Billionaire Pham Nhat Vuong’s VinFast To Raise $1 Billion Selling Shares To Hedge Fund Yorkville

VinFast Auto—the electric vehicle maker controlled by Vietnam’s richest person, Pham Nhat Vuong—has signed a standby equity subscription agreement to sell as much as $1 billion of the company’s shares to Yorkville Advisors, a hedge fund based in New Jersey.

The share sale, which can be executed anytime within the next 36 months, will help broaden the shareholder base of VinFast and support the company’s global expansion plans, which includes the construction of factories in the U.S., Indonesia and India.