October 20, 2023 – VinFast Auto Ltd. (the “Company” or “VinFast”) (NASDAQ: VFS) today announced that it has entered into a standby equity subscription agreement (“Subscription Agreement”) with YA II PN, Ltd. (“Yorkville”).

Subscription Agreement Highlights:

• VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion of ordinary shares in VinFast at any time during the term of the Subscription Agreement, subject to certain conditions and limitations

• The Subscription Agreement has a term of 36 months

Mr. David Mansfield, CFO of VinFast, said: “This new source of equity funding provides us with valuable optionality and access to capital to continue to expand our business on a global scale. While we are under no obligation to draw on the full amount, the transaction aligns with our goals of opportunistic capital raising while adding liquidity to our shares over time. In addition to existing funding commitments, it provides financial flexibility to fund our growth. We will continue to evaluate other capital markets transactions and sources of fundraising as VinFast continues to grow.”

Mark Angelo, Founder and President of Yorkville, commented: “VinFast is a true leader in EVs. We are excited for this opportunity to be a part of VinFast’s growth and development, and we look forward to seeing VinFast’s continued success in the EV market. We couldn’t be prouder of our partnership with VinFast in its mission for a greener future.”

In April 2023, our Chairman, Mr. Pham Nhat Vuong, Vingroup Joint Stock Company (“Vingroup”) and VinFast entered into a capital funding agreement, under which VinFast would receive grants of up to VND24,000 billion (~$1 billion) from Mr. Vuong, as well as up to VND12,000 billion (~$500 million) in non-refundable grants and up to VND24,000 billion (~$1 billion) in loans from Vingroup, in order to support VinFast’s growth and global expansion plans.


The information contained in this press release does not constitute an offer to sell or the solicitation of an offer to buy ordinary shares in VinFast, nor shall there be any offer, solicitation, or sale of the shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About VinFast

VinFast – a subsidiary of Vingroup JSC – is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures a portfolio of electric SUVs, e-scooters and e-buses in Vietnam and exports to the United States, and soon, Europe. Learn more at

About Yorkville

Yorkville Advisors is a global registered investment manager to a number of private investment funds. Yorkville invests funds’ capital through customized structured debt and equity investments. Yorkvilles investment criteria focuses on management teams, business fundamentals, and stock trading metrics. Yorkville funds have broad investment mandates across many sectors and geographies. Yorkville funds are often the sole investor in a capital raise, allowing for a controlled and disciplined exit strategy. Yorkville’s team has been providing growth and acquisition capital to public companies since 2001.