Latest news with #Vuong
Hindustan Times
5 days ago
- Automotive
- Hindustan Times
VinFast eyes Indian bank loan as it prepares for local EV plant launch: Reports
The VinFast VF6 and VF7 will be thedebutante products for the carmaker in India Notify me Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. is in talks with India's state-owned banks for a major loan, its first big financing push in the country. The action follows as VinFast ramps up plans to get established in India's fast-expanding EV space. A report by Bloomberg stated that VinFast is reportedly negotiating with the Central Bank of India and Union Bank of India to secure a loan of up to $200 million. This loan would be part of the initial phase of VinFast's proposed $500 million investment in India. The financing is expected to be denominated in Indian rupees or through the external commercial borrowing (ECB) route in foreign currency. Discussions are ongoing, but the final terms have not yet been agreed upon. It marks the first time VinFast has tapped the Indian financial system for its expansion activities; this indicates that the company is serious about investing for the long-term in the local market. Also Read : Does the VinFast VF 7 electric SUV have what it takes to compete in India? VinFast also has a new timeline for its EV manufacturing facility in Tamil Nadu. Previously slated for a June launch, the facility will now officially open July 30. The VinFast facility is a key part of VinFast's Indian strategy and will be vital to local production and distribution. Strategic Pivot Toward Asia VinFast's expansion into India comes after it made a deliberate geographical shift away from North America and Europe because of high logistics costs. Pham Nhat Vuong, founder and CEO of VinFast, recently confirmed that the entity was now turning its focus away from North America and Europe, and concentrating on Vietnam, as well as key Asian markets (India, Indonesia and the Philippines). VinFast is rounding out its distribution system just as it prepares to take reservations on the VF6 and VF7 model. The smallest EV, the VF3 is set to go live in 2026. Also watch: VinFast showcases entire EV lineup at Auto Expo 2025 | VF 3, VF 6, VF 7, VF 8, VF 9, e-scooters VinFast's global ambitions are largely bolstered by cash on hand. Vuong has individually committed close to $1 billion since 2023, and a further $2 billion through 2026. Parent company Vingroup have pledged loans of up to $1.4 billion to support growth. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 01 Jun 2025, 09:23 AM IST
Nikkei Asia
19-05-2025
- Business
- Nikkei Asia
Vingroup proposes new unit to build, run Vietnam's $61bn bullet train
HANOI -- The owner of Vietnamese conglomerate Vingroup has bid to build and operate a government-proposed 1,541-kilometer high-speed railway connecting Hanoi and Ho Chi Minh City that is expected to cost around 1,562 trillion dong ($61 billion). Vingroup founder Pham Nhat Vuong, the country's first billionaire, submitted his plan to the government on May 6, the same day Vuong established VinSpeed, a new company he and his family members own alongside Vingroup.
The Star
18-05-2025
- Business
- The Star
Vietnam to consider Vinspeed proposal to build high-speed railway
HANOI (Reuters): The Vietnamese government will consider a proposal from Vinspeed, a company established by billionaire Vingroup Chairman Pham Nhat Vuong, to develop a high-speed railway running the length of the country, a government document showed. Lawmakers in the South-East Asian industrial hub in November approved a $67 billion plan to build the 1,541-km (958-mile) railway line linking the capital Hanoi with business hub Ho Chi Minh City. The authorities "basically support and welcome the proposal from Vinspeed", said the document dated Thursday and reviewed by Reuters. Vinspeed, formally known as Vinspeed High-Speed Railway Investment and Development JSC, submitted the proposal this week, saying it would complete the construction of the railway by 2030, five years earlier than previously targeted by the government, state media reported. Vinspeed said the cost of the railway would be 1,562 trillion dong ($60.26 billion), excluding costs for site clearance, the Ministry of Industry and Trade's Cong Thuong newspaper reported. The company, founded this month by Vuong, said it would arrange 20% of the investment and borrow the remaining 80% from the state at a 0% interest rate for 35 years, according to the report. Vinspeed's parent company Vingroup confirmed the plan in a statement to Reuters. "Vinspeed is currently negotiating with partners from countries with expertise in railway industries such as China, Germany, and Japan to receive technology transfers and manufacture locomotives, carriages and signal and control systems in Vietnam," Vingroup said in a statement. "The company will also quickly organise personnel training and master technology to take the initiative in developing the country's railway industry," it added. The government has assigned the construction ministry to seek opinions from related ministries and agencies to draft a resolution by May 20 to submit to the National Assembly, the country's lawmaking body. In October, the transport ministry said Vietnam would fund the railway entirely on its own, in a demonstration of the Communist-run country's reluctance to accept foreign loans. Vingroup, once a real estate and retail conglomerate that has grown to become one of Vietnam's biggest firms, is also the parent of Nasdaq-listed electric vehicle maker VinFast with a market capitalisation of $11.7 billion. ($1 = 25,920 dong) (Reporting by Khanh Vu and Francesco Guarascio; Additional reporting by Phuong Nguyen; Editing by Ed Osmond) - Reuters
Reuters
15-05-2025
- Business
- Reuters
Vietnam to consider Vinspeed proposal to build high-speed railway
HANOI, May 15 (Reuters) - The Vietnamese government will consider a proposal from Vinspeed, a company established by billionaire Pham Nhat Vuong, to develop a high-speed railway running the length of the country, according to a government document. Lawmakers in the Southeast Asian industrial hub in November approved a $67 billion plan to build the 1,541km (957.53 mile) railway line linking the capital Hanoi with business hub Ho Chi Minh City. The authorities "basically support and welcome the proposal from Vinspeed" said the document dated Thursday and reviewed by Reuters. Vinspeed, formally known as Vinspeed High-speed Railway Investment and Development JSC, submitted the proposal this week, saying it would complete the construction of the railway by 2030, five years earlier than previously targeted by the government, state media reported. Vinspeed said the cost of the railway would be 1,562 trillion dong ($60.26 billion), excluding costs for site clearance, the Ministry of Industry and Trade's Cong Thuong newspaper reported. The company, founded this month by Vuong, said it would arrange 20% of the investment and borrow the remaining 80% from the state at a 0% interest rate for 35 years, according to the report. Vingroup did not immediately respond to a request for comment. The government has assigned the Ministry of Construction to seek opinions from related ministries and agencies to draft a resolution by May 20 to submit to the National Assembly, the country's lawmaking body. In October, the Ministry of Transport said Vietnam would fund the railway entirely on its own, in a demonstration of the Communist-run country's reluctance to accept foreign loans. Vuong is the chairman of Vingroup ( opens new tab, once a real estate and retail conglomerate that has grown to become one of Vietnam's biggest firms and is the parent of Nasdaq-listed electric vehicle maker VinFast (VFS.O), opens new tab with a market capitalisation of $11.7 billion. ($1 = 25,920 dong)
RTÉ News
14-05-2025
- Entertainment
- RTÉ News
Book Of The Week: The Emperor Of Gladness by Ocean Vuong
A title like The Emperor of Gladness conjures images of grandeur, or indeed of a utopian state, writes Conor Hanratty. In fact, Ocean Vuong's new novel is set in East Gladness, a fictionalised small town in Connecticut. It begins with a tense, observant tour through the town, leading to a bridge on its outskirts. Our narrator, as yet anonymous, is planning to jump from it. Before he does, he sees a woman below, losing her laundry to the wind. In a tiny act of kindness, he tries to tell her where her blanket has gone. The elderly woman then convinces the younger man not to end his life. She coaxes him off the bridge, and shares some bread with him. Thus Vuong brings together his two protagonists, Hai and Grazina. Without much ado, in mutual desperation, they agree that Hai will move in and ensure she takes her medicine. Watch: Ocean Vuong discusses the inspiration behind The Emperor of Gladness Much of Hai's story is based on Vuong's own experiences, as the child of Vietnamese war refugees in Connecticut, as a drug user, and as a live-in carer for a real-life Grazina, acknowledged in the novel's end papers. Hai's circle expands further when, desperate for money, he gets a job at a restaurant, joining some other remarkable characters: they include Hai's cousin Sony, Maureen, Wayne, Russia and BJ, their manager. They become what Vuong has elsewhere described as a "circumstantial" family, united by their day-to-day collaboration in the physical labour of reconstituting food. Vuong - speaking again from personal experience - is at his most subversive when describing the mythology behind these "freshly" prepared meals. (His descriptions of the acceptable levels of rat or human remains in processed food are hair-raising.) Vuong's prose is as poetic and luminous as we have already come to expect. Myths are woven through the tapestry of these lives - mythologies as varied but essential as Star Wars, college education, the efficacy of rehab, "customer service" and, most pernicious, The American Dream. In this little pocket of New England, these people live lives far from what they wanted. But even in the strangest, most violent and challenging circumstances, they help each other. Despite a debilitating lack of hope, despite bleak glimpses into their lives outside work, this circumstantial (if not "chosen") family proves generous, supportive and tolerant. This is Vuong's point: even in this hopeless life in a hopeless town, people are good to each other. While he skewers the corporate concerns of the industries behind food production, incarceration and care for the elderly, Vuong shows with no small grace how ordinary people, despite cruel adversity, continually tend toward kindness. In the world today, this feels like a revolutionary observation. Vuong's prose is as poetic and luminous as we have already come to expect. He can - and does - make anything seem delicate and special, from a suicidal walk through East Gladness to a ladies' wrestling match in a biker bar. It is a long book, but Vuong rewards close attention with surprises, belly-laughs and resolutions to almost all the tiny observations that he makes. The novel begins and ends with kindness without any hope of reward. It might not inspire many to visit these corners of Connecticut, but it left this reader with more than a little faith in humanity restored.
