Vinfast inks framework agreements with int'l partners for EV factory in US

VOV.VN - Vietnamese automaker VinFast signed framework agreements on July 13 with Credit Suisse (Singapore) Ltd and Citigroup Global Markets Inc. in an effort to raise at least US$4 billion to construct an electric vehicle factory in North Carolina in the United States.

Each agreement is worth approximately US$2 billion and primarily focuses on the construction of an electric vehicle (EV) factory in North Carolina, as well as VinFast's business investment activities in the US market.

VinFast Trading and Investment Pte. Ltd is a Singapore-based subsidiary of Vingroup appointed Credit Suisse (Singapore) Ltd. to be responsible for the issuance of shares and public offering of VinFast and its subsidiaries globally with a minimum scale of US$2 billion.

Furthermore, the company has also assigned Citigroup Global Markets Inc to become the consultant for the capital mobilization of an additional US$2 billion to build VinFast's factory in North Carolina.

Under the terms of the plan, VinFast’s factory will be located at Triangle Innovation Point industrial park in Chatham county, with the site covering an area of ​​approximately 800 hectares.

It will consist of three main zones, including a production and assembly area for electric cars and electric buses, a battery production area for electric vehicle products, and an ancillary industry area for suppliers.

The factory’s initial phase is expected to have a capacity of 150,000 vehicles annually, with the first models being the VF 9, a seven-seat SUV, and the VF 8, a five-seat mid-size SUV.

Le Thi Thu Thuy, vice chairwoman of Vingroup and CEO of Vinfast Global, emphasized that partnering with the world's leading financial institutions clearly demonstrates Vinfast’s prestige and its partners’ trust in the company’s investment plans in the international market. This can be seen through the construction of a factory in North Carolina which will ultimately ensure autonomous production worldwide and generate jobs for local workers moving forward.

Vinfast recently launched a full range of electric vehicles in the segments of A-B-C-D-E at the Consumer Electronics Show (CES 2022), while also announcing that it will stop producing vehicles with internal combustion engines (ICE) by the end of the year. 

Through co-operation with Credit Suisse and Citigroup and other international partners on the EV development, VinFast has high hopes of making breakthroughs in the strategy of expanding international markets, as well as bringing high-quality products to customers and helping to create a green and sustainable future.

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