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Sunday, June 16, 2024

US$2.5 billion poured into VinFast

The Saigon Times

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HCMC – Vietnamese conglomerate Vingroup and Chairman Pham Nhat Vuong have signed a deal to invest US$2.5 billion in electric vehicle manufacturer VinFast next year.

Vuong will contribute US$1 billion to VinFast while Vingroup JSC will sponsor US$500 million and also provide VinFast with a loan of US$1 billion with a maximum term of five years.

This decision came after VinFast made certain achievements in foreign markets and consistently realized its production and business targets.

The additional funding will serve as a catalyst for VinFast’s development and facilitate its global market growth.

Nguyen Viet Quang, vice chairman and CEO of Vingroup JSC, said, “VinFast’s growth potential has been proven over the past five years, and it is time for VinFast to accelerate its growth and compete in the global electric vehicle market.”

VinFast is a subsidiary of Vingroup, established in 2017 to specialize in the manufacture and sale of electric cars and motorcycles. Until now, VinFast has introduced six electric car models and exported nearly 3,000 electric cars to foreign markets.

After the second batch of cars was exported to the U.S. and Canada in April 2023, VinFast is expected to deliver another batch of cars to France, Germany and the Netherlands later this year.

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