Lao and Vietnamese companies have signed a memorandum of understanding on discussions and consideration of the distribution of Vietnamese-made VinFast electric vehicles in Laos.
The agreement was among a series of cooperation deals signed between Laos and Vietnam during the official visit to Vietnam made by President Thongloun Sisoulith.
President Thongloun witnessed the signing of the agreements alongside General Secretary of the Central Committee of the Communist Party of Vietnam Nguyen Phu Trong.
According to the agreement, the two sides committed to discuss and consider the possibility of Phongsubthavy Group (Laos) becoming the exclusive distributor of VinFast automobile product lines in the Lao market.
Phongsubthavy wishes to deploy a system of VinFast car dealerships in Laos in order to diversify and increase choices for consumers, according to the Hanoi Times.
VinFast said that if the Lao company meets its requirements in terms of finance, human resources, sales, and investment, it will be a priority partner of the Vietnamese automaker’s business expansion in the Lao market.
Phongsavath Senaphuan, Chairman of Phongsubthavy Group said: “This cooperation will contribute to bringing VinFast cars to the Lao market more quickly.”
Phongsubthavy Group, one of the leading corporations in Laos, operates in the fields of construction, real estate, trade, and energy. In recent years, this group has cooperated with the Vietnam Electricity Group (EVN) to export electricity from Laos to Vietnam.
VinFast is a private automobile startup manufacturer headquartered in Vietnam and is the first Vietnamese car brand attempting to reach overseas markets including China, Russia, the United States, and Australia.