Day: August 29, 2024

HONG KONG, Aug. 29, 2024 (GLOBE NEWSWIRE) — Blue Hat Interactive Entertainment Technology (“BHAT” or the “Company”) (NASDAQ: BHAT) announced the execution of a 1,000-kilogram (approximately 2,204.62 pounds) gold delivery, officially marking the launch of its gold supply chain business. This delivery follows the framework agreement signed in October 2023 with Macau Rongxin Precious Metals Technology Co., Ltd. (“Macau Rongxin”), a company registered in Macau with registration number: 86918(SO) registered with the Macau Commercial Register.

The spot price for gold at the time of the October 2023 framework agreement was approximately $61.14 per gram, while the spot price for gold as of August 28, 2024 is approximately $80.61 per gram. The purchase price of the gold delivered to BHAT is approximately $66.49 per gram, for a total purchase price of approximately $66.49 million. This acquisition is a strategic move to develop a gold supply chain business. BHAT plans to leverage this gold in gold supply chain business, providing gold to refineries, wholesalers, and retailers, thereby generating revenue and establishing a robust presence in the gold business.

Chen Xiaodong, CEO of BHAT, commented, “The completion of this significant gold delivery represents a crucial advancement for BHAT in the bulk commodity trading sector. This milestone not only underscores our commitment to expanding our presence in the international market but also strengthens our financial position. We anticipate that this success will drive further growth and unlock additional opportunities for the Company.”

The Company believes that the proceeds from this delivery will enhance its financial flexibility, enabling further expansion within the precious metals market. BHAT remains focused on innovation and operational efficiency as it continues to explore new market opportunities to bolster its competitive standing.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company’s SEC filings, including its Annual Report on Form 20-F. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements.

Contacts:

Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
IR Website: https://ir.bluehatgroup.com

GlobeNewswire Distribution ID 9222445

HONG KONG, Aug. 29, 2024 (GLOBE NEWSWIRE) — Blue Hat Interactive Entertainment Technology (“BHAT” or the “Company”) (NASDAQ: BHAT) announced the execution of a 1,000-kilogram (approximately 2,204.62 pounds) gold delivery, officially marking the launch of its gold supply chain business. This delivery follows the framework agreement signed in October 2023 with Macau Rongxin Precious Metals Technology Co., Ltd. (“Macau Rongxin”), a company registered in Macau with registration number: 86918(SO) registered with the Macau Commercial Register.

The spot price for gold at the time of the October 2023 framework agreement was approximately $61.14 per gram, while the spot price for gold as of August 28, 2024 is approximately $80.61 per gram. The purchase price of the gold delivered to BHAT is approximately $66.49 per gram, for a total purchase price of approximately $66.49 million. This acquisition is a strategic move to develop a gold supply chain business. BHAT plans to leverage this gold in gold supply chain business, providing gold to refineries, wholesalers, and retailers, thereby generating revenue and establishing a robust presence in the gold business.

Chen Xiaodong, CEO of BHAT, commented, “The completion of this significant gold delivery represents a crucial advancement for BHAT in the bulk commodity trading sector. This milestone not only underscores our commitment to expanding our presence in the international market but also strengthens our financial position. We anticipate that this success will drive further growth and unlock additional opportunities for the Company.”

The Company believes that the proceeds from this delivery will enhance its financial flexibility, enabling further expansion within the precious metals market. BHAT remains focused on innovation and operational efficiency as it continues to explore new market opportunities to bolster its competitive standing.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company’s SEC filings, including its Annual Report on Form 20-F. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements.

Contacts:

Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
IR Website: https://ir.bluehatgroup.com

GlobeNewswire Distribution ID 9222445

TEMECULA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases (Group), part of Nikkiso Co. Ltd.’s Industrial Business segment, celebrated the expansion of its manufacturing operations in Wurzen, Saxony, Germany on Aug. 29 during a groundbreaking ceremony. The additional space will nearly double the Group’s manufacturing capacity in Europe.

With the additional space, the Group will build on its existing carbon capture business and bring new manufacturing capabilities for cryogenic pump assembly, heat exchangers and hydrogen fueling skids to meet market demand for cryogenic equipment and plant solutions used in clean energy projects like hydrogen fueling stations, LNG and ammonia terminals, and hydrogen production plants.

“Nikkiso is investing to meet clean energy market demand and growing our operations in Germany because of increasingly favorable market conditions for low-carbon energy solutions,” said Peter Wagner, Executive Chairman, Nikkiso CE&IG Board.

Expanding manufacturing space and capabilities in Europe will help the Group share knowledge and expertise between regions and provide good-paying jobs for local workers — approximately 20 percent growth in the near term with further growth expected longer term.

The first dig in Wurzen

“Nikkiso brings a depth of experience in the cryogenics industry that few can match,” said Adrian Ridge, CEO, Nikkiso CE&IG. “The facility in Wurzen will be Nikkiso’s manufacturing hub in Europe and complement our customer center in Neuenburg.”

The Prime Minister of Saxony, Michael Kretschmer, added: “The facility expansion of Nikkiso in Wurzen is a far-sighted investment that shows how attractive Saxony is as a business location for international investors. The doubling of production capacity is a vote of confidence that we can be proud of. With this decision, Nikkiso will become an important part of the hydrogen economy that we in Saxony want to rely on in the coming decades. I am delighted that together we are strengthening this cooperation in the direction of clean energy and innovation. This is good news for Wurzen and for Saxony as a business location.”

Facility operations are and will continue to be fully powered by renewable solar energy when the expanded operation is complete in the first half of 2025.

About Nikkiso Clean Energy & Industrial Gases Group

The Nikkiso Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments. The Group employs more than 1,700 people in 22 countries and is headed by Cryogenic Industries, Inc. in Southern California, U.S., which is a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact

pr@nikkisoceig.com

About Nikkiso Co. Ltd.

Since its establishment in 1953, Nikkiso has contributed to solving social issues by anticipating the changing times with world-first and Japan-first technologies and products. In the industrial business, Nikkiso has created new markets by developing products in the energy field, hemodialysis-related products in the medical business, and CFRP (carbon fiber reinforced plastic) aerostructures in the aerospace business.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bc3aca5-7d42-4a94-bdc6-ba8757e4b0d0

https://www.globenewswire.com/NewsRoom/AttachmentNg/cc46b781-51e8-4458-a1f3-f06f26ac0ba6

GlobeNewswire Distribution ID 9222513

TEMECULA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases (Group), part of Nikkiso Co. Ltd.’s Industrial Business segment, celebrated the expansion of its manufacturing operations in Wurzen, Saxony, Germany on Aug. 29 during a groundbreaking ceremony. The additional space will nearly double the Group’s manufacturing capacity in Europe.

With the additional space, the Group will build on its existing carbon capture business and bring new manufacturing capabilities for cryogenic pump assembly, heat exchangers and hydrogen fueling skids to meet market demand for cryogenic equipment and plant solutions used in clean energy projects like hydrogen fueling stations, LNG and ammonia terminals, and hydrogen production plants.

“Nikkiso is investing to meet clean energy market demand and growing our operations in Germany because of increasingly favorable market conditions for low-carbon energy solutions,” said Peter Wagner, Executive Chairman, Nikkiso CE&IG Board.

Expanding manufacturing space and capabilities in Europe will help the Group share knowledge and expertise between regions and provide good-paying jobs for local workers — approximately 20 percent growth in the near term with further growth expected longer term.

The first dig in Wurzen

“Nikkiso brings a depth of experience in the cryogenics industry that few can match,” said Adrian Ridge, CEO, Nikkiso CE&IG. “The facility in Wurzen will be Nikkiso’s manufacturing hub in Europe and complement our customer center in Neuenburg.”

The Prime Minister of Saxony, Michael Kretschmer, added: “The facility expansion of Nikkiso in Wurzen is a far-sighted investment that shows how attractive Saxony is as a business location for international investors. The doubling of production capacity is a vote of confidence that we can be proud of. With this decision, Nikkiso will become an important part of the hydrogen economy that we in Saxony want to rely on in the coming decades. I am delighted that together we are strengthening this cooperation in the direction of clean energy and innovation. This is good news for Wurzen and for Saxony as a business location.”

Facility operations are and will continue to be fully powered by renewable solar energy when the expanded operation is complete in the first half of 2025.

About Nikkiso Clean Energy & Industrial Gases Group

The Nikkiso Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments. The Group employs more than 1,700 people in 22 countries and is headed by Cryogenic Industries, Inc. in Southern California, U.S., which is a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact

pr@nikkisoceig.com

About Nikkiso Co. Ltd.

Since its establishment in 1953, Nikkiso has contributed to solving social issues by anticipating the changing times with world-first and Japan-first technologies and products. In the industrial business, Nikkiso has created new markets by developing products in the energy field, hemodialysis-related products in the medical business, and CFRP (carbon fiber reinforced plastic) aerostructures in the aerospace business.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bc3aca5-7d42-4a94-bdc6-ba8757e4b0d0

https://www.globenewswire.com/NewsRoom/AttachmentNg/cc46b781-51e8-4458-a1f3-f06f26ac0ba6

GlobeNewswire Distribution ID 9222513

TEMECULA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases (Group), part of Nikkiso Co. Ltd.’s Industrial Business segment, celebrated the expansion of its manufacturing operations in Wurzen, Saxony, Germany on Aug. 29 during a groundbreaking ceremony. The additional space will nearly double the Group’s manufacturing capacity in Europe.

With the additional space, the Group will build on its existing carbon capture business and bring new manufacturing capabilities for cryogenic pump assembly, heat exchangers and hydrogen fueling skids to meet market demand for cryogenic equipment and plant solutions used in clean energy projects like hydrogen fueling stations, LNG and ammonia terminals, and hydrogen production plants.

“Nikkiso is investing to meet clean energy market demand and growing our operations in Germany because of increasingly favorable market conditions for low-carbon energy solutions,” said Peter Wagner, Executive Chairman, Nikkiso CE&IG Board.

Expanding manufacturing space and capabilities in Europe will help the Group share knowledge and expertise between regions and provide good-paying jobs for local workers — approximately 20 percent growth in the near term with further growth expected longer term.

The first dig in Wurzen

“Nikkiso brings a depth of experience in the cryogenics industry that few can match,” said Adrian Ridge, CEO, Nikkiso CE&IG. “The facility in Wurzen will be Nikkiso’s manufacturing hub in Europe and complement our customer center in Neuenburg.”

The Prime Minister of Saxony, Michael Kretschmer, added: “The facility expansion of Nikkiso in Wurzen is a far-sighted investment that shows how attractive Saxony is as a business location for international investors. The doubling of production capacity is a vote of confidence that we can be proud of. With this decision, Nikkiso will become an important part of the hydrogen economy that we in Saxony want to rely on in the coming decades. I am delighted that together we are strengthening this cooperation in the direction of clean energy and innovation. This is good news for Wurzen and for Saxony as a business location.”

Facility operations are and will continue to be fully powered by renewable solar energy when the expanded operation is complete in the first half of 2025.

About Nikkiso Clean Energy & Industrial Gases Group

The Nikkiso Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments. The Group employs more than 1,700 people in 22 countries and is headed by Cryogenic Industries, Inc. in Southern California, U.S., which is a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact

pr@nikkisoceig.com

About Nikkiso Co. Ltd.

Since its establishment in 1953, Nikkiso has contributed to solving social issues by anticipating the changing times with world-first and Japan-first technologies and products. In the industrial business, Nikkiso has created new markets by developing products in the energy field, hemodialysis-related products in the medical business, and CFRP (carbon fiber reinforced plastic) aerostructures in the aerospace business.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bc3aca5-7d42-4a94-bdc6-ba8757e4b0d0

https://www.globenewswire.com/NewsRoom/AttachmentNg/cc46b781-51e8-4458-a1f3-f06f26ac0ba6

GlobeNewswire Distribution ID 9222513

TEMECULA, Calif., Aug. 29, 2024 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases (Group), part of Nikkiso Co. Ltd.’s Industrial Business segment, celebrated the expansion of its manufacturing operations in Wurzen, Saxony, Germany on Aug. 29 during a groundbreaking ceremony. The additional space will nearly double the Group’s manufacturing capacity in Europe.

With the additional space, the Group will build on its existing carbon capture business and bring new manufacturing capabilities for cryogenic pump assembly, heat exchangers and hydrogen fueling skids to meet market demand for cryogenic equipment and plant solutions used in clean energy projects like hydrogen fueling stations, LNG and ammonia terminals, and hydrogen production plants.

“Nikkiso is investing to meet clean energy market demand and growing our operations in Germany because of increasingly favorable market conditions for low-carbon energy solutions,” said Peter Wagner, Executive Chairman, Nikkiso CE&IG Board.

Expanding manufacturing space and capabilities in Europe will help the Group share knowledge and expertise between regions and provide good-paying jobs for local workers — approximately 20 percent growth in the near term with further growth expected longer term.

The first dig in Wurzen

“Nikkiso brings a depth of experience in the cryogenics industry that few can match,” said Adrian Ridge, CEO, Nikkiso CE&IG. “The facility in Wurzen will be Nikkiso’s manufacturing hub in Europe and complement our customer center in Neuenburg.”

The Prime Minister of Saxony, Michael Kretschmer, added: “The facility expansion of Nikkiso in Wurzen is a far-sighted investment that shows how attractive Saxony is as a business location for international investors. The doubling of production capacity is a vote of confidence that we can be proud of. With this decision, Nikkiso will become an important part of the hydrogen economy that we in Saxony want to rely on in the coming decades. I am delighted that together we are strengthening this cooperation in the direction of clean energy and innovation. This is good news for Wurzen and for Saxony as a business location.”

Facility operations are and will continue to be fully powered by renewable solar energy when the expanded operation is complete in the first half of 2025.

About Nikkiso Clean Energy & Industrial Gases Group

The Nikkiso Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments. The Group employs more than 1,700 people in 22 countries and is headed by Cryogenic Industries, Inc. in Southern California, U.S., which is a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact

pr@nikkisoceig.com

About Nikkiso Co. Ltd.

Since its establishment in 1953, Nikkiso has contributed to solving social issues by anticipating the changing times with world-first and Japan-first technologies and products. In the industrial business, Nikkiso has created new markets by developing products in the energy field, hemodialysis-related products in the medical business, and CFRP (carbon fiber reinforced plastic) aerostructures in the aerospace business.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bc3aca5-7d42-4a94-bdc6-ba8757e4b0d0

https://www.globenewswire.com/NewsRoom/AttachmentNg/cc46b781-51e8-4458-a1f3-f06f26ac0ba6

GlobeNewswire Distribution ID 9222513

VinFast is striving for a first-mover advantage in the Middle East’s nascent EV market, aiming to establish early brand recognition and customer loyalty, paving the way for long-term success in the region.

HANOI, VIETNAM – Media OutReach Newswire – 29 August 2024 –  The race to dominate the electric vehicle market has begun, and VinFast, a subsidiary of Vingroup, Vietnam’s largest private conglomerates, is sprinting to the front.

The company’s founder, Pham Nhat Vuong, once declared, “The growth of electric vehicles will be inevitable,” underscoring VinFast’s resolute belief in the electric future. This conviction has been the cornerstone of the company’s strategy, propelling it into a global race where establishing a foothold in emerging markets is paramount.

In the still-young EV landscape, the even younger car company has moved at a breakneck pace into multiple markets, impressing even TIME magazine enough to include it in their Top 100 Most Influential Companies of 2024. VinFast has now established its presence in various international regions, including Asia, North America, Europe, and the Middle East.

VinFast’s selection of the Middle East as one of its key markets is intriguing, considering the region’s historical dependence on fossil fuels and a track record not typically associated with environmental consciousness. However, this decision unveils VinFast’s underlying approach: sprinting to the starting line to secure a first-mover advantage in a nascent market, cultivating strong brand recognition, and then transitioning into a marathon towards the finish line.

This strategy is particularly well-suited for emerging markets like the Middle East, where established competition is scarce but a growing demand for EVs exists. The Middle East, with its affluent population and growing interest in sustainable technologies, presents a fertile ground for VinFast’s expansion. For instance, the region’s EV market is projected to grow at a compound annual growth rate (CAGR) of 28.9% by 2028, according to 6Wresearch. The UAE alone aims to have 30% of its vehicles be electric by 2030, and Saudi Arabia has set an ambitious target of 30% EV adoption in Riyadh by 2030.

VinFast’s diverse range of electric SUVs, e-scooters, and e-buses caters to the varied needs and preferences of consumers in the region. Moreover, the company’s emphasis on smart technology, coupled with a commitment to inclusive pricing, positions it as an attractive option for Middle Eastern consumers who are increasingly looking for alternatives to traditional gasoline-powered vehicles.

It seems that with each passing day, VinFast’s approach gains further validation as the competitive landscape in the Middle East becomes increasingly dynamic. Global brands are expanding their EV lineups in the region, local brands are emerging, and government support for EVs in countries like the UAE and Saudi Arabia is growing. These developments are making the market even more attractive to both local and international players.

By moving fast and first, VinFast is positioning itself to be ahead of the curve. The company’s early entry allows it to establish a foothold before the market becomes crowded, giving it the time to build brand recognition and customer trust.

The road ahead is long, but VinFast’s strategic marathon has begun, and the company is moving with determination. As the Middle Eastern EV market evolves, the company is well-positioned to reap the rewards of its early investments, solidifying its presence and brand recognition. The EV industry is not just about speed but also about endurance, and VinFast is preparing for both.

VinFast is striving for a first-mover advantage in the Middle East’s nascent EV market, aiming to establish early brand recognition and customer loyalty, paving the way for long-term success in the region.

HANOI, VIETNAM – Media OutReach Newswire – 29 August 2024 –  The race to dominate the electric vehicle market has begun, and VinFast, a subsidiary of Vingroup, Vietnam’s largest private conglomerates, is sprinting to the front.

The company’s founder, Pham Nhat Vuong, once declared, “The growth of electric vehicles will be inevitable,” underscoring VinFast’s resolute belief in the electric future. This conviction has been the cornerstone of the company’s strategy, propelling it into a global race where establishing a foothold in emerging markets is paramount.

In the still-young EV landscape, the even younger car company has moved at a breakneck pace into multiple markets, impressing even TIME magazine enough to include it in their Top 100 Most Influential Companies of 2024. VinFast has now established its presence in various international regions, including Asia, North America, Europe, and the Middle East.

VinFast’s selection of the Middle East as one of its key markets is intriguing, considering the region’s historical dependence on fossil fuels and a track record not typically associated with environmental consciousness. However, this decision unveils VinFast’s underlying approach: sprinting to the starting line to secure a first-mover advantage in a nascent market, cultivating strong brand recognition, and then transitioning into a marathon towards the finish line.

This strategy is particularly well-suited for emerging markets like the Middle East, where established competition is scarce but a growing demand for EVs exists. The Middle East, with its affluent population and growing interest in sustainable technologies, presents a fertile ground for VinFast’s expansion. For instance, the region’s EV market is projected to grow at a compound annual growth rate (CAGR) of 28.9% by 2028, according to 6Wresearch. The UAE alone aims to have 30% of its vehicles be electric by 2030, and Saudi Arabia has set an ambitious target of 30% EV adoption in Riyadh by 2030.

VinFast’s diverse range of electric SUVs, e-scooters, and e-buses caters to the varied needs and preferences of consumers in the region. Moreover, the company’s emphasis on smart technology, coupled with a commitment to inclusive pricing, positions it as an attractive option for Middle Eastern consumers who are increasingly looking for alternatives to traditional gasoline-powered vehicles.

It seems that with each passing day, VinFast’s approach gains further validation as the competitive landscape in the Middle East becomes increasingly dynamic. Global brands are expanding their EV lineups in the region, local brands are emerging, and government support for EVs in countries like the UAE and Saudi Arabia is growing. These developments are making the market even more attractive to both local and international players.

By moving fast and first, VinFast is positioning itself to be ahead of the curve. The company’s early entry allows it to establish a foothold before the market becomes crowded, giving it the time to build brand recognition and customer trust.

The road ahead is long, but VinFast’s strategic marathon has begun, and the company is moving with determination. As the Middle Eastern EV market evolves, the company is well-positioned to reap the rewards of its early investments, solidifying its presence and brand recognition. The EV industry is not just about speed but also about endurance, and VinFast is preparing for both.

VinFast is striving for a first-mover advantage in the Middle East’s nascent EV market, aiming to establish early brand recognition and customer loyalty, paving the way for long-term success in the region.

HANOI, VIETNAM – Media OutReach Newswire – 29 August 2024 –  The race to dominate the electric vehicle market has begun, and VinFast, a subsidiary of Vingroup, Vietnam’s largest private conglomerates, is sprinting to the front.

The company’s founder, Pham Nhat Vuong, once declared, “The growth of electric vehicles will be inevitable,” underscoring VinFast’s resolute belief in the electric future. This conviction has been the cornerstone of the company’s strategy, propelling it into a global race where establishing a foothold in emerging markets is paramount.

In the still-young EV landscape, the even younger car company has moved at a breakneck pace into multiple markets, impressing even TIME magazine enough to include it in their Top 100 Most Influential Companies of 2024. VinFast has now established its presence in various international regions, including Asia, North America, Europe, and the Middle East.

VinFast’s selection of the Middle East as one of its key markets is intriguing, considering the region’s historical dependence on fossil fuels and a track record not typically associated with environmental consciousness. However, this decision unveils VinFast’s underlying approach: sprinting to the starting line to secure a first-mover advantage in a nascent market, cultivating strong brand recognition, and then transitioning into a marathon towards the finish line.

This strategy is particularly well-suited for emerging markets like the Middle East, where established competition is scarce but a growing demand for EVs exists. The Middle East, with its affluent population and growing interest in sustainable technologies, presents a fertile ground for VinFast’s expansion. For instance, the region’s EV market is projected to grow at a compound annual growth rate (CAGR) of 28.9% by 2028, according to 6Wresearch. The UAE alone aims to have 30% of its vehicles be electric by 2030, and Saudi Arabia has set an ambitious target of 30% EV adoption in Riyadh by 2030.

VinFast’s diverse range of electric SUVs, e-scooters, and e-buses caters to the varied needs and preferences of consumers in the region. Moreover, the company’s emphasis on smart technology, coupled with a commitment to inclusive pricing, positions it as an attractive option for Middle Eastern consumers who are increasingly looking for alternatives to traditional gasoline-powered vehicles.

It seems that with each passing day, VinFast’s approach gains further validation as the competitive landscape in the Middle East becomes increasingly dynamic. Global brands are expanding their EV lineups in the region, local brands are emerging, and government support for EVs in countries like the UAE and Saudi Arabia is growing. These developments are making the market even more attractive to both local and international players.

By moving fast and first, VinFast is positioning itself to be ahead of the curve. The company’s early entry allows it to establish a foothold before the market becomes crowded, giving it the time to build brand recognition and customer trust.

The road ahead is long, but VinFast’s strategic marathon has begun, and the company is moving with determination. As the Middle Eastern EV market evolves, the company is well-positioned to reap the rewards of its early investments, solidifying its presence and brand recognition. The EV industry is not just about speed but also about endurance, and VinFast is preparing for both.

VinFast is striving for a first-mover advantage in the Middle East’s nascent EV market, aiming to establish early brand recognition and customer loyalty, paving the way for long-term success in the region.

HANOI, VIETNAM – Media OutReach Newswire – 29 August 2024 –  The race to dominate the electric vehicle market has begun, and VinFast, a subsidiary of Vingroup, Vietnam’s largest private conglomerates, is sprinting to the front.

The company’s founder, Pham Nhat Vuong, once declared, “The growth of electric vehicles will be inevitable,” underscoring VinFast’s resolute belief in the electric future. This conviction has been the cornerstone of the company’s strategy, propelling it into a global race where establishing a foothold in emerging markets is paramount.

In the still-young EV landscape, the even younger car company has moved at a breakneck pace into multiple markets, impressing even TIME magazine enough to include it in their Top 100 Most Influential Companies of 2024. VinFast has now established its presence in various international regions, including Asia, North America, Europe, and the Middle East.

VinFast’s selection of the Middle East as one of its key markets is intriguing, considering the region’s historical dependence on fossil fuels and a track record not typically associated with environmental consciousness. However, this decision unveils VinFast’s underlying approach: sprinting to the starting line to secure a first-mover advantage in a nascent market, cultivating strong brand recognition, and then transitioning into a marathon towards the finish line.

This strategy is particularly well-suited for emerging markets like the Middle East, where established competition is scarce but a growing demand for EVs exists. The Middle East, with its affluent population and growing interest in sustainable technologies, presents a fertile ground for VinFast’s expansion. For instance, the region’s EV market is projected to grow at a compound annual growth rate (CAGR) of 28.9% by 2028, according to 6Wresearch. The UAE alone aims to have 30% of its vehicles be electric by 2030, and Saudi Arabia has set an ambitious target of 30% EV adoption in Riyadh by 2030.

VinFast’s diverse range of electric SUVs, e-scooters, and e-buses caters to the varied needs and preferences of consumers in the region. Moreover, the company’s emphasis on smart technology, coupled with a commitment to inclusive pricing, positions it as an attractive option for Middle Eastern consumers who are increasingly looking for alternatives to traditional gasoline-powered vehicles.

It seems that with each passing day, VinFast’s approach gains further validation as the competitive landscape in the Middle East becomes increasingly dynamic. Global brands are expanding their EV lineups in the region, local brands are emerging, and government support for EVs in countries like the UAE and Saudi Arabia is growing. These developments are making the market even more attractive to both local and international players.

By moving fast and first, VinFast is positioning itself to be ahead of the curve. The company’s early entry allows it to establish a foothold before the market becomes crowded, giving it the time to build brand recognition and customer trust.

The road ahead is long, but VinFast’s strategic marathon has begun, and the company is moving with determination. As the Middle Eastern EV market evolves, the company is well-positioned to reap the rewards of its early investments, solidifying its presence and brand recognition. The EV industry is not just about speed but also about endurance, and VinFast is preparing for both.