Lao Phongsubthavy Group Company would be the exclusive distributor of the Vietnamese automaker VinFast cars in Laos, according to a memorandum of understanding between the two sides.

An overview of the signing ceremony between VinFast and Phongsubthavy Group Company. Photo: VinFast

The signing ceremony of a memorandum of understanding between the Vietnamese automaker and Phongsubthavy Group Company on June 28 in Hanoi was witnessed by General Secretary of Vietnam Nguyen Phu Trong, and General Secretary and President of Laos Thongloun Sisoulith.

According to the agreement, the two companies will discuss and consider the possibility of a distribution partnership. VinFast said that if the Lao company meets its requirements about finance, human resources, sales, and investment, it will be a priority partner of the Vietnamese automaker’s business expansion in the Lao market. 

Hoang Chi Trung, new General Director of VinFast, said that the company always prioritizes international development and cooperation. He believed that Phongsubthavy Group will help it engage users in Laos.

Phongsavath Senaphuan, Chairman of Phongsubthavy Group said: “This cooperation will contribute to bringing VinFast cars to the Lao market more quickly.”

The representative of the Lao company said they want to deploy the VinFast car dealership system to diversify options for the Lao people.

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.