HO CHI MINH CITY — Electric vehicle producer VinFast is set to receive $1 billion from Vietnam’s richest man, whose wealth Forbes estimates at $4.2 billion.
The “nonrefundable grant” from Pham Nhat Vuong, founder and chairman of VinFast parent Vingroup, was announced by the conglomerate late on Wednesday, and would add to Vingroup’s plans to give its EV division $500 million and a possible $1 billion loan.