VinFast signs 4-billion-USD deals with Credit Suisse, Citigroup for EV factory in US

Hanoi – Automaker VinFast on July 13 announced that it has signed agreements with Credit Suisse (Singapore) Ltd and Citigroup Global Markets Inc. to raise at least 4 billion USD to develop an electric vehicle factory in North Carolina, the US.

The deals were signed by Singapore-based VinFast Trading and Investment Pte. Ltd, with each valuing at least 2 billion USD.

VinFast's factory will create a major manufacturing centre in Chatham County's Triangle Innovation Point megasite, covering an area of 800 hectares, with three main areas for electric cars and buses production and assembly, EV batteries production, and supporting industries for suppliers.

In the first phase, the factory will have a capacity of producing 150,000 vehicles each year. VinFast will continue to invest in this factory in future phases. Vehicles to be produced at the site include the VinFast VF 9, a 7-passenger all-electric Sport Utility Vehicle (SUV) model, and the VinFast VF 8, a 5-passenger all-electric mid-size SUV one.

Le Thi Thu Thuy, Vingroup Vice Chairwoman and VinFast Global General Director said that leading credit institutions’ accompanying with VinFast has not only proved the prestige of VinFast but also showed the confidence of its partners in the firm’s investment plan in international market in general and the US in particular, especially the building of its factory in North Carolina.

Headquartered in Switzerland, Credit Suisse is one of the world leading investment banks with its strength in asset management, banking and investment services.

Meanwhile, Citigroup is strong in strategic consulting and capital mobilisation, providing services to corporations, large financial institutions and governments across the world. It covers 95 countries globally./