Vietnam's EV maker VinFast could raise about $1b from JTA Investment Qatar

Dubai: A Qatari investment firm could commit 'at least' $1 billion in the Vietnamese electric vehicle maker VinFast. This comes weeks after VinFast tapped UAE's Emirates Driving Co. and other investors for a similar funding.

In a new deal, the JTA Investment Qatar will explore a 'potential equity investment' the Nasdaq-listed pure-play EV manufacturer, as well as enter a 'strategic partnership' to support VinFast's global expansion and technological development.

Not just that, JTA Investment Qatar also sees 'significant value' another Vingroup entity - Vinpearl's portfolio of hotels and resorts, amusement parks and entertainment clusters.

Founded in 2010 and with a presence in Qatar and the UK, JTA Investment Qatar offers financing solutions in sectors such as energy, technology, infrastructure and tourism.

Currently, two model variants are available in the UAE bearing the VinFast badge - the VF8 Plus (with a range of 476 kilometers) and the VF8 Eco (493 kilometers). Prices start at Dh174,500. In 2024, overall sales of VinFast models totaled around 97,000.

VinFast, which is listed on Nasdaq, had been on the lookout to bolster its financial position and break through to new markets.

This is where any support from JTA Investment Qatar will come in handy.

Any 'collaboration will unlock significant opportunities for Vingroup and its subsidiaries to drive technological, infrastructural, and sustainable economic advancement in Vietnam, while establishing a foundation for international expansion', said Le Thi Thu Thuy, Vice Chairwoman of Vingroup.

"We anticipate successful projects that foster sustainable progress, technological innovation in key sectors like electric vehicles and tourism, contributing to the greater good."