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VinFast, the Vietnamese automotive company, has secured a significant funding boost of $1.4 billion from its parent Vingroup and Chairman Pham Nhat Vuong, alongside a $2.1 billion sponsorship pledge, as it prepares to expand into India and other markets. To alleviate short-term financial pressures, Vingroup will convert $3.3 billion in existing loans to VinFast into dividend-entitled preferred shares. Despite reporting a net loss in the second quarter and ongoing cash flow challenges, VinFast aims to achieve breakeven by 2026 while focusing on capital raising for its operations and expansion.
VinFast, the loss-making electric vehicle firm, will receive $3.35 billion in funding from its founder Pham Nhat Vuong and parent company Vingroup by 2026, as it aims to break even. Despite aggressive global expansion since 2019, the company faces increasing losses and challenges in demand, reporting a net loss of $773.5 million in Q2. The new funding will raise total capital to nearly $17 billion, while VinFast continues to seek independent financing to meet its needs.
VPBank has been recognized for the 6th consecutive time as one of the Top 20 enterprises with the highest ESG scores in the Vietnam Sustainable Development Index, outperforming industry averages in environmental, social, and governance components. With a market capitalization exceeding 156 billion USD, the bank continues to lead in sustainable practices, including implementing Climate-Related Financial Disclosure to support its net zero emissions goal. In Q3 2024, VPBank reported a pre-tax profit of nearly 67 trillion VND, reflecting a 13.9% increase year-on-year, while also securing a significant credit contract with JBIC for renewable energy projects.
VPBank has secured its position in the Top 20 companies with the highest ESG scores in the VNSI basket for the sixth consecutive time, demonstrating strong performance in environmental, social, and governance practices. With a market capitalization exceeding VND 202 trillion (~$6.4 billion), it remains among the top five stocks in 2024. The bank is also recognized for its commitment to climate-related financial disclosure, supporting Vietnam's goal of achieving net zero emissions.
VPBank has secured its position in the Top 20 enterprises with the highest ESG scores in the Vietnam Sustainable Development Index for the sixth consecutive time, also ranking among the Top 5 stocks by market capitalization in 2024. The bank's commitment to sustainability is highlighted by its superior scores in environmental, social, and governance components, alongside its unique implementation of Climate-Related Financial Disclosure. As of November 5, 2023, VPBank's capitalization exceeded VND 5 trillion, with a consolidated pre-tax profit of nearly VND 67 trillion, reflecting a 13.9% increase year-on-year.
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