Friday , March 1 2024

Vingroup eyes $525-mln bonds to fund VinFast

Vingroup plans to issue $525 million worth of international bonds this month as part of its plans to raise $1.5 billion to fund its auto subsidiary VinFast.

This is the first of two issuances the company has planned for this year. No further details are available yet.

Last year, the company had said it would issue bonds with a maturity of five years that could be converted into VinFast shares.

In early April, another Vingroup subsidiary, VinFast Trading & Investment Pte Ltd based in Singapore, filed for listing on the U.S. stock exchange after VinFast announced plans to build a $40-billion auto plant in North Carolina state in the U.S.

Vingroup chairman Pham Nhat Vuong said an initial public offering by VinFast would help it become a global brand, but it could wait if conditions are not favorable.

VinFast became Vietnam’s first indigenous car manufacturer in 2019 and plans to transition completely to electric vehicles this year.

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