Jospong Group And VinFast Group Forge Strategic Alliance For Sustainable Transportation Solutions | Banking/Finance

The Jospong Group of Companies, Ghana’s leading multi-industry conglomerate, in Ghana and West African market announces its new partnership with VinFast Auto, a Vietnamese electric vehicle pioneer. This agreement will enable the Jospong Group to distribute the foray of electric vehicles into the African Market, positioning the Group as a leader in sustainable transportation.

Under this agreement, Jospong will distribute VinFast’s entire range of vehicles, including electric cars, e-scooters, e-bikes, and electric buses, throughout Ghana. Jospong Group in collaboration with VinFast will also plan to deploy public charging infrastructure across the country to support EV penetration. The collaboration with VinFast’s portrays the Jospong Group’s commitment to delivering green and smart solution in its business, be it waste management or transportation for customers within the African Region and worldwide.

The Jospong Group operates across 14 different sectors with a network of over 60 companies. The group has a strong presence in industries like automobile, waste management, ICT, and banking.

In addition to the announced distribution agreement, Vingroup, Vietnam’s leading private multi-industry conglomerate and parent company of VinFast, has signed a Memorandum of Understanding (MoU) with Jospong Group, to enable the two Groups work together to identify and pursue business opportunities in areas of mutual interest, including electric vehicles, taxi operations, public transportation solutions, education, hospitality, and real estate development.

Dr. Joseph Siaw Agyepong, Executive Chairman of Jospong Group, stated that, “the Vingroup’s commitment to a green revolution, particularly through their innovative electric vehicle ecosystem and VinFast’s diverse offerings, aligns with the Group’s mission of improving the lives of people through innovation, sustainability and empowerment. We are thrilled to partner with Vingroup and VinFast on their global journey, working together to build a more sustainable and beautiful future for all, adding that this partnership is inspiring.”

Mr. Steve Tran, Chief Operation Officer of VinFast North America shared: “Ghana and West African electric vehicles market is poised to grow, and we’re honoured to be at the forefront of this revolution alongside a leading Ghanaian corporation. Together, we’re committed to building a sustainable future for Ghana by providing a comprehensive electric transportation ecosystem, from bicycles and cars to buses with flexible sales, ensuring everyone can join the clean transportation revolution.”
 
The electric vehicle market in Ghana and West Africa is poised for significant expansion, driven by burgeoning demand and government initiatives aimed at achieving net-zero emissions in the transportation sector. Ghana envisions a future landscape by 2040 where a substantial portion of gas stations will be repurposed to cater for sustainable transportation alternatives, such as electric vehicles.
 
Ghana recently launched an Energy Transition Framework to under the National Electric Vehicle Policy with the objective of decarbonizing the energy sector. The Framework, spanning the period 2022–2070, will work in conjunction with existing initiatives, and introduce additional measures to achieve this goal. These measures include enhancing the penetration of renewable energy sources, transitioning thermal plants to natural gas, and integrating nuclear power into the energy mix.
 
This strategic collaboration with Jospong Group presents a momentous opportunity for Vingroup and VinFast to swiftly cement their foothold in the region’s electric vehicle market and emerge as frontrunners in the broader sustainable transportation industry.
 
The agreement forms part of efforts by Ghana to fulfilling its commitment to implementing measures that will address effectively climate change, and mitigate its adverse effects on humanity. Ghana believes that, if no rapid action is taken to address climate change and its negative impacts now, the future cost will be prohibitive and counterproductive to whatever socio-economic gains that have been made.

In accordance with article 4 of the Paris Agreement and UNFCCC decisions 1/CP.21 and 4/CMA.1, Ghana has updated its Nationally Determined Contributions (NDCs) under the Agreement. These updated NDCs cover the period from 2020 to 2030, and take into account Ghana’s specific circumstances. (A bit technical how do you make the ordinary person understand)

The energy and transport sectors are widely recognized by the country as crucial areas for mitigating emissions. Hence, it is imperative to promote the transition of these two sectors towards a future characterised by net-zero emissions. This is to ensure that Ghana contributes her quota to the reduction of global greenhouse gas emissions, and, more importantly, achieve decarbonisation, energy access and security and energy efficiency.

Electric vehicles therefore present excellent opportunities for Ghana to accelerate its development, and promote sustainable pathways. The National Electric Vehicle Policy, as developed by Ghana, will, therefore, play a crucial role in promoting the widespread adoption of electric vehicles. To this end, the 2024 National Budget has removed import duties on the importation of electric vehicles and their components.