Vietnamese electric vehicle manufacturer VinFast said Wednesday it has signed international financing agreements with Credit Suisse and Citigroup in order to raise $4 billion capital for the development of its planned manufacturing facility in North Carolina and its business activities in the United States (U.S.) market.

VinFast said in a statement each agreement has a minimum financing value of approximately $2 billion which could include debt or private placements of equity.

According to the statement, VinFast Trading and Investment Pte.Ltd, a Singapore-domiciled subsidiary of Vingroup, has entered into the two framework agreements, which appoint Credit Suisse (Singapore) Ltd to arrange the offshore (outside of Vietnam) issuance and sale of securities transactions totaling $2 billion for VinFast or its subsidiaries globally, and Citigroup Global Markets Inc. (U.S.) as advisor to VinFast on transactions related to the development of VinFast’s factory in North Carolina with a value of another $2 billion.

Based on VinFast’s current plans, the VinFast U.S. factory will be located at Triangle Innovation Point industrial park in Chatham County, North Carolina with a total land area of about 800 hectares which includes three main zones: one for the manufacturing and assembling electric cars and electric buses, another for electric vehicle battery production, and another for VinFast’s suppliers.

Phase 1 of the plant is expected to have a capacity of 150,000 vehicles per year, producing VF 9 – a seven-seater full-size sport utility vehicle (SUV) and VF 8 – a five-seater mid-size SUV.

“The commitment from international leading financial institutions to work with VinFast not only demonstrates our solid reputation, but also shows the banks’ trust in VinFast’s excitement, the trust of partners with deliberate investment plans in the international market in general and the US in particular, and especially the development of the manufacturing facility in North Carolina, in order to ensure production autonomy globally and create jobs for the local community,” said Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global Chief Executive Officer of VinFast.

With the cooperation with Credit Suisse and Citigroup in the area of offshore fund-raising, as well as a series of partnerships with leading international companies on electric vehicle development, VinFast aims to expand internationally and deliver quality products and an outstanding customer experience, and contribute to a green and sustainable future.

VinFast, a member of Vingroup, envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, the firm owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90 percent automation in Hai Phong, Vietnam.

As a global smart electric vehicle company from Vietnam, VinFast has launched a full range of electric cars in the A-B-C-D-E segments at the Consumer Electronics Show, and announced a strategy of “100 percent electric vehicles (EVs)” starting from the end of 2022.

Credit Suisse is one of the world’s leading financial services providers. Its strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in home market of Switzerland.

Citigroup is a global leader in strategic advisory and capital raising services, serving leading corporations, financial institutions and governments in countries and jurisdictions all over the world from offices in 95 countries.

Vietnam’s Vinfast invests in solid-state battery manufacturer ProLogium