According to The Bussiness Times, VinFast, a Vietnamese electric vehicle manufacturer, is seeking a loan of approximately $250 million from Indonesian banks to construct an assembly plant in Subang. The electric car company, owned by billionaire Pham Nhat Vuong, is considering borrowing options in either US dollars or the local currency.
This move is intended to enhance the company’s competitiveness against other electric vehicle manufacturers globally, especially as the market becomes increasingly cutthroat due to a price war.
Having launched its first model five years ago, VinFast will continue to receive financial backing from Vietnam’s richest man, Pham Nhat Vuong, until he runs out of money, as he shared in a recent interview.
In a separate development, in a filing with the US Securities and Exchange Commission (SEC) on June 14, VinFast announced its decision to expedite the establishment of production facilities in target markets to take advantage of attractive government incentives.
Specifically, in India, VinFast aims to commence production in the first half of 2025 at its facility in Thoothukudi, Tamil Nadu. In Indonesia, VinFast plans to break ground on its production facility within the next two months and targets production by the end of 2025.
Each facility in India and Indonesia is expected to have an annual capacity of approximately 50,000 vehicles in phase 1, with the potential to increase to 300,000 vehicles per year depending on market demand.
Largest taxi company in Nghệ An cancels car purchase contract with Toyota to switch to VinFast
Mr. Ho Chuong, CEO of Son Nam International Transport Co., has recently disclosed that he had previously signed contracts to purchase gasoline-powered vehicles from a Japanese car manufacturer. However, he has since diversified his investment portfolio by also venturing into VinFast electric vehicles, in order to embrace long-term and sustainable development.
VinFast’s journey to realizing the dream of Vietnamese businesses conquering the international market
After a stunning victory in the “Event of the Year” category at the WeChoice Awards 2023, VinFast’s pioneering event listed on the US stock exchange has inspired many Vietnamese businesses and young people.
VinFast’s Success Leads the Way for Vietnamese Businesses to Conquer the Global Market
VinFast’s listing on the US stock exchange not only provides an opportunity for the company, but also inspires a strong sense of empowerment among young Vietnamese entrepreneurs. It affirms that dreams and ambitious visions are not bound by geographical limitations.
‘From Carp to Dragon’: VinFast’s Journey of Ascendance on the Global Financial Map
The listing of VinFast on the Nasdaq stock exchange in the United States, with a market capitalization exceeding 23 billion USD, has garnered attention from global investors. This has become an inspiration for Vietnamese businesses who dare to dream and take action.
