On December 3, 2023, as part of COP28, the US International Development Finance Corporation (“DFC”) and VinFast Auto (Nasdaq: VFS) (“VinFast”) signed a Letter of Intent (LOI) for a $500 million funding agreement to advance electric transportation development. This event demonstrates the commitment of both parties to sustainable transportation and contributes to the Comprehensive Partnership between Vietnam and the US.
The funding of $500 million will be provided by DFC to support VinFast’s research, development, and production of lithium-ion batteries in Vietnam. This groundbreaking project represents a collaboration between Vietnam and the US in advancing sustainable transportation on a global scale.
VinFast will undergo a comprehensive evaluation to ensure its financial stability as a Vietnamese enterprise and its compliance with DFC’s and local requirements concerning development impact, environment, society, and legal regulations. DFC also recognizes VinFast’s remarkable efforts in electric vehicle production, lithium-ion battery production, and the establishment of a nationwide charging station infrastructure.
By supporting internationally recognized companies like VinFast, DFC directly contributes to the achievement of sustainable development goals and the promotion of a greener future, not only in Vietnam but also worldwide.
Ms. Le Thi Thu Thuy, Global CEO of VinFast, expressed her pride in collaborating with DFC to contribute to a sustainable transportation future. The funding from DFC will serve as a strong foundation for VinFast’s global expansion and pave the way towards a greener future for all.
DFC is an agency of the US Government that aims to promote private investment in developing countries. DFC focuses on projects that have a positive impact on development, protect the environment and society, uphold human rights, and ensure workers’ rights.
Prior to collaborating with VinFast, DFC announced a record-breaking investment of $737 million in Vietnam, the largest investment in the Southeast Asian market. The LOI signing with VinFast marks a significant milestone in strengthening the Comprehensive Partnership between Vietnam and the US.
PV (Tuoitrethudo)
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