Carmaker VinFast is set to receive a $2.5 billion cash pump from its parent company Vingroup and from billionaire Pham Nhat Vuong’s own pocket.
Vuong, the richest man in Vietnam and chairman of Vingroup, will give $1 billion while Vingroup is set to give it $500 million.
Vingroup will also let VinFast borrow a further $1 billion with a maturity of up to five years.
The cash, which is set to be disbursed within a year, will help boost VinFast’s operations as the company expands its electrical vehicle business overseas.
Nguyen Viet Quang, Vingroup CEO, said that the funding was necessary to boost Vietnam’s industry.
VinFast was established in 2017 as a gasoline-powered car and electric bike manufacturer. Last year, it switched completely to producing electric vehicles.
It has launched six electric models, one electric bus and nine electric bike models. It has exported nearly 3,000 electric cars, mostly to the U.S.
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