VinFast signs non-binding $1 billion funding deal with Emirati investors, source says

HANOI : Vietnamese electric car maker VinFast has reached a non-binding deal with a consortium of Emirati investors to receive at least $1 billion funding, according to a person with direct knowledge of the agreement. The source told Reuters there was no clear timeframe for the possible disbursement from the group, led by Emirates Driving Company, a provider of driving education services in Abu Dhabi. Emirates Driving Company did not immediately respond to an email seeking confirmation and Vingroup, the parent company of VinFast, declined to comment.

Earlier this week, Vietnam signed a comprehensive economic partnership agreement with the United Arab Emirates, its first free-trade deal with a Middle East country..