VinFast Auto, Vietnam’s electric vehicle manufacturer, is set to receive at least $1 billion in overseas funding led by Emirates Driving Company (EDC) from Abu Dhabi. This was reported by Bloomberg, citing a knowledgeable source.
During a visit by Vietnamese Prime Minister Pham Minh Chinh to the UAE, VinFast and its parent company, Vingroup, signed strategic partnerships with Middle Eastern companies. These agreements cover areas such as maritime development, digital transformation, and green transportation.
Under the deal, EDC will lead a consortium to invest in VinFast, providing not only funding but also expertise in driver training and road safety to build a comprehensive EV ecosystem. VinFast aims to enhance global EV production and meet the growing demand for green transportation.
Additionally, VinFast officially launched in the Middle Eastern market this week, part of its international expansion. Meanwhile, Aramco is looking to invest in oil refining and fuel distribution in Vietnam, where recent economic growth has surpassed the global average. Aramco signed a collaboration agreement with Vietnam Oil and Gas Group (Petrovietnam) to explore opportunities in energy and petrochemical products.
Story via Oilprice.com
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