Vietnam EV maker VinFast gets fresh funding pledges of $2.5 bln
Vietnamese electric vehicle maker Vinfast said on Wednesday it has received a fresh round of funding pledges worth $2.5 billion for its future development.
Of the pledges, $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 (VIC.HM), Vietnam’s biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with maturity of up to five years.
The grants and loan will “give a push for Vinfast to accelerate its development,” the company said.
VinFast first flagged its U.S. IPO in April 2021, aiming to raise $2 billion with valuation of about $60 billion.
It has not updated its timeframe for months, however, amid speculation that it could be delayed because of bad market conditions and production issues.
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