VinFast Secures Funding From Vingroup & its Chairman to Accelerate Growth

Vingroup, Vietnam's largest private conglomerate, and its Chairman, Mr. Pham Nhat Vuong, have announced a significant financial commitment to VinFast, the Vietnamese Nasdaq-listed electric vehicle (EV) maker. Vingroup plans to lend VinFast up to $1.4 billion by the end of 2026.

Additionally, Mr. Vuong has personally pledged $2.1 billion in funds.

The support plan is designed to provide VinFast with sufficient financial resources to fund operations, investments, and other obligations.

The goal is to achieve the break-even point and cash flow balance by the end of 2026.

However, it remains committed to independently raising capital to meet its financial needs. 

VinFast has concluded its initial investment phase, which includes the operation of a 300,000-vehicle-per-year manufacturing plant in Cat Hai, Hai Phong, Vietnam.

It is now in its growth phase, focused on boosting sales across all markets and optimising its cost structure.

Mr. Nguyen Viet Quang, Vice Chairman of the Board of Directors and CEO of Vingroup, says: "Vingroup is unwavering in our commitment to a sustainable future. This green vision guides every aspect of our operations. VinFast's ascent to the top of Vietnam's automotive market is a testament to our capabilities. This milestone propels us forward, fueling our ambition to accelerate growth. To realize our vision of smart, eco-friendly electric vehicles, Vingroup will continue to invest significantly in VinFast. Our goal is to solidify VinFast's market leadership in Vietnam and contribute to the global shift towards electric mobility."

VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses.