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Vietnam's Vingroup plans $1.5bn bond ahead of EV push in U.S.

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)

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.

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