Vietnam’s VinFast Plans To Raise At Least $ 400 Million Through First Green Loan, Auto News, ET Auto
HANOI: VinFast, the auto arm of Vietnam’s largest conglomerate Vingroup JSC, plans to raise at least $ 400 million through its first green loan to finance the manufacture of electric vehicles, Vingroup vice president Le Thi Thu said on Friday. Thuy.
VinFast became the country’s first fully-fledged domestic automaker when its gasoline-powered models built under its own badge hit the streets in 2019, and it aims to debut in the U.S. and European markets next year with two Battery-powered electric SUVs.
It is targeting 15,000 global sales of electric vehicles next year, down from its previous target of 56,000 due to the global shortage of semiconductor chips.
“Vingroup created a sustainable finance framework in the third quarter of this year to govern our green and sustainable bond and loan issuance,” Thuy told Reuters.
“Vingroup recently commissioned a consortium of leading international financial institutions to organize our first green syndicated loan for Vingroup and VinFast, with the transaction expected to amount to at least $ 400 million,” she added.
Thuy did not give a timeline for the transaction, but a source familiar with the matter said the arranging banks were getting approvals for the loan, with syndication slated for November.
Vinfast is also considering a public listing in the United States that could raise at least $ 2 billion. The deal was slated for Q2, but was delayed due to regulatory uncertainty.
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“It’s still early to make sales forecasts, but VinFast will unveil two of our latest EV models, namely VF e35 and VF e36, at the 2021 Los Angeles auto show in November, marking our official introduction. in the US market, ”he said in an email to Reuters.
