VinFast
VinFast is a subsidiary of Vingroup Joint Stock Company, the largest private conglomerate in Vietnam. It is Vietnam’s first domestic car company and electric vehicle manufacturer.
Need
To support the rollout of the first e-vehicle charging network infrastructure and e-bus manufacturing facility for public transport in Vietnam, VinFast required a US$135 million finance package.
Solution
We provided a US$30 million loan in collaboration with the Australian Climate Finance Partnership, the Asian Development Bank and a syndicate of sustainability-focused development finance institutions.
VinFast is deploying fast-charging units and electric buses across Vietnam, which are expected to play an important role in helping the nation to reach net-zero greenhouse gas emissions. Export Finance Australia is providing a US$30 million loan as part of a finance package to support the uptake of electric vehicles and energy transition across Vietnam.
Established in 2017, VinFast is Vietnam’s first domestic car company and electric vehicle (EV) manufacturer. VinFast is a subsidiary of Vingroup Joint Stock Company, the largest privately-owned enterprise and largest listed corporate in Vietnam.
Looking to increase EV adoption across Vietnam and launch a fully electric public bus service, VinFast needed to deliver essential supporting infrastructure.
In line with the Vietnamese Government’s goal to reach net-zero greenhouse gas emissions by 2050, VinFast is planning to deliver a nationwide network of fast-charging units, which will underpin the future uptake of electric vehicles and support the rollout of electric public buses.
We are delighted to receive this extensive support and a long-term financing package from ADB and several esteemed international development finance institutions, including Export Finance Australia. We see this as a vote of confidence in our efforts to become a global smart mobility company that offers environmentally friendly public transportation, and to advance Viet Nam’s transition to a low carbon economy.
Thuy Le
VinFast's Global CEO
Large infrastructure developments require a considerable amount of financial support, and to support VinFast, the Asian Development Bank (ADB) mobilised a US$135 million finance package. The ‘green’ financing is certified by the Climate Bonds Initiative, a scientifically based standard for labelling bonds, loans and other debt instruments, which contribute to addressing climate change.
Working together to support EV expansion
In collaboration with the Australian Climate Finance Partnership (ACFP), the ADB and a syndicate of sustainability-focused development finance institutions, we provided a US$30 million loan as part of a finance package.
Other lenders to the facility included the Finnish Fund for Industrial Cooperation, Oesterreichische Entwicklungsbank AG, and the Global Climate Partnership Fund.
The funding will support the manufacturing of electric buses for public transportation and help accelerate the deployment of Vietnam’s first national EV charging network.
“Our region’s uptake of clean energy and associated technologies is gaining pace. This is creating significant demand for sustainable financing solutions,” John Hopkins, our Managing Director & CEO highlighted.
“At Export Finance Australia, we are proud to be a part of this international financing package and to support VinFast to deliver this important infrastructure.”
This investment delivers on the Australian Government’s commitment to Vietnam to deepen climate and energy cooperation.
