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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.
Vietnamese billionaire Pham Nhat Vuong has pledged to invest approximately $2 billion into VinFast Auto Ltd., a struggling electric vehicle manufacturer. Additionally, parent company Vingroup JSC plans to loan VinFast up to $1.38 billion and convert existing loans of about 80 trillion dong into preferred shares to ease financial pressures.
Vietnam’s Vingroup JSC has launched a $150 million fund, VinVentures, to support technology startups in Southeast Asia, focusing on artificial intelligence, semiconductors, and cloud computing. The fund is primarily financed with $100 million from an existing investment portfolio, with an additional $50 million to be contributed by founder Pham Nhat Vuong from his personal wealth.
Pham Nhat Vuong
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