Of the infusion, 1 billion USD will be provided as a grant from its founder Pham Nhat Vuong within the next year, the company said in a statement. Its parent Vingroup will provide a grant of 500 million USD and a 1 billion USD loan with maturity of up to five years.

Established in 2017, VinFast owns a automotive manufacturing complex that boasts up to 90% automation in the northern port city of Hai Phong. So far, it has launched six electric car models, one model of electric bus, and nine models of electric motorbike.

With its second batch of automobiles exported to the US and Canada in April, the company is expecting its cars to be present in France, Germany and the Netherlands this year./. VNA