Vietnamese electric vehicle (EV) maker VinFast has announced that it has entered into a share subscription agreement with U.S.-based fund Yorkville Advisors for up to $1 billion. VinFast has the option to request Yorkville to subscribe for up to $1 billion worth of ordinary shares at any time during the agreement. The majority of its sales were made to a Vietnam-based fleet operator controlled by Pham Nhat Vuong. This funding agreement with Yorkville Advisors adds to the previously pledged $2.5 billion funding for VinFast’s future development, of which $1 billion will be contributed by its founder, Pham Nhat Vuong. Sources:– VinFast enters share subscription agreement with Yorkville Advisors for up to $1 bn – ETAuto (https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/vinfast-enters-share-subscription-agreement-with-yorkville-advisors-for-up-to-1-bn/92579269)– VinFast secures up to $1bn through share subscription agreement with Yorkville Advisors – Vietnam Investment Review (https://www.vir.com.vn/vinfast-secures-up-to-1bn-through-share-subscription-agreement-with-yorkville-advisors-92415.html)– Vietnamese EV maker VinFast secures up to $1bn investment – DealStreetAsia (https://www.dealstreetasia.com/stories/vinfast-yorkville-advisors-seconds-263018/)

Source: Economic Times October 20, 2023 22:38 UTC