VinFast has signed an international capital arrangement agreement with Credit Suisse and Citigroup, mobilizing at least 4 billion USD for operations in the US, without using domestic capital.
VinFast Trading and Investment Pte. Ltd. (a subsidiary of Vingroup based in Singapore) has signed a framework agreement, appointing Credit Suisse (Singapore) Ltd. as the arranger for the issuance and sale of securities of VinFast or its subsidiary globally with a minimum scale of 2 billion USD, and appoints Citigroup Global Markets Inc (USA) as the consultant for the process. The process of raising at least another 2 billion USD to build VinFast’s factory in North Carolina (USA).
According to the plan, the VinFast factory in the US will be located at Triangle Innovation Point industrial park, Chatham county with an area of about 800 hectares and includes 3 main areas. Specifically, there are area of production and assembly of electric cars and electric buses, area of battery production for electric vehicle products and ancillary industry for suppliers.
Overview of VinFast factory.
Phase 1 of the factory has an expected capacity of 150,000 vehicles/year with the first models produced are VF 9 – a 7-seater large SUV and VF 8 – a 5-seat mid-size SUV.
Ms. Le Thi Thu Thuy – Vice President of Vingroup and General Director of VinFast – said: “The fact that the world’s leading financial institutions join with VinFast proves the prestige of the company and also shows that the company’s reputation also shows the trust of partners with serious investment plans in the international market in general and the US in particular, especially the construction of a factory in North Carolina. This is to ensure global production autonomy and create jobs for local workers.”
Credit Suisse, headquartered in Switzerland, is one of the world’s leading reputable investment banks, with strengths in asset management and investment banking services. Citigroup is a leading bank in strategic consulting and capital raising, providing services to corporations, large financial institutions and governments globally, present in 95 countries. VinFast, a global smart electric vehicle company in Vietnam, has launched a full range of electric car products in the A-B-C-D-E segments at the “Consumer Electronics Show CES 2022”, and at the same time announced the “pure electric” strategy with the completely stop producing gasoline cars from the end of 2022.
Modern robotic system at the factory.
Through the cooperation with Credit Suisse and Citigroup in capital arrangement, as well as a series of methodical cooperation strategies with other international partners on electric vehicle development, VinFast is expected to soon have a breakthrough in its international expansion strategy. Since then, bringing quality products and excellent customer experience, contributing to creating a green and sustainable future.
@ Zing News
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Source: Vietnam Insider