Supporting Viet Nam’s electric vehicle future
Export Finance Australia (EFA) has joined an international US$135 million financing package for Viet Nam’s VinFast Trading and Production Joint Stock Company (VinFast) to support the manufacturing of electric public buses and help accelerate the rollout of Vietnam’s first national EV charging network.
Media release
17 November 2022
Export Finance Australia (EFA) has joined an international US$135 million financing package for Viet Nam’s VinFast Trading and Production Joint Stock Company (VinFast) to support the manufacturing of electric public buses and help accelerate the rollout of Vietnam’s first national EV charging network.
Financing for this project was arranged by the Asian Development Bank (ADB). EFA is providing a US$30 million loan alongside the Australian Climate Finance Partnership, the ADB and a syndicate of sustainability focused development finance institutions.
Managing Director and CEO of Export Finance Australia, Mr John Hopkins, said the deal demonstrated EFA’s commitment to helping finance the infrastructure needs of the Indo-Pacific.
“Our region’s uptake of clean energy, and associated technologies, is gaining pace. This is creating significant demand for sustainable financing solutions,” Mr Hopkins said.
“At Export Finance Australia, we are proud to be a part of this international financing package and to support Vin Fast to deliver this important infrastructure.”
EFA has a mandate to support overseas infrastructure projects across a range of sectors including telecommunications, energy, electrification, social infrastructure, and transportation.
“This deal builds on US$32 million in earlier Export Finance Australia finance for three onshore wind farms in Vietnam. Working with our international partners and Viet Nam we look forward to further deals in Viet Nam.” Mr Hopkins said.
Established in 2017, VinFast is Viet Nam’s first domestic car company and e-vehicle manufacturer. VinFast is a subsidiary of Vingroup Joint Stock Company, Viet Nam’s largest private enterprise and the largest listed company in Viet Nam. VinFast develops e-cars for the domestic and international market, and is investing in a nationwide network of fast-charging units to support its e-vehicle expansion in Viet Nam.
Media contact:
Simon Fisher - 0421 056 872 Simon.Fisher@exportfinance.gov.au
