VinFast to secure $1 billion funding led by Emirates Driving Company

Le Thi Thu Thuy, vice chairwoman of Vingroup, and a representative of Emirates Driving Company, sign an MOU in the UAE. Photo: VinFast

A person with direct knowledge of the deal told Bloomberg that the investment is part of an agreement with the UAE company announced on October 29.

Accordingly, VinFast signed an MoU with EDC) with a focus on electric vehicles, driver training in Vietnam, and investment to support Abu Dhabi’s industrial sector. The signing took place at the Vietnam-UAE Business Forum in Dubai under the witness of Prime Minister Pham Minh Chinh.

Under this agreement, EDC will lead a consortium investing in VinFast. In addition to gaining funding, VinFast will benefit from EDC’s expertise in driver training and road safety, supporting the development of a comprehensive electric vehicle ecosystem.

According to VinFast, this partnership aims to enhance global EV production, meet the growing demand for green transportation, increase road safety awareness, and reaffirm EDC’s commitment to contributing to the Middle East’s green transportation revolution, addressing environmental and climate challenges.

Khaled Al Shemeili, CEO of EDC, said, "EDC has accumulated more than two decades of experience in driving education and road safety, and sets the global benchmark for the industry through its commitment to innovation, research and development into best practices, and deep expertise. EDC now aspires to be a leader in the mobility sector as a whole and play a pivotal role in disrupting this industry, positioning itself at the forefront of smart mobility, and vehicle electrification and autonomy. We recognise the immense potential of electric transportation worldwide, and we are particularly optimistic about VinFast's prospects in the Middle East.”

On October 28, VinFast Auto officially launched in the Middle Eastern market as part of the company’s global expansion strategy. On the same day as the brand launch, VinFast, together with its partner Al Tayer Motors, opened its first dealership in the UAE.

VinFast debuts brand in Middle East VinFast Auto entered the Middle Eastern electric vehicle (EV) market on October 28 as part of its global expansion strategy.

Gotion to invest in lithium battery plant in Ha Tinh Chinese battery manufacturer Gotion Inc. is to invest in an electricity storage device project in Vung Ang Economic Zone in the central province of Ha Tinh.

Vingroup establishes $150 million venture capital fund On October 28, Vingroup announced the launch of VinVentures, a capital fund managing assets worth $150 million, dedicated to supporting technology startups with transformative potential.