HANOI (Reuters): Vietnamese electric car maker VinFast has reached a non-binding deal with a consortium of Emirati investors to receive at least US$1 billion funding, according to a person with direct knowledge of the agreement.
The source told Reuters there was no clear timeframe for the possible disbursement from the group, led by Emirates Driving Company, a provider of driving education services in Abu Dhabi.
Emirates Driving Company did not immediately respond to an email seeking confirmation and Vingroup, the parent company of VinFast, declined to comment.
Earlier this week, Vietnam signed a comprehensive economic partnership agreement with the United Arab Emirates, its first free-trade deal with a Middle East country.
VinFast Auto Ltd is a Vietnam-based multinational automotive company founded by Vingroup, one of the largest private conglomerates in Vietnam that was founded by Pham Nhat Vuong.
Established in 2017 in Haiphong, it is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing electric vehicles (EV) such as electric cars and electric scooters
(Reporting by Phuong Nguyen; Additional reporting by Federico Maccioni in Dubai; Editing by Martin Petty)
