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Conglomerate also debuts Vietnam's first EV battery plant
VinFast displays vehicles in Ho Chi Minh City, Vietnam, where it began selling cars in 2019. It plans to enter the electric car markets in North America and Europe. (Photo by Lien Hoang)
LIEN HOANG, Nikkei staff
writerDecember 23, 2021 16:18 JST
HO CHI MINH CITY -- Vingroup aims to raise $1.5 billion through bonds as Vietnam's biggest private company bolsters its electric vehicle business with a new battery plant and a debut at a major U.S. tech conference.
The five-year dollar-denominated bonds will help finance VinFast, the auto unit that Vingroup hopes to list in the U.S. and in which it has already invested $5 billion. Vingroup will issue the international bonds in the first quarter of next year, the group said in a filing on Tuesday with the Ho Chi Minh City Stock Exchange.
VinFast plans to premiere three EV models next month at the CES electronics show in Las Vegas, as part of its bid to gain a foothold in the U.S. and European car markets. It also broke ground on Vietnam's first EV battery factory at a ceremony attended by President Nguyen Xuan Phuc in northern Ha Tinh Province, according to a Dec. 12 statement.
The plant will "provide high-quality products at reasonable prices and drive the movement of the global smart EV revolution," Vingroup Vice Chairwoman Thai Thi Thanh Hai said in the statement.
Vingroup, a major player in real estate, is a relative newcomer to the car industry, having only begun making gasoline-fueled vehicles in June 2019. The company said in late 2019 it would shed its retail operations, and announced in May this year that it would exit its smartphone and TV businesses as it focuses more squarely on its auto ambitions.
asia.nikkei.com
VinFast displays vehicles in Ho Chi Minh City, Vietnam, where it began selling cars in 2019. It plans to enter the electric car markets in North America and Europe. (Photo by Lien Hoang)
LIEN HOANG, Nikkei staff
writerDecember 23, 2021 16:18 JST
HO CHI MINH CITY -- Vingroup aims to raise $1.5 billion through bonds as Vietnam's biggest private company bolsters its electric vehicle business with a new battery plant and a debut at a major U.S. tech conference.
The five-year dollar-denominated bonds will help finance VinFast, the auto unit that Vingroup hopes to list in the U.S. and in which it has already invested $5 billion. Vingroup will issue the international bonds in the first quarter of next year, the group said in a filing on Tuesday with the Ho Chi Minh City Stock Exchange.
VinFast plans to premiere three EV models next month at the CES electronics show in Las Vegas, as part of its bid to gain a foothold in the U.S. and European car markets. It also broke ground on Vietnam's first EV battery factory at a ceremony attended by President Nguyen Xuan Phuc in northern Ha Tinh Province, according to a Dec. 12 statement.
The plant will "provide high-quality products at reasonable prices and drive the movement of the global smart EV revolution," Vingroup Vice Chairwoman Thai Thi Thanh Hai said in the statement.
Vingroup, a major player in real estate, is a relative newcomer to the car industry, having only begun making gasoline-fueled vehicles in June 2019. The company said in late 2019 it would shed its retail operations, and announced in May this year that it would exit its smartphone and TV businesses as it focuses more squarely on its auto ambitions.
Vietnam's Vingroup plans $1.5bn bond ahead of EV push in U.S.
Conglomerate also debuts Vietnam's first EV battery plant
asia.nikkei.com
