VinFast joins forces with LeasePlan for Europe

LeasePlan is to support Vietnamese EV manufacturer VinFast in its market entry in the Netherlands, Germany and France. According to a memorandum of understanding just signed by both companies, LeasePlan will become VinFast’s preferred partner in leasing, fleet management and remarketing.

LeasePlan intends to include VinFast in its offering for corporate and private customers in Germany, France and the Netherlands. The company says that the collaboration offers VinFast customers flexible financing options in the aforementioned entry markets. “The joint announcement with LeasePlan is further evidence of VinFast’s rapid development towards European market entry,” said Nguyen Thanh Thuy, CEO of VinFast Europe. “LeasePlan’s reputation and market coverage are key supporters on our journey to gain a foothold in a highly competitive market.”

Europe has been a key market for VinFast’s global expansion strategy from the beginning. Over the past few years, the electric car division of Vietnamese conglomerate Vingroup has forged important partnerships “with proven suppliers to this market in the areas of finance, technology and design”. CEO Thanh Thuy says that the cooperation with LeasePlan is the next step in its expansion into the European market.

VinFast, which is also aiming for a listing on the US stock exchange, gave more details about its European strategy at the end of September 2021. In January 2022, the carmaker showed five electric cars at CES in Las Vegas, but not all of them will come to Europe. The first of these will be the VF8 and VF9 e-SUVs, which are already available for pre-order – at prices starting at 43,900 euros for the VF8 and 58,600 euros for the VF9. In both cases, however, there is a monthly battery rental fee.

Initially, these models will be imported from Vietnam, but production will also take place in Germany where VinFast is planning a factory for electric cars and buses. VinFast is cooperating with Germany Trade & Invest (GTAI), a company of the Federal Republic of Germany for foreign trade and location marketing, in the search for a site for this.

VinFast announced the delivery of the first electric cars of the e-SUV model VF e34 to customers in Vietnam last December. With the handover, the company also officially introduced its new battery rental package for customers in Vietnam.

Source: information via email