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Automobiles

Vietnam's VinFast to raise $4bn to make EVs, batteries in U.S.

Deals with Credit Suisse, Citigroup come ahead of planned IPO

A VinFast car on display in Ho Chi Minh City: The carmaking unit of conglomerate Vingroup aims to build an EV plant in the U.S. and list on the stock market there. (Photo by Lien Hoang)

HO CHI MINH CITY -- Vietnam's VinFast signed deals with Credit Suisse and Citigroup to help raise roughly $4 billion in a mix of debt and equity to fund plans to make electric vehicles and batteries in the U.S. state of North Carolina.

Each bank will facilitate at least $2 billion in financing, according to a Wednesday statement from VinFast parent Vingroup. The move is the latest in a wave of Asian companies, including Taiwanese chipmaker TSMC and South Korean automaker Hyundai, which is shifting supply chains to the U.S. TSMC is building a chip factory in Arizona, while Hyundai plans to construct an EV plant in Georgia.

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