HANOI (Reuters) – Vietnamese electric vehicle maker Vinfast said on Wednesday it has received a fresh round of funding pledges worth $2.5 billion for its future development.
Of the pledges, $1 billion will be provided as a grant from its founder Pham Nhat Vuong within the next year, the company said in a statement.
Its parent Vingroup, Vietnam’s biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with maturity of up to five years.
The grants and loan will “give a push for Vinfast to accelerate its development,” the company said.
VinFast first flagged its U.S. IPO in April 2021, aiming to raise $2 billion with valuation of about $60 billion.
It has not updated its timeframe for months, however, amid speculation that it could be delayed because of bad market conditions and production issues.
(Reporting by Phuong Nguyen, writing by Khanh Vu, Editing by Louise Heavens, Martin Petty)
