Business Daily Media

The Times Real Estate

.

Envisioning a greener Middle East, with VinFast EVs

HANOI, VIETNAM - Media OutReach Newswire - 25 July 2024 - A shift is underway in the Middle East, a region traditionally associated with vast oil reserves and a carbon-intensive economy.

A new narrative of environmental sustainability and economic diversification is emerging, with companies like VinFast playing a key role in driving this change. This is evident in the burgeoning interest in electric vehicles (EVs) across the region, spurred by concerns about air quality, climate change, and the need to reduce reliance on fossil fuels.

VinFast EV manufacturing complex in Hai Phong, Vietnam
VinFast EV manufacturing complex in Hai Phong, Vietnam

Governments across the Middle East are actively incentivizing EV adoption through a combination of measures, such as tax breaks and subsidies for charging infrastructure. For example, the UAE aims to have 50% of its cars electric by 2050, while Saudi Arabia's Vision 2030 blueprint enables the development of a thriving EV ecosystem. These initiatives are not only aimed at curbing emissions but also at positioning the region as a leader in the global transition towards sustainable transportation.

The growing environmental consciousness among consumers in the Middle East is another key driver of EV adoption. As the negative effects of climate change become increasingly apparent, individuals and businesses are seeking ways to reduce their carbon footprint. EVs, with their zero tailpipe emissions and lower overall environmental impact, offer a compelling alternative to traditional gasoline-powered vehicles. Moreover, the rising cost of fuel and the desire to reduce dependence on fossil fuels are further fueling the demand for EVs.

The Middle East's unique characteristics also present significant opportunities for EV adoption. The region's abundant solar energy resources make it an ideal location for solar-powered charging stations, reducing the reliance on the grid and further enhancing the sustainability of EVs. Additionally, the relatively short distances between major cities and the prevalence of urban driving make EVs a practical and convenient choice for many commuters.

Given all these factors, the EV market in the Middle East is expected to witness massive growth in the coming years. By some estimates, it is projected to reach US$7.65 billion by 2028, up from US$2.7 billion in 2023. And according to a report by 6Wresearch, the Middle East electric vehicle market size grew at a CAGR of 28.9% during 2022-2028.

The surge in demand for EVs in the Middle East presents a golden opportunity for both established and emerging EV manufacturers. VinFast, a young Vietnamese automaker and the carmaking arm of Vingroup, the largest private conglomerate in Vietnam, is well-positioned to capitalize on this trend. The company's expansion into the Middle East aligns seamlessly with its mission to accelerate the global transition towards sustainable energy and smart mobility.

After expanding in North America, Europe, and Asia, VinFast is making significant strides in the Middle East's EV market, leveraging its experience in other global markets and commitment to quality. Their diverse product portfolio, innovative battery subscription policy, and comprehensive after-sales services cater to a wide range of consumer preferences.

With a regional headquarters in Dubai and exclusive distribution agreements with major automotive groups, VinFast is establishing a strong presence in the Middle East. The company actively engages with stakeholders to promote sustainable mobility and participates in events like COP28 to demonstrate its commitment to environmental responsibility.

The convergence of environmental concerns, government incentives, and changing consumer preferences are reshaping the Middle East's automotive landscape. VinFast is set to play a pivotal role in this exciting new chapter, accelerating the shift towards a more sustainable and electrified future in the region.


Hashtag: #VinFast

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

News from Asia

Backbase and Synpulse partner to accelerate banking transformation across APAC

Combining Backbase's Engagement Banking Platform with Synpulse's regional expertise to deliver customer-centric solutions SINGAPORE - Media OutReach Newswire - 13 March 2025 - Backbase, the leade...

Technology driving positive outlook for Malaysian small businesses

Malaysia’s small businesses lead the region in innovation Younger entrepreneurs dominate small business landscape AI investment on the rise ...

ST Telemedia Global Data Centres Accelerates AI Ambitions, Achieves Certification under NVIDIA DGX-Ready Data Center Program

SINGAPORE - Media OutReach Newswire - 13 March 2025 - ST Telemedia Global Data Centres (STT GDC), one of the world's fastest-growing data centre colocation service providers headquartered in Singa...

HL Assurance Becomes First in Singapore to Launch Core Travel Insurance Coverage Add-Ons

HL Assurance addresses key concerns for the modern traveller in their new combination of essential travel insurance add-ons. SINGAPORE - Media OutReach Newswire - 13 March 2025 - Singaporeans can ...

USPACE Partners with AICO to Launch 6,000-Satellite Constellation Plan

— Hybrid Constellation Focused on Direct Mobile-Satellite Connectivity to Empower “Belt and Road” Digital Future HONG KONG SAR - EQS Newswire - 13 March 2025 - At the "100 Satellites" exhibition he...

Octa broker receives the 'Best use of AI in fintech' award

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 March 2025 - OctaTrader, Octa broker's proprietary trading platform, was recently awarded for the 'Best Use of AI in Fintech 2025' by Global Bu...

Visa offers seamless tap-to-ride experiences for Visa cardholders on Ho Chi Minh City Metro Line 1

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 13 March 2025 - Visa (NYSE: V), a global leader in digital payments, has continued its role as an Official Co-sponsor of the Inauguration Cer...

Make a Splash This Summer: Celebrate Water and Culture at Five Iconic Bangkok Destinations with ONESIAM

ONESIAM’s Songkran celebrations, part of Siam Piwat’s guest experience program, offer tourists an elevated summer journey through culture, tradition, and immersive festivities BANGKOK, THAILAND - ...

DHL Express Hong Kong becomes the Official Partner of Kai Tak Sports Park

Both parties will collaborate to drive the growth of sports and entertainment events to the city and help to foster the development of Hong Kong into a premier hub for mega live events ...

Henkel presents the next edition of the Martha Schwarzkopf Award for outstanding female scientists

DÜSSELDORF, GERMANY - Media OutReach Newswire - 13 March 2025 - For the fourth time, Henkel is proud to present the Martha Schwarzkopf Award for Women in Science, dedicated to supporting and empow...

Empowering small businesses: Localsearch rolls out affordable digital solutions

New suite of digital solutions designed to boost visibility, engagement, and customer acquisition In response to a rapidly evolving digital lan...

Why Responsible Leadership is a Competitive Advantage for Small Businesses

In today’s fast-changing business landscape, leadership is evolving. While large corporations are reassessing their diversity, equity, and inclusi...

Why it’s a great time to include the EU in your export push

With the US market beset with unknowns, training your sights on mainland Europe in 2025 makes sound sense. Wondering whether the introduction o...

Success Isn’t About Labels—It’s About Mindset

In the lead up to International Women’s Day, I’ve been reflecting on my own success as a business owner and whether or not being a woman has playe...

Accelerate Action- Thryv champions women in business for International Women’s Day

Thryv® (NASDAQ: THRY), provider of the leading small business software platform, is celebrating International Women’s Day by shining a spotlight o...

Sydney Startup Launches AI Platform To Lead the Charge on Gender Pay Gap Action

EvenBetter.ai launches in Australia with First Customers Knight Frank and Fuji Australia Sydney-based startup EvenBetter.ai has today launched th...

Sell by LayBy