VinFast signed international financing agreements for the development of VinFast’s U.S. manufacturing facility with Credit Suisse and Citigroup
VinFast Trading and Investment Pte.Ltd (“VinFast”) (a Singapore-domiciled subsidiary of Vingroup) has entered into the two Framework Agreements, which appoint Credit Suisse (Singapore) Ltd to arrange the offshore (outside of Vietnam) issuance and sale of securities transactions totaling 2 billion USD for VinFast or its subsidiaries globally, and Citigroup Global Markets Inc. (USA) as advisor to VinFast on transactions related to the development of VinFast’s factory in North Carolina (USA) with a value of another 2 billion USD.
Based on VinFast’s current plans, the VinFast U.S. factory will be located at Triangle Innovation Point industrial park in Chatham County, North Carolina with a total land area of about 800 hectares which includes 3 main zones: one for the manufacturing and assembling electric cars and electric buses, another for electric vehicle battery production, and another for VinFast’s suppliers.
Phase 1 of the plant is expected to have a capacity of 150,000 vehicles/year, producing VF 9 – a 7-seater full-size SUV and VF 8 – a 5-seater mid-size SUV.
Madam Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast said: “The commitment from international leading financial institutions to work with VinFast not only demonstrates our solid reputation, but also shows the banks’ trust in VinFast’s excitement, the trust of partners with deliberate investment plans in the international market in general and the US in particular, and especially the development of the manufacturing facility in North Carolina, in order to ensure production autonomy globally and create jobs for the local community”.
Credit Suisse is one of the world's leading financial services providers. Credit Suisse’s strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in home market of Switzerland. Citigroup is a global leader in strategic advisory and capital raising services, serving leading corporations, financial institutions and governments in countries and jurisdictions all over the world from offices in 95 countries. VinFast is a global smart electric vehicle company from Vietnam that has launched a full range of electric cars in the A-B-C-D-E segments at the Consumer Electronics Show (CES 2022), and announced a strategy of “100% EVs” starting from the end of 2022.
Thanks to cooperation with Credit Suisse and Citigroup in the area of offshore fund-raising, as well as a series of partnerships with leading international companies on electric vehicle development, VinFast aims to expand internationally and deliver quality products and an outstanding customer experience, and contribute to a green and sustainable future./.
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About VinFast and Vingroup
VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.
Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.com.
Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of $35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Learn more at: https://www.vingroup.net/en.
