Vingroup and Its Founder to Invest $3.5 Billion in Electric Vehicle Developer VinFast

Vietnamese conglomerate Vingroup announced that it is prepared to sell assets in order to finance its electric vehicle unit, VinFast, aiming for the company to reach a break-even point by 2026. The country's largest holding company stated that it will lend up to $1.4 billion to VinFast, and it has also committed an additional $2.1 billion for the electric vehicle manufacturer, to which founder Pham Nhat Vuong has already redirected billions in personal funds. Vingroup also agreed to convert all of the $3.3 billion in loans provided to VinFast into equity.