After recent negative rumors’ about Vinfast’s President, the most recent development might be seen as an effort to clear the negativity for success of the upcoming IPO of the electric vehicle maker. However, amid the Vietnamese Government’s tightening of its real estate market, the sector that has brought Vingroup to its current position as the largest non-state company in Vietnam, the Group’s shift toward electric vehicle in foreign market may have deeper implications about its future engagement in the domestic market.
Vietnam’s Vinfast says agrees $4 billion EV factory funding with Credit Suisse, Citi
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Vietnam carmaker Vinfast has signed framework agreements with Credit Suisse (Singapore) Ltd and Citigroup Global Markets Inc. (USA) to raise at least $4 billion to develop an electric vehicle factory in North Carolina, the company said.
The announcement comes after its parent in May said that an initial public offering (IPO) for VinFast might be delayed until next year due to market uncertainty. Credit Suisse and Citi did not immediately respond to requests for comment.