V-GREEN and Prime Group sign MOU to develop 100,000 VinFast EV charging stations in Indonesia

HANOI, VIETNAM - Media OutReach Newswire - 11 December 2024 - V-GREEN and Prime Group, a diversified conglomerate, through its UAE subsidiary, have signed a Memorandum of Understanding (MoU) to develop a network of charging stations for VinFast electric vehicles in Indonesia.

This MoU does not only signify a major step forward for V-GREEN in its global mission to expand the VinFast EV charging infrastructure, but also underscores the confidence of prominent international companies in V-GREEN and VinFast's commitment to sustainable transportation.

This MoU reflects the mutual intent of both parties to engage in detailed discussions to explore and develop cooperation in building charging stations in Indonesia. The two companies envision the development of approximately 100,000 VinFast charging stations in Indonesia over the next three years, with a projected total investment of up to 1.2 billion USD.

V-GREEN will initially prioritize the development of VinFast charging stations in Jakarta, Surabaya, Bali, and surrounding areas, with plans to expand to other regions of Indonesia in subsequent phases. With an increasing adoption of electric vehicle, these regions are a strategic focus for V-GREEN's expansion in the Indonesian market, leveraging VinFast's diverse range of urban electric vehicles.

The development of the charging stations will commence in January 2025, with a number of stations expected to be operational within the year.

Leveraging its strong financial potential and global network of partners, Prime Group, a diversified conglomerate with operations across the Middle East and Africa, is responsible for arranging fundings to develop the VinFast EV charging infrastructure.

Meanwhile, V-GREEN will proactively research the market, identify strategic locations, and build and operate a network of charging stations to meet the growing demand of electric vehicle users in Indonesia.

Mr. Tamer Wagih Salem, Chairman of Prime Group shared: "Leveraging our expertise across various industries, we are proud to partner with V-GREEN to capitalize on the immense potential of Indonesia's green transportation sector as one of Southeast Asia's most promising markets. We are confident that this collaboration, fueled by V-GREEN's strong reputation and execution capabilities, will not only benefit both companies but also significantly contribute to the growth of Southeast Asia's electric vehicle market. This partnership with V-GREEN will take us to explore more opportunities globally, starting with Indonesia then expanding to the Middle East, Europe, the United Kingdom and the United States. Together, we will create exceptional value for society and the global community."

Mr. Nguyen Thanh Duong, CEO of V-GREEN shared: "Partnering with a strategic Middle Eastern partner opens up exciting new opportunities for V-GREEN to expand our global electric vehicle charging network. Together, we will create a comprehensive electric vehicle ecosystem, reducing environmental impact and enhancing quality of life. This collaboration will yield significant benefits for both our companies, consumers, and the community. Together with VinFast and GSM, we will strongly promote the "For a Green Future" campaign in Indonesia."

V-GREEN was founded by VinFast's Founder, Mr. Pham Nhat Vuong, with a 90% stake. Separated from VinFast's charging station development department, V-GREEN is dedicated to investing in the entire electric vehicle infrastructure. This aligns with the company's mission to foster a green ecosystem and accelerate the electric transportation revolution.

The MoU with Prime Group marks a pivotal moment for V-GREEN as a key partner in VinFast's global expansion. By developing a robust charging infrastructure, V-GREEN is paving the way for VinFast to successfully penetrate the dynamic Indonesian market.

Since its official launch in Indonesia, VinFast has delivered two EV models, the VF e34 and VF 5. The company is actively expanding its dealer network, implementing attractive sales policies, and has broken ground on an assembly plant in Subang, West Java to enhance its global production capacity.

Hashtag: #V-GREEN #VinFast #EV

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 electric vehicle ("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://www.vinfastauto.com.

About Prime Group

Prime Group is a highly diversified business conglomerate with an extensive network spanning the Middle East and Africa region. Established in 1995, the group operates across a broad spectrum of industries and has built a reputation for excellence and innovation. Prime Group is committed to fostering international partnerships with leading global entities seeking to establish a presence in the MENA region across its core sectors. The group also actively pursues collaborations in emerging and thriving markets worldwide, striving for win-win solutions that prioritize sustainability, business continuity, and due diligence. Guided by a forward-thinking vision, Prime Group ensures that every partnership aligns with its values of long-term growth, mutual benefit, and responsible business practices. Learn more at: http://primegroupegypt.com/index.html