket. By 2040, Ghana aims to transform a considerable number of gas stations into facilities catering to sustainable transportation modes like electric vehicles.

This partnership between VinFast and Jospong Group not only paves the way for both entities to strengthen their foothold in the West African electric vehicle market but also positions them as pioneers in the broader sustainable transportation landscape.

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