On December 3, 2023, within the framework of COP28, the US International Development Finance Corporation (“DFC”) signed a Letter of Intent (LOI) to provide $500 million funding to VinFast Auto (Nasdaq: VFS) (“VinFast”) to promote electric transportation development. The event reaffirms the commitment to sustainable transportation development of the two Parties, contributing positively to the Comprehensive Partnership between Vietnam and the US.
The $500 million funding will be provided by DFC based on the evaluation results for VinFast’s research, development, and production of lithium-ion batteries in Vietnam. This is also the first project in the sustainable transportation development chain in Vietnam and the world that the two Parties are actively collaborating on.
To receive the funding, VinFast will undergo comprehensive evaluations on multiple criteria, including being a financially stable Vietnamese enterprise, complying with DFC’s and relevant local requirements regarding development impact, environment, and society, complying with legal and regulatory requirements, and many other criteria. Besides, DFC highly appreciates VinFast’s outstanding efforts through a series of electric vehicle production projects, lithium-ion battery production, and nationwide charging station infrastructure development.
By supporting globally-scaled businesses, DFC will directly contribute to sustainable development goals, promoting a greener future in Vietnam and beyond.
Ms. Le Thi Thu Thuy, Global CEO of VinFast, shared: “VinFast is proud to contribute to sustainable transportation future with DFC. The funding from DFC will be a solid stepping stone for VinFast to accelerate its global expansion journey and pave the way for a greener future for everyone.”
DFC is an agency of the US Government responsible for promoting private investment in developing countries. DFC focuses on projects that create positive development impact, protect the environment and society, uphold human rights, and ensure workers’ rights.
Prior to VinFast, DFC announced a $737 million investment in Vietnam, the largest investment capital in the Southeast Asian market. The LOI signing with VinFast is seen as a significant milestone further deepening the Comprehensive Partnership between Vietnam and the US.
PV (Tuoitrethudo)
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