HO CHI MINH CITY — Vietnam’s Vingroup has said it is willing to sell off assets to fund VinFast, its electric vehicle arm, as a backstop to ensure the Nasdaq-listed startup breaks even by 2026.
The country’s biggest conglomerate said it would lend up to $1.4 billion to VinFast and that founder Pham Nhat Vuong pledged another $2.1 billion for the EV producer into which he already poured billions in personal funds. Vingroup also agreed to convert all its loans to VinFast, worth $3.3 billion, into shares.
Visited 1 times, 1 visit(s) today
