DUBAI,
United Arab Emirates, Dec. 4, 2023
/PRNewswire/ -- Within the framework of COP28, VinFast Auto (Nasdaq: VFS) (VinFast) and
the United States International Development Financial Corporation
(DFC) have signed a letter of Interest (LOI) to consider a formal
application by VinFast for a USD500
million loan to establish a lithium-ion battery
manufacturing facility in Vietnam.
The signing not only reaffirms both parties' commitment to
fostering sustainable transportation, but also marks a significant
milestone in the Vietnam - U.S.
Comprehensive Strategic Partnership.
DFC and VinFast will further discuss and consider VinFast's
formal application for a $500 million
loan for the establishment of its lithium-ion battery manufacturing
facilities in Vietnam, subject to
DFC's comprehensive review and approval process. This is the first
project in a series of sustainable transportation development
initiatives in the Vietnamese and international markets being
actively discussed by the two parties.
The LOI stands in recognition of the transformational
opportunity that VinFast is accelerating in the electrification of
the Vietnamese transportation sector. VinFast's initiatives to
support the electrification of the Vietnamese transportation sector
in Vietnam and abroad are built on
supporting a broader innovation ecosystem through research and
development, electric vehicle manufacturing, lithium-ion battery
manufacturing, developing charging infrastructure nationwide, and
many others.
By offering loans to global electric vehicle manufacturers, DFC
can substantially contribute to promoting sustainable development
initiatives and foster a greener future on a global scale.
Madame Le Thi Thu Thuy, Global
CEO of VinFast, said: "VinFast is proud to work with DFC to
lead the way to future of sustainable transportation. DFC financing
would set a path forward for VinFast's global expansion strategy
and its journey toward a greener future for all."
The U.S. International Development Finance Corporation (DFC) is
the U.S. Government's development finance institution. DFC partners
with the private sector to finance solutions to the most critical
challenges facing the developing world today. DFC invests across
sectors including energy, healthcare, infrastructure, agriculture,
and small business and financial services. DFC investments adhere
to high standards and respect the environment, human rights, and
worker rights. To date, DFC has provided support in the amount
of $737 million to development
projects in Vietnam, making the
country its largest market in Southeast
Asia.
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SOURCE VinFast