RALEIGH – Vietnam-based vehicle manufacturer VinFast says it’s secured pledges for $2.5 billion in new funding but still remains committed to raising money through a public stock listing in the U.S.

The new funding will “give a push for VinFast to accelerate its development,” the company said in a statement.

VinFast is committed to building an electric vehicle manufacturing complex in Chatham County with an investment of some $4 billion. It recently said the opening would be pushed back a year to 2025 but also has announced plans for prospective employ training. A week ago, VinFast U.S. Manufacturing CEO Van Anh Nguyen committed to starting production in 2025 in Moncure. 

The Moncure factory is expected to produce 150,000 vehicles per year, which includes two SUV models and employ some 7,500 people.

Of the new funds, $1 billion will come from its founder, Pham Nhat Vuong. “The 1 billion from Mr. Pham Nhat Vuong will be donated within the next year,” the company said.

Another $1 billion in the form of a loan and a grant of $500 million would come from Vingroup, the VinFast corporate parent. The “1 billion and 500 million USD respectively by way of non-refundable grants,” VinFast said. Another $1 billion may be made available, VinFast added.

In the announcement, Nguyen Viet Quang, CEO of Vingroup said: “The growth potential of VinFast has been demonstrated in the past five years. This is a pivotal period for VinFast to accelerate towards a solid competitive position in the world’s electric vehicle market. As the parent corporation of VinFast, Vingroup is providing support to enable VinFast to continue its development and secure its future. The grant and loan of $1.5 billion is Vingroup’s additional capital contribution for the breakthrough development of VinFast in the future. This is also once-in-a-lifetime opportunity for the development of Vietnam’s industry. We call on everyone to support and build a world-class Vietnamese brand.”

VinFast to train factory workforce at new facility in Sanford

Reuters had raised questions about whether company would pursue the IPO given the state of the U.S. economy. A target amount for the IPO has been $2 billion, Reuters said, pointing to reports as far back as 2021.

However, in a statement to Reuters, the company said: “We remain committed and focused on our listing process.” No time frame was mentioned, Reuters added.

VinFast model eligible for rebate up to $7,500 in California, 6 other states