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VinFast to Get $2.5 Billion Infusion From Founder, Vingroup

  • Vietnam EV company gets new funding ahead of planned US IPO
  • VinFast is shipping second batch of electric SUVs to US
VinFast LLC's VF8 electric vehicles bound for shipment at a port in Haiphong, Vietnam.

VinFast LLC's VF8 electric vehicles bound for shipment at a port in Haiphong, Vietnam.

Photographer: Linh Pham/Bloomberg
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Vietnam’s richest man Pham Nhat Vuong and Vingroup JSC will provide an additional $2.5 billion into the company’s electric-car unit VinFast ahead of its planned US initial public offering.

Vuong, Vingroup’s founder who in 2019 said he would commit $2 billion of his wealth to VinFast, will personally give $1 billion to VinFast within the next year, according to a statement from Vingroup. The company will provide VinFast a loan of up to five years for $1 billion. Vingroup will also give VinFast $500 million.