VinFast gets US$2.5 billion to accelerate growth
VinFast, an electric vehicle maker of the Vietnamese conglomerate Vingroup, said on April 26 that it had got a fresh round of funding pledges worth US$2.5 billion serving its future development.
Of the infusion, US$1 billion will be provided as a grant from its founder Pham Nhat Vuong within the next year, the company said in a statement. Its parent Vingroup will provide a grant of US$500 million and a US$1 billion loan with maturity of up to five years.
Established in 2017, VinFast owns a automotive manufacturing complex that boasts up to 90% automation in the northern port city of Hai Phong. So far, it has launched six electric car models, one model of electric bus, and nine models of electric motorbike.
With its second batch of automobiles exported to the US and Canada in April, the company is expecting its cars to be present in France, Germany and the Netherlands this year.