To expand globally, VinFast (VFS.US) secures $150 million loan from Barclays PLC Sponsored ADR.

Vietnam's largest car manufacturer VinFast Auto (VFS.US) has obtained a $150 million loan from Barclays PLC Sponsored ADR to boost its competition in the global electric car market. The loan, which is for a period of three years, was obtained by VinFast Auto's Singapore subsidiary, VinFast Auto Pte, and is nearing completion. A spokesperson for VinFast Auto stated that the funds will be used to support the company's working capital needs. Despite facing fierce competition and other challenges in the electric car market, VinFast Auto has been actively tapping into the loan market and seeking overseas expansion more and more. The company launched its first batch of electric cars in India this month, officially entering the world's third-largest car market, competing with companies like Tesla, Inc. (TSLA.US) and Tata Motors Ltd. In addition, VinFast Auto's Chairman Le Thi Thu announced last week that the company will soon announce a $200 million loan obtained from a state-owned bank in India. The company also secured $510 million through private loans in July and obtained a syndicated loan of 1.84 trillion Indonesian rupiah (approximately $112 million) for a factory project in Indonesia in April. As part of its global expansion plan, VinFast Auto's founder Pham Nhat Vuong stated earlier this year to shareholders that the company is prioritizing expanding in the Asian market rather than North America and Europe. In addition to launching new car models in India, the company also opened its first overseas factory in Tamil Nadu, India last month with an initial annual production capacity of 50,000 vehicles. The company is also planning to open a factory in Indonesia by October.