VinFast secures $150 million loan from Barclays to boost Asian expansion
VinFast, Vietnam's largest carmaker, is close to securing a $150 million loan from Barclays through its Singapore branch.
The cash will help power VinFast's worldwide expansion plans, right as the company rolls out EVs in India and expects to open a plant in Indonesia by October.
VinFast's aggressive expansion in Asia
VinFast is making bold moves in Asia's EV scene. After launching in India—where it now competes with giants like Tesla and Tata Motors—it opened its first overseas factory in Tamil Nadu, capable of building 50,000 vehicles a year.
Production in Indonesia is next on the list.
VinFast raises over $600 million recently
Beyond the Barclays deal, VinFast is finalizing a $200 million loan from Indian banks and has already raised over $600 million from other sources recently to boost its manufacturing capacity across Asia.