Vietnamese electric vehicle maker VinFast and global investment fund manager Yorkville Advisors have entered into a standby equity subscription agreement of up to $1 billion.
Under the terms of the agreement, VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1 billion worth of ordinary shares in VinFast at any time during the 36-month term of the agreement.
The agreement provides VinFast with valuable optionality and access to capital to continue expanding its business globally. While VinFast is under no obligation to draw on the full amount, the transaction aligns with its goals of opportunistic capital raising while adding liquidity to its shares over time.
Yorkville’s investment in VinFast is a sign of confidence in the company’s growth potential. VinFast is one of the leading EV makers in Vietnam, and it is rapidly expanding into other markets, including the United States and Europe.is a significant development for both companies. It provides VinFast with the financial resources it needs to continue its rapid growth, and it gives Yorkville exposure to one of the most promising EV markets in the world.
In April 2023, VinGroup’s Chairman Pham Nhat Vuong, and VinFast entered into a capital funding agreement, under which VinFast would receive grants of up to VND24,000 billion from Mr. Vuong, as well as up to VND12,000 billion in non-refundable grants and up to VND24,000 billion in loans from Vingroup, in order to support VinFast’s growth and global expansion plans.
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