VinFast to attend motor shows in Thailand, Canada, sell EVs in Africa
VinFast, the electric vehicle (EV) arm of Vietnamese conglomerate Vingroup, will attend international motor shows in Thailand and Canada, and attempt to break into the African market this year.
Thailand
In a Friday statement, VinFast announced its upcoming participation in the 45th Bangkok International Motor Show (BIMS 2024) from March 27-April 7 and its official launch in the country.
At BIMS 2024, VinFast will introduce its complete range of electric vehicles for the first time in Southeast Asia, including the VF 3, VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9, covering the A-SUV to E-SUV segments. The company will also showcase its electric pickup concept, the VF Wild, after the debut of the product in January.
Notably, the VF 5, VF e34, VF 6, VF 7, VF 8, and VF 9 on display will be right-hand drive versions, specifically tailored for the Thai market. This marks the second time VinFast has introduced right-hand drive EVs, following their debut at the Indonesia International Motor Show (IIMS) 2024 in February.
Thailand is the leading EV market in Southeast Asia, with rapidly growing demand driven by a series of government support policies, VinFast said. Capitalizing on this rapid transition, VinFast aims to expand quickly in the Thai market and solidify its position as a pioneer in the development of green and sustainable mobility globally.
Africa
Also on Friday, VinFast said it had signed a distribution agreement with Jospong Group of Companies for the Ghanaian and West African market. The deal with the leading multi-industry conglomerate of Ghana marks the Vietnamese EV 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 also plans to deploy public charging infrastructure across the country to support EV penetration.
In addition to the announced distribution agreement, Vingroup signed a MoU with Jospong Group. Vingroup and Jospong will work together to identify and pursue business opportunities in areas of mutual interest, including EVs, taxi operations, public transportation solutions, education, hospitality, and real estate development.
Canada
In a Thursday announcement, VinFast said it would participate in the Vancouver International Auto Show (VIAS) 2024 on March 19-24. VinFast will showcase four EV models at VIAS 2024: the VF 6, VF 7, VF 8, and VF 9.
The EV market in Vancouver is poised for significant growth, with residents increasingly interested in EVs for their environmental benefits and fuel cost savings, according to VinFast.
“We believe our comprehensive offerings perfectly align with growing demand and interest for modern, convenient, and environmentally friendly transportation in Vancouver and the country,” said VinFast Canada deputy CEO Robert Muller.
VinFast earned $1,096.9 million from vehicle sales in 2023, up 111.3% year-on-year. The firm reported that it delivered 34,855 EVs and 72,468 e-scooters last year, including 13,513 EVs and 24,309 e-scooters in the last quarter. VinFast recorded total revenues of $1,198.2 million in 2023, up 91.1% year-on-year. The figure was primarily comprised of revenue from EV sales, it highlighted.
- Read More
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031
The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.
Energy - Thu, November 21, 2024 | 10:41 pm GMT+7
Indonesia, France step up cooperation in economy, defence
Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.
Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7
Thai economy to maintain upward momentum in 2025
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7
Former parliament chairman Vuong Dinh Hue warned for violations
The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.
Politics - Thu, November 21, 2024 | 10:10 pm GMT+7
Sumitomo insists on building LNG power plant in central Vietnam
Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.
Energy - Thu, November 21, 2024 | 8:53 pm GMT+7
Vietnam’s Vinhomes fulfils 67% of record buyback plan
Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.
Finance - Thu, November 21, 2024 | 8:43 pm GMT+7
Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers
Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.
Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7
Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership
Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.
Politics - Thu, November 21, 2024 | 5:21 pm GMT+7
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants
PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.
Energy - Thu, November 21, 2024 | 4:40 pm GMT+7
Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister
Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.
Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7
Bamboo Capital wins kudos for transparent reports, good governance
Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).
Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7
VAFIE to organize workshop on amendments to horse racing, football betting rules
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.
Economy - Thu, November 21, 2024 | 2:38 pm GMT+7
Vietnam Politburo okays international, regional financial centers in HCMC, Danang
Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.
Economy - Thu, November 21, 2024 | 1:50 pm GMT+7
Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.
Finance - Thu, November 21, 2024 | 11:29 am GMT+7
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7
Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta
The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.
Industries - Thu, November 21, 2024 | 10:31 am GMT+7