EV maker VinFast secures extra $3.4 bln funding from founder, Vingroup
VinFast, the electric vehicle (EV) arm of Vietnam's private conglomerate Vingroup, is set to receive financial aids of VND85 trillion ($3.36 billion) from its parent firm and Vingroup chairman-founder Pham Nhat Vuong.
In a Tuesday statement, VinFast said Vingroup would lend VinFast up to VND35 trillion ($1.38 billion) by end-2026, while billionaire Vuong personally pledged VND50 trillion ($1.97 billion) in sponsorship, VinFast added.
Vingroup's support agreement is based on a careful assessment of the potential impact on its cash flow and profitability, with a goal to maintain balance between supporting VinFast and sustaining Vingroup's own financial health, the carmaker highlighted.
The new loan of up to VND35 trillion will be funded through Vingroup’s business activities, dividends from subsidiaries, and, if necessary, the "strategic divestment" of certain investments and subsidiaries at a fair market value, according to the statement.

A VinFast VF 3 mini EV. Photo courtesy of VinFast.
The support plan is designed to provide VinFast with sufficient financial resources to fund operations, investments, and other obligations. The goal is to achieve the break-even point and cash flow balance by the end of 2026.
VinFast remains committed to independently raising capital to meet its financial needs, added the statement.
Besides, Vingroup approved a resolution to covert all existing loans to VinFast, nearly VND80 trillion ($3.16 billion), into dividend-entitled preferred shares. Vingroup aims to alleviate short-term financial pressure on the EV maker. This move will allow Vingroup to maintain its stake in VinFast through dividend rights and the option to convert preferred shares into common shares, according to VinFast.
As of June 30, 2024, VinFast’s current liabilities totaled $6.73 billion and non-current liabilities $2.8 billion, according to VinFast’s filing to the U.S. Securities and Exchange Commission in September. Cash and cash equivalents were $98.2 million.
Vingroup chairman Pham Nhat Vuong pumped VND22.26 trillion ($876.2 million) for VinFast in 2023 and H1/2024. In April, he said he would provide at least another $1 billion.
On the same day, VinFast announced it delivered over 51,000 EV units in Vietnam in the first 10 months of this year, making it the best-selling brand in the country.
VinFast said the October figure was 11,000 units, including 5,000 VF 3 mini EVs and 2,600 VF5 EVs. Other notable models are VF 6 , VF 7, VF 8, VF 9, and VF e34.
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