VinFast secures USD500 million loan to build battery plant in Vietnam

VinFast Auto and the US International Development Finance Corp. (DFC) signed a letter of intent. The DFC plans to provide VinFast with a loan of USD500 million to build a lithium-ion battery manufacturing plant in Vietnam. According to a statement from VinFast, the loan is subject to a thorough review and approval process by the DFC. The statement said that this is the first project in a series of sustainable transportation development initiatives in the Vietnamese and international markets currently being discussed by the two sides.

In Aug of this year, VinFast merged with the blank check company Black Spade Acquisition Co., and went public in the US. In Oct of last year, the company agreed to sell up to USD1 billion worth of new shares to Yorkville Advisors Global within 3 years to increase the public circulation of its US-listed shares. The electric vehicle manufacturer is investing USD2 billion to build a production site in North Carolina and plans to expand into the Southeast Asian market and open plants in Indonesia and India.