VinFast to receive $2.5B cash injection

VinFast to receive $2.5B cash injection

🎯 #Carmaker VINFAST is set to receive a $2.5 billion cash pump from its parent company Vingroup JSC and from billionaire Pham Nhat Vuong’s own pocket.

💲Vuong, the richest man in Vietnam and chairman of Vingroup, will give $1 billion while Vingroup is set to give it $500 million. Vingroup will also let VinFast borrow a further $1 billion with a maturity of up to five years.

🚀 The cash, which is set to be disbursed within a year, will help boost VinFast’s operations as the company expands its electrical vehicle business overseas.

💡 VinFast was established in 2017 as a gasoline-powered #car and #electric bike manufacturer. Last year, it switched completely to producing #electricvehicles. It has launched six electric models, one electric bus and nine electric bike models. To date, it has exported nearly 3,000 electric cars, mostly to the U.S.

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