DUBAI, United Arab Emirates--(BUSINESS WIRE)--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.
