VinFast gets 135 million USD from ADB-mobilised green funding
VinFast, the first Vietnamese electric vehicle (EV) manufacturer, said on October 24 that it has received a 135 million USD climate financing package from the Asian Development Bank (ADB) to manufacture Vietnam's first fully-electric public transport bus fleet and national EV charging network.
Hanoi (VNA) - VinFast, the first Vietnameseelectric vehicle (EV) manufacturer, said on October 24 that it has received a135 million USD climate financing package from the Asian Development Bank (ADB)to manufacture Vietnam's first fully-electric public transport bus fleet andnational EV charging network.
According to a press release from the company, which is asubordinate company of private conglomerate Vingroup, the credit package aimsto support the country’s efforts to achieve net-zero greenhouse gas emissionsand expand high-tech manufacturing industries.
The 7-year tenor climate financing package comprises a 20million USD loan funded by ADB, parallel loans of 87 million USD facilitated byADB as mandated lead arranger, and concessional financing of up to 28 millionUSD.
The package is certified by the Climate Bonds Initiative, ascientifically-based standard for labelling bonds, loans and other debtinstruments which contribute to addressing climate change.
"This project delivers a high-impact, sustainabletransport solution for Vietnam while helping it meet its climate goals andsupporting the growth of climate finance in the region," said ADB PrivateSector Operations Department Director General Suzanne Gaboury.
The project also includes a technical assistance of 950,000USD from the Australian Climate Finance Partnership (ACFP) and the CleanTechnology Fund (CTF). The assistance focuses on raising consumer awarenessabout e-mobility's economic, environmental, and social impacts to help advanceits market penetration, while helping promote the role of women studying for orworking in fields related to science, technology, and mathematics.
Vietnam's transport sector accounts for 18% of annualgreenhouse gas emissions, and its decarbonization, through options likee-mobility, will directly impact the country's ambition to achieve net zeroemissions by 2050./.
VinFast and Petrolimex opened electric vehicle charging service at 10 petrol stations on October 14, as part of a plan to expand the network to 500 stations of Petrolimex across the country.
Four years after its global debut at the Paris Motor Show 2018 with petrol-fueled Lux A2.0 and Lux S2.0 models, VinFast returns to the show this year with a brand-new position as Vietnam’s first and only global smart EV maker, marking its significant leap on the journey toward sustainable mobility.
VinFast, the first Vietnamese electric vehicle (EV) manufacturer, has revealed its European business strategy and announced the opening of dedicated country headquarters in Germany, France and the Netherlands at the 2022 Paris Motor Show, which is underway from October 17 – 23.
Four years after its global debut at the Paris Motor Show 2018 with petrol-fueled Lux A2.0 and Lux S2.0 models, VinFast returns to the show this year with a brand-new position as Vietnam’s first and only global smart EV maker, marking its significant leap on the journey toward sustainable mobility.
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Illustrative photo (Source: VNA) 
