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VinFast gets $3.5b boost by 2026
Vingroup and its chairman Pham Nhat Vuong have agreed to provide financial backing to Nasdaq-listed EVmanufacturer VinFast.
By 2026, Vingroup plans to lend up to 35 trillion dong (around US$1.4 billion), with Pham Nhat Vuong pledging an additional 50 trillion dong (around US$2.1 billion).
The plan includes converting roughly 80 trillion dong (around US$3.3 billion) in existing loans into preferred shares at VinFast Vietnam.
This strategy aims to help VinFast attain financial independence and achieve a balanced cash flow by the end of 2026.
The company intends to independently raise capital, using the support as a contingency.
Recent VinFast developments
| Timeline |
|---|
04-Nov-2024 🚙 VinFast to supply 3,000 EVs to Mexico to cut emissions
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29-Oct-2024 🇻🇳 VinFast launches in Middle East
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12-Jun-2024 🚗 VinFast’s India factory to open ahead of schedule: founder
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08-May-2024 🚗 VinFast to enter Philippine EV race this month
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| 17-Apr-2024 ⚡ VinFast hits $618m in Q1 net loss despite doubling revenue year on year |
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