{"id":24270,"date":"2023-04-26T21:52:28","date_gmt":"2023-04-26T21:52:28","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/vietnam-ev-maker-vinfast\/"},"modified":"2023-04-26T21:55:56","modified_gmt":"2023-04-26T21:55:56","slug":"vietnam-ev-maker-vinfast","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/vietnam-ev-maker-vinfast\/","title":{"rendered":"Vietnam EV maker VinFast secures $2.5 billion in fresh funding pledges"},"content":{"rendered":"<p>By Phuong Nguyen<\/p>\n<p>HANOI (Reuters) -Vietnamese electric vehicle maker VinFast said on Wednesday it had received a fresh round of funding pledges worth $2.5 billion for its future development, in a move that may signal a new delay to its planned listing in the United States.<\/p>\n<p>Two people familiar with the matter had previously told Reuters that VinFast&#8217;s planned U.S. Initial Public Offering (IPO) may be further delayed, with one saying it could be pushed into next year due to unfavourable market conditions.<\/p>\n<p>&#8220;We remain committed and focused on our listing process,&#8221; VinFast said later on Wednesday without elaborating on the time frame of the planned IPO.<\/p>\n<p>VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to build a car and battery plant to compete with legacy automakers and startups, although shipments of vehicles from its factory in Vietnam have so far proceeded slowly.<\/p>\n<p>Of the new pledges, $1 billion will be provided as a grant within the next year from founder Pham Nhat Vuong, Vietnam&#8217;s richest man, the company said in a statement. <\/p>\n<p>Parent company Vingroup, Vietnam&#8217;s biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with a maturity of up to five years. <\/p>\n<p>That would increase total funds raised by VinFast to $10.7 billion, based on earlier company filings.<\/p>\n<p>The grants and loan will &#8220;give a push for VinFast to accelerate its development,&#8221; the company said.<\/p>\n<p>Vingroup has plans to raise money from possible sales of assets from its shopping mall arm and real estate developer, Reuters exclusively reported in March.<\/p>\n<p>VinFast first flagged a U.S. IPO in April 2021, aiming to raise $2 billion with a valuation of about $60 billion. <\/p>\n<p>The listing was initially planned for the second half of last year and a number of bankers have since said the IPO was expected this year. However, there was no updated timeline in the company&#8217;s latest filing to U.S. authorities in March.<\/p>\n<p>The market valuation for EV startups has drastically cooled  after some companies with sky-high valuations faced scrutiny amid the gloomy global economic outlook. <\/p>\n<p> (Reporting by Phuong Nguyen, writing by Khanh Vu and Francesco Guarascio, Editing by Louise Heavens, Kirsten Donovan)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/vietnam-ev-maker-vinfast\/the-2022-paris-auto-show-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0DW-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3P0DW-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Phuong Nguyen HANOI (Reuters) -Vietnamese electric vehicle maker VinFast said on Wednesday it had received a fresh round of funding pledges worth $2.5 billion for its future development, in a move that may signal a new delay to its planned listing in the United States. Two people familiar with the matter had previously told [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":24271,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-24270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0DW-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=24270"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24270\/revisions"}],"predecessor-version":[{"id":24607,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24270\/revisions\/24607"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/24271"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=24270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=24270"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=24270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}