On July 29, 2024, VinFast and HBC Binh Minh Joint Stock Investment Company signed a strategic partnership agreement to develop a network of distributors.
Accordingly, in 2024, HBC Binh Minh will inaugurate 11 new VinFast car dealerships in 11 provinces and cities in both the North and the South. By the first quarter of 2025, HBC Binh Minh plans to open two more VinFast car dealerships in the foreign markets of Indonesia and India.
As planned, the first HBC Binh Minh VinFast showroom will officially open on July 31, 2024, in Yen Bai, converted from an old business facility of a Korean auto brand. Many of the 11 VinFast showrooms that HBC Binh Minh plans to open this year will also be converted from gasoline and diesel car brands to VinFast electric vehicle dealerships.
Speaking at the partnership signing ceremony, Mr. Le Quoc Dong, CEO of HBC Binh Minh Joint Stock Investment Company, said: “With over 30 years of experience in the automotive business, HBC Binh Minh believes that in just 3-5 years, the Vietnamese market will witness a strong wave of transition from gasoline to electric vehicles. HBC Binh Minh identifies this as the ripe time to transform our business model, as in about three years, almost only electric vehicle dealerships will grow in revenue and profit. HBC Binh Minh has decided to make a significant investment in the VinFast dealership system to accompany VinFast in developing the national automotive brand and conquering international markets.”
HBC Binh Minh currently owns a system of more than 10 commercial and tourist car showrooms of various brands nationwide and has planned to convert some of them into VinFast electric vehicle showrooms by the end of this year. HBC Binh Minh is also the first Vietnamese partner to accompany VinFast in expanding its business in international markets.
TH (Tuoitrethudo)
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