Each bond will have a face value of US$1 million and will have a five-year maturity, said Vingroup.

Vingroup last year endorsed a decision to issue international bonds worth US$1.5 billion. Much of the sum will be used to expand VinFast, the group's vehicle division and Vietnam’s first fully-fledged automobile manufacturer.

In early April, VinFast said that its Singapore-based parent company had filed an application for an initial public offering (IPO) with US securities regulators, after the company announced its plan to invested US$4 billion in an electric vehicle factory in North Carolina.

VinFast, which started operations in 2019, is penetrating the US market, hoping to compete with automakers and startups by launching two electric SUVs and a battery-rental model to reduce unit prices.

Source: VOV