US corporation wants to fund 500 million USD for VinFast

UAE The US International Development Finance Corporation signed a letter of intent (LOI), wanting to finance 500 million USD for VinFast to develop electric transportation, on December 3.

The Letter of Intent signed by the US International Development Finance Corporation (DFC) within the framework of COP28, wants to finance 500 million USD for VinFast Auto (VFS) in the near future.

Accordingly, this funding will be provided by DFC depending on the results of the assessment of VinFast's projects to establish a research, development and production facility for lithium-ion batteries in Vietnam. This is also the first project in a series of sustainable transport development projects that DFC and VinFast are jointly implementing.

Ms. Le Thi Thu Thuy, General Director of VinFast Global and representative of DFC at the signing ceremony. Photo: VinFast

To receive the above funding, VinFast will undergo comprehensive assessments on many criteria, including being a financially strong Vietnamese enterprise; complying with DFC and local requirements, related to development, environmental and social impacts, and legality. In addition, DFC also highly appreciates the efforts of the Vietnamese car company, through projects to produce electric vehicles, lithium-ion batteries, and develop nationwide charging station infrastructure...

"DFC's funding is a stepping stone for VinFast to move forward rapidly on its global expansion journey, towards the goal of developing a sustainable transportation future," said Ms. Le Thi Thu Thuy, General Director of VinFast Global.

DFC is a U.S. government agency that promotes private investment in developing countries. The financial group focuses on projects that create positive development impact, protect the environment and society, promote human rights , and ensure workers' rights.

Before VinFast, DFC announced an investment of 737 million USD in Vietnam, the largest investment of this group in Southeast Asia.

VinFast is the only company representing Vietnam to speak and display the VF 9 electric car at COP28, which will take place from November 30. COP is the largest international conference on climate change held by the United Nations, with important and long-term impacts on the future.

This year's COP28 conference is considered a decisive turning point in 8 years, when world leaders for the first time assess the goals set out in the Paris Agreement on climate change.

Quang Anh

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