VinFast signs Qatar exclusive dealership agreement with Al Mana Holding W.L.L.

DOHA, QATAR - Media OutReach Newswire - 9 August 2024 - VinFast Auto has officially signed an exclusive dealership agreement with Al Mana Holding W.L.L. for the distribution of VinFast electric vehicles (EV) across Qatar. The inaugural facility is planned to open in Q3/2024 in the heart of Doha city and will offer four VinFast e-SUV models VF 6, VF 7, VF 8, and VF 9 upon each model's respective launch in the market.

Mr. Hisham Saleh Al Mana, Chairman of Al Mana Holding Group (in white) and Mr. Ta Xuan Hien, CEO of VinFast Middle East (4th from the left), along with representatives from both parties at the signing ceremony.

Under the agreement, Al Mana Holding will become the exclusive dealer of VinFast in Qatar. With extensive experience and long-standing reputation in the automotive sector, Al Mana Holding will be a reliable partner, helping VinFast quickly capture the potential Qatar market by establishing a network of professional stores and services in the country.

Founded in the 1950s, Al Mana Holding is one of the leading economic conglomerates in Qatar. With a shared vision for a green future, the cooperation agreement between VinFast and Al Mana Holding promises to bring the people of Qatar smart and green mobility solutions, contributing to the sustainable development goals of the country as well as the Middle East region.

Mr. Ta Xuan Hien, CEO of VinFast Middle East, said: "The agreement with Al Mana Holding W.L.L. marks an important milestone in VinFast's global market expansion strategy, and specifically, our entry into the Middle East. We are confident that Al Mana Holding's reputation, expertise and market knowledge will enable us to quickly deliver premium products and services to Qatari customers."

Mr. Hisham Saleh Al Mana, Chairman of Al Mana Holding, said: "We are thrilled to announce our exclusive partnership with VinFast in Qatar, adding to the Al Mana Holding's portfolio. VinFast's innovation and rapid growth showcase their high-quality products. By joining forces, Al Mana Holding and VinFast aim to revolutionize the Qatari automotive landscape, offering customers a range of cutting-edge electric vehicles that cater to their needs while minimizing environmental impact."

Since the fourth quarter of 2023, VinFast has changed its strategy from a direct sales model to consumers to a hybrid model that leverages existing distribution infrastructure through the establishment of a global dealer network. It is expected that sales through dealers will contribute significantly to VinFast's sales in the second half of 2024.

In addition to key markets such as the United States, Canada, and Europe, VinFast is actively expanding into neighboring countries in Asia such as India, Indonesia, Thailand, and the Philippines, as well as the Middle East and Africa.

Hashtag: #VinFast

The issuer is solely responsible for the content of this announcement.

About VinFast

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play EV manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: https://vinfast.com/

About Al Mana Holding W.L.L.

Al Mana Holding W.L.L. - a prominent Qatari conglomerate with a history dating back to the late 1950s. As one of the region's leading automotive dealers since 1998, Al Mana Holding is known for its strong reputation and diverse business portfolio. Learn more at: https://www.almanaholding.com.qa/

News Source: VinFast