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Jul 13, 2022 / 14:11

VinFast raises $4 billion for its plant in US

Vietnamese electric-vehicle maker VinFast has signed agreements with Credit Suisse and Citigroup to raise $4 billion globally to fund its Carolina-based EV plant.

VinFast, the Vietnamese automaker, has signed international financial agreements with Credit Suisse of Singapore and Citigroup of the United States to raise US$4 billion for the development of VinFast's planned manufacturing plant in North Carolina and commercial investment activities in the US market.

VinFast will build its US-based EV facility funding with Credit Suisse, and Citigroup Photo: VinFast

Each agreement has a minimum financing value of approximately US$2 billion, which could include debt or private placements of equity.

Based on its current plans, the VinFast US factory will be located at Triangle Innovation Point industrial park in Chatham County, North Carolina with a total land area of about 800 ha. It includes three main zones: one for the manufacturing and assembling of electric cars and electric buses, another for EV battery production, and another for VinFast’s suppliers.

Phase one of the plant is expected to have a capacity of 150,000 vehicles per year, producing VF 9 - a 7-seater full-size SUV and VF 8 - a 5-seater mid-size SUV.

Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast said: “The commitment from international leading financial institutions to work with VinFast not only demonstrates our solid reputation, but also shows the banks’ trust in VinFast, the trust of partners with deliberate investment plans in the international market in general and the US in particular, and especially the development of the manufacturing facility in North Carolina, in order to ensure production autonomy globally and create jobs for the local community.”

Thanks to cooperation with Credit Suisse and Citigroup in the area of offshore fund-raising, as well as a series of partnerships with leading international companies on electric vehicle development, the Vietnamese EV maker aims to expand internationally and deliver quality products and an outstanding customer experience, and contribute to a green and sustainable future.