Vinfast receives $500 million in funding from the US International Development Finance Corporation

On December 3, 2023 in Dubai, within the framework of COP28, the US International Development Finance Corporation (“DFC”) signed a Letter of Intent (LOI) to finance 500 million USD to VinFast Auto (Nasdaq: VFS) (“VinFast”) to promote the development of electrified transportation. The event affirms the commitment of both parties to develop sustainable transportation, while actively contributing to the Vietnam – US Comprehensive Strategic Partnership.

VinFast Global CEO Le Thi Thu Thuy and DFC CEO Scott Nathan at the Letter of Intent signing ceremony

Up to $500 million in funding will be provided by DFC, subject to the assessment results, for VinFast’s projects to establish a lithium-ion battery research, development and manufacturing facility in Vietnam. This is also the first project in a series of sustainable transportation development projects in Vietnam and the world that the two Parties are actively working on. To receive the funding, VinFast will undergo comprehensive assessments on many criteria, including: being a Vietnamese enterprise with solid economic/financial capacity, complying with DFC and local requirements related to development, environmental and social impacts, complying with legal and regulatory requirements, and many other criteria. In addition, DFC also highly appreciates VinFast's outstanding efforts through a series of projects to manufacture electric vehicles, produce lithium-ion batteries, develop charging station infrastructure nationwide, etc. Through supporting global-scale enterprises, DFC will directly contribute to the goal of sustainable development, promoting a greener future in Vietnam and internationally.

VinFast battery factory

Ms. Le Thi Thu Thuy, Global CEO of VinFast, shared: “VinFast is proud to join DFC in contributing to the future of sustainable transportation. DFC's funding will be a solid stepping stone for VinFast to move forward on its journey of global expansion and towards a green future for everyone.” DFC is an agency under the US Government and is responsible for promoting private investment in developing countries. DFC focuses on projects that create positive development impacts, 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 capital in the Southeast Asian market. Signing the LOI with VinFast is considered an important milestone in deepening the Vietnam - US Comprehensive Strategic Partnership.

Vietnam.vn