Vietnamese electric vehicle (EV) manufacturer VinFast has announced plans for expansion in the Middle East.
A subsidiary of Vingroup, Vietnam’s largest conglomerate, the EV maker shared that alongside its North American expansion, it is also making an entry into Asia, Africa, and the Middle East.
Globally, EV adoption has been on an upward trajectory, and according to IEA data, in 2023, nearly one in five cars sold was electric.
In the Middle East, we’re also seeing movement in the electric vehicle space, with some forecasts projecting that the EV market will reach US$7.65 billion by 2028, up from US$2.7 billion in 2023.
That said, globally, challenges remain around charging infrastructure, costs, and policy, and this year, the sector is encountering headwinds.
The EV maker shared that it has already partnered with Bahwan Automobiles Trading in Oman to distribute its electric vehicles. In the UAE, meanwhile, in addition to establishing a regional headquarters in Dubai, it has signed an exclusive dealership agreement with Al Tayer Motors.
At the time, Ta Xuan Hien, Chief Executive Officer of VinFast Middle East, called the agreement an “important milestone” in VinFast’s global market expansion strategy.