VinFast is a Vietnamese electric vehicle maker that has been making waves in the automotive industry since its inception in 2017. VinFast’s mission is to produce high-quality, affordable, and sustainable EVs by bringing together stunning design, advanced technology, and cutting-edge manufacturing. In 2020, the company was named one of the top 50 most innovative companies in the world by Fast Company magazine.
VinFast has received a fresh round of funding pledges worth $2.5 billion for its future development. VinFast has secured $500 million in nonrefundable grants from VinGroup and another $1 billion in funding from chair Pham Nhat Vuong. In addition to the $1.5 billion already confirmed, VinFast relayed that it now has access to an additional $1 billion in loans from VinGroup to be paid back within the next five years.
VinFast, Haiphong, Vietnam, was founded in 2017 by Phạm Nhật Vượng. In the announcement, Nguyen Viet Quang, CEO of Vingroup said: “The growth potential of VinFast has been demonstrated in the past five years. This is a pivotal period for VinFast to accelerate towards a solid competitive position in the world’s electric vehicle market. As the parent corporation of VinFast, Vingroup is providing support to enable VinFast to continue its development and secure its future. The grant and loan of $1.5 billion is Vingroup’s additional capital contribution for the breakthrough development of VinFast in the future. This is also once-in-a-lifetime opportunity for the development of Vietnam’s industry. We call on everyone to support and build a world-class Vietnamese brand.”