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VinFast signs partnership agreements with 15 dealers in Thailand

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BANGKOK, THAILAND 27 March 2024 – At the Bangkok International Motor Show (BIMS) 2024, VinFast Auto (Nasdaq: VFS) signed Letters of Intent (LOI) with 15 initial dealers in Thailand. This marks an important milestone of VinFast’s distribution network expansion, enhancing the company’s presence and affirming its position in the region’s leading automotive market.

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According to the partnership agreement, VinFast and the dealers will actively work towards opening 22 showrooms concentrated on major roadways in the Greater Bangkok Area. This area is a key focus of VinFast’s expansion strategy in Thailand for its high rate of electric vehicle adoption and established charging station infrastructure, enabling VinFast to leverage its diverse range of urban electric vehicles.Joining in its first steps in the market, the leading Thai dealers see opportunities from the growing trend of sustainable transportation through partnering with pure electric vehicle brands like VinFast. VinFast’s strong brand position and comprehensive product range further reinforce the dealers’ belief in the company’s success in the region.

Beyond the Greater Bangkok Area, VinFast’s dealer network will expand to other major cities like Chiang Mai, Khon Kaen, Ubon Ratchathani, Ayutthaya, and Chonburi, allowing the company to tap into the vast potential of sustainable transportation across the country. This move also aligns with VinFast’s goal of growing its global sales network and increasing deliveries worldwide.

The dealers are expected to sell the VF e34, VF 5, VF 6, and VF 7 models as well as VinFast’s electric scooters upon their launch in the market. Reservation openings, vehicle pricing, and after-sales policies will be officially announced later in 2024.

Ms. Vu Dang Yen Hang, Chief Executive Officer of VinFast Thailand, stated: “Through this partnership, we aim to swiftly deliver smart electric mobility solutions to consumers in Thailand while ensuring a smooth and enjoyable experience. This agreement not only enhances our presence in Thailand but also serves as a springboard for VinFast’s growth in the market by making it easier for consumers to experience our comprehensive electric vehicle ecosystem.”

The expansion of the dealer network in Thailand also affirms VinFast’s position and ability to gain a strong foothold in the market, demonstrated by the company’s growth potential and continued efforts to advance sustainable transportation globally.

VinFast is targeting expansion to at least 50 countries in 2024. Beyond established markets like the U.S., Canada, and Europe, VinFast is building its presence in neighboring Asian countries including India, Indonesia, Thailand, and the Philippines, alongside the Middle East and Africa. To support its global growth, VinFast is accelerating construction of electric vehicle manufacturing plants in the U.S. and India, with plans for an additional plant in Indonesia.

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