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☆ US DFC considers $500 mln loan to Vietnamese EV maker VinFast
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

A Vinfast electric vehicle store is shown at one of the company's retail locations in San Diego, California, U.S.,October 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Dec 4 (Reuters) - The United States International Development Finance Corporation (DFC) has signed a letter of interest with electric vehicles maker VinFast to consider the Vietnamese company's application for a $500 million loan for expansion, VinFast said on Monday. The loan, which will be used to support VinFast's establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by DFC, the carmaker said in a statement. DFC said on X, formerly Twitter, that it had signed the letter of interest to support VinFast's lithium-ion battery facilities in Vietnam, but did not provide details. The project will be the first in a series of initiatives actively discussed by the two parties, VinFast said.

Persons: Mike Blake, VinFast, Phuong Nguyen, Kanupriya Kapoor Organizations: REUTERS, Rights, United States International Development Finance Corporation, Vietnam's, Nasdaq, Thomson Locations: San Diego , California, U.S, Rights HANOI, Vietnam, California, Southeast Asia

☆ Stocks making the biggest moves premarket: Nvidia, Clorox, Autodesk, GoDaddy and more
▼ + stars: | 2023-11-22 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Nvidia reported an adjusted profit of $4.02 per share on $18.12 billion in revenue. Analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue. Autodesk — The software company fell roughly 7% in premarket trading after issuing disappointing fourth-quarter earnings guidance. GoDaddy — Shares of the web domain company rose 2.3% after RBC Capital Markets upgraded GoDaddy to outperform from sector perform. Deere — Shares fell 6.6% after the agricultural equipment maker issued net income guidance between $7.75 billion and $8.25 billion for fiscal 2024.

Persons: LSEG, Piper Sandler, Morgan Stanley, Kristine Liwag, Clorox, Dan Ives, —, Alex Harring, Michelle Fox, Jesse Pound Organizations: Nvidia, Wall, HP —, HP, Autodesk, RBC Capital Markets, GoDaddy, Virgin Galactic Holdings, JPMorgan, Wedbush Securities, Deere, StreetAccount Locations: China

☆ Here are Wednesday's biggest analyst calls: Apple, Meta, Boeing, AMD, Carvana, Ford, Robinhood & more
▼ + stars: | 2023-11-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Advanced Micro Devices as buy UBS said it's standing by its buy rating on the chipmaker after its earnings report on Tuesday. Goldman Sachs downgrades ZoomInfo Technologies as buy Goldman downgraded the stock after its "mixed" earnings report citing lower visibility. UBS upgrades JD.com to buy from neutral UBS said shares of the Chinese retailer are attractive. " UBS reiterates Apple as neutral UBS said its checks show Apple's iPhone wait times are lower. TD Cowen reiterates Carvana as market perform TD said it's cautious heading into the used car company's earnings report on Thursday.

Persons: it's, TD Cowen, Piper Sandler, Piper, Polestar, Goldman Sachs, Goldman, Morgan Stanley, Bernstein, Price, Cantor Fitzgerald, VinFast, Cantor, it's bullish, JD, Mizuho, Robinhood, HOOD, Carvana Organizations: UBS, Devices, EV, Technologies, Bank of America, of America, UAW, Barclays, Ford, General Motors, Meta, JPMorgan, Boeing, Goldman, NRG Energy, Guggenheim, Management, Clear Messaging, Deutsche Bank, Deutsche, Apple, BP, UW Locations: Asia, Europe, North America

☆ Toyota pledges $8 billion more for US battery plant to rev up EV push
▼ + stars: | 2023-10-31 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 31 (Reuters) - Toyota Motor (7203.T) said on Tuesday it would boost investment by $8 billion and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, accelerating the Japanese automaker's push to electrify its lineup. Toyota's North Carolina facility is set to begin operations in 2025 and will be the company's first automotive battery plant globally. It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery EVs. NORTH CAROLINA HUBNorth Carolina is emerging as a leading hub for electric vehicle and battery manufacturing, with new investments planned by companies ranging from Redwood Materials to Vietnam's Vinfast .

Persons: David, Dee, Delgado, Tesla, North Carolina Governor Roy Cooper, Nathan Gomes, Savio D'Souza, Devika Organizations: New York, REUTERS, Toyota, Ford, General Motors, United Auto Workers union, Tesla, Samsung SDI Co, Panasonic, Chrysler, Stellantis, Materials, North, North Carolina Governor, Thomson Locations: Manhattan , New York City, U.S, North Carolina, Detroit, NORTH CAROLINA, United States, Bengaluru

☆ EV maker VinFast strikes shares deal with Yorkville for up to $1 billion
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Oct 20 (Reuters) - Vietnamese electric vehicle (EV) maker VinFast said on Friday it has entered into a share subscription of up to $1 billion with U.S.-based fund Yorkville Advisors as it seeks to fund expansion in overseas markets. VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion worth of ordinary shares in VinFast at any time during the term of the agreement, VinFast said in a filing to the U.S. securities authority. VinFast so far has sold around 22,000 cars, aiming to meet this year's sale target of 40,000 to 50,000 units. Yorkville two years ago bought up to $400 mln worth of share in EV maker Lordstown. In April it said it would receive a fresh round of funding pledges worth $2.5 billion for its future development, of which $1 billion would be from its founder's pocket.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Ford, –, David Mansfield, Vuong, Mark Angelo, VinFast's, Tesla, Phuong Nguyen, Jason Neely, Martin Petty Organizations: Los Angeles Auto, REUTERS, Rights, U.S, Yorkville Advisors, Nasdaq, Yorkville, Lordstown, Thomson Locations: Los Angeles , California, U.S, Rights HANOI, Yorkville, VinFast, Vietnam

☆ VinFast expects sales to founder's taxi venture to extend into 2024
▼ + stars: | 2023-10-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

In an interview, VinFast CEO Le Thi Thu Thuy said VinFast had not provided any financing to GSM. "For the next two quarters we still see GSM having demand for our vehicles, both EVs and e-scooters," Thuy said. A VinFast survey showed riders who had experienced a ride in a VinFast taxi operated by GSM were four times more likely to buy than customers who took standard test drives, she said. GSM launched Vietnam's first pure EV taxi service earlier this year. Thuy said no deliveries had been made to Autonomy yet, and that VinFast was "working on options for contract execution."

Persons: VinFast, Pham Nhat Vuong, Le, Thuy, Nguyen Van Thanh, Thanh, VinFast's, Phuong Nguyen, Raju Gopalakrishnan Organizations: Green SM, GSM, EV, Thomson Locations: HANOI, Vietnam, Laos, India, Indonesia, United States, U.S, Autonomy

☆ Asia fintech MoneyHero slides on first day of trading after merger with Peter Thiel-backed SPAC
▼ + stars: | 2023-10-13 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Bymuratdeniz | E+ | Getty ImagesAsian fintech firm MoneyHero on Friday fell on its first day of trading on the Nasdaq, following the completion of its merger with special purpose acquisition company Bridgetown Holdings . The deal with Bridgetown valued MoneyHero at approximately $310 million, according to an announcement on Thursday. Across five markets, MoneyHero operates personal finance websites Singsaver and Seedly in Singapore, Moneymax in The Philippines, MoneyHero in Hong Kong, Money101 in Taiwan and CompareHero in Malaysia. MoneyHero Group has yet to become profitable. In November, MoneyHero Group, or Hyphen Group before the rebranding, laid off employees and saw the departure of its CEO.

Persons: MoneyHero, Peter Thiel's, Richard Li, Prashant Aggarwal, Aggarwal, Kroll Organizations: Getty, Nasdaq, Bridgetown Holdings, Thiel Capital, PayPal, Pacific Century Group, Bridgetown Holdings's, CNBC, The, MoneyHero, SEC, Visa, American Express Locations: Bridgetown, –, Hong Kong, U.S, Asia, Southeast Asia, MoneyHero, Singapore, Seedly, Moneymax, The Philippines, Money101, Taiwan, CompareHero, Malaysia, Thailand

☆ EV maker VinFast to acquire its battery maker sibling
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The logo of Vinfast is pictured at the 2022 Paris Auto Show in Paris, France October 18, 2022. REUTERS/Stephane Mahe Acquire Licensing RightsOct 11 (Reuters) - Electric-vehicle maker VinFast Auto said on Wednesday it would acquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage. Founded in 2017 and starting to make EVs from 2021, VinFast has continuously received financial support from its founder, also Vietnam's richest man. In the short term, however, VinFast's costs are expected to increase for battery R&D and factory operations, the automaker said. After the acquisition, VinFast will acquire all rights and obligations over VinES' assets.

Persons: Stephane Mahe, VinFast Auto, Pham Nhat Vuong, VinFast, Vuong, Thuy, Thuy Le, Akash Sriram, Sriraj Kalluvila, Jonathan Oatis Organizations: REUTERS, VinFast, Vietnam's, Nasdaq, Thomson Locations: Paris, France, Indonesia, VinFast, Bengaluru, Phuong Nguyen, Hanoi

☆ Vietnam’s Tesla justifies stock price reversal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A VinFast VF 8 model is seen during a car delivery ceremony at the VinFast car factory in Haiphong province, Vietnam, September 10, 2022. REUTERS/Thinh Nguyen Acquire Licensing RightsSINGAPORE, Oct 6 (Reuters Breakingviews) - Vietnam’s richest man may have to get used to spending some time in the slow lane. In August, Pham Nhat Vuong closed an unconvincing merger with a blank-cheque company that bestowed a $23 billion market value on his Tesla (TSLA.O) wannabe VinFast . There are no details of sales in the United States, a key target market where it has been burdened by poor reviews. Without some impressive progress outside of Vietnam, though, the EV company’s stock is going nowhere fast.

Persons: Thinh Nguyen, Pham Nhat Vuong, Sandoz, Antony Currie, Thomas Shum Organizations: REUTERS, Rights, Reuters, EV, X, Alstom, Brookfield, Temasek, Thomson Locations: Haiphong province, Vietnam, Rights SINGAPORE, United States

Although longer-dated U.S. Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may pressure equities. Worries about U.S. government spending and its ballooning budget deficit have added to uncertainty around the interest rates trajectory, contributing to a steep selloff that have caused a rout in Treasury prices and a spike in yields. The S&P 500 and the tech-heavy Nasdaq lost around 5% and 6% last month as yields spiked. Traders put the chance of interest rates remaining unchanged in November and December at 80% and 63%, respectively, according to CME's FedWatch tool. ET, Dow e-minis were down 92 points, or 0.28%, S&P 500 e-minis were down 10.5 points, or 0.24%, and Nasdaq 100 e-minis were down 27.75 points, or 0.19%.

Persons: Brendan McDermid, Janet Mui, Loretta Mester, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Treasury, RBC Brewin, Apple, Traders, Dow e, Federal, Democratic, Rivian, EV, Chevron, Exxon Mobil, Occidental Petroleum, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Vietnamese EV maker VinFast's third-quarter revenue more than doubles
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. REUTERS/Lisa Baertlein/File Photo Acquire Licensing RightsOct 5 (Reuters) - Vietnamese electric-vehicle (EV) maker VinFast on Thursday reported a 159% rise in third-quarter revenue as it ramped up car deliveries and sought to boost sales by partnering with dealers in the United States. VinFast, which is backed by Vietnam's largest conglomerate Vingroup (VIC.HM), is gearing up to strengthen its foothold overseas. However, the EV maker has struggled after it earlier this year voluntarily recalled the first batch of 999 cars delivered to the United States. Revenue was 8.25 trillion Vietnamese dong ($338 million), while net loss widened to 15 trillion Vietnamese dong.

Persons: Lisa Baertlein, VinFast, Phuong Nguyen, Chavi Mehta, Sriraj Organizations: REUTERS, Vietnam's, Revenue, Thomson Locations: Los Angeles , California, U.S, United States, India, Hanoi, Bengaluru

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities. The Labor Department's report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions. Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Charles, Henry Monchau, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Lamb, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, U.S, Treasury, Syz Group, Healthcare, Labor, Dow Jones, Traders, Federal, Democratic, Rivian, EV, Dell Technologies, Lamb Weston Holdings, NYSE, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ VinFast aims to sell up to 50,000 EVs in 2023 — but it has only hit 23% of its target so far
▼ + stars: | 2023-09-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Lisa Baertlein | ReutersVietnamese electric vehicle maker VinFast's ambitious plan to deliver as many as 50,000 vehicles this year is "unrealistic," according to one analyst. VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. "VinFast's ambitious EV plan seems unrealistic. For example, VinFast's VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.

Persons: Lisa Baertlein, VinFast, Vingroup, Green, David Byrne, Tesla, XPeng, Lê Thị Organizations: Reuters, Smart Mobility, Green SM, EV, LightStream Research, P Global Mobility, CNBC, Nasdaq, Our U.S, Tesla Locations: Los Angeles, Vietnam, U.S, North America, Europe, Asia, Middle East, Our, North Carolina

She cited unpublished information from Vietnam's Ministry of Natural Resources and Environment, which did not respond to requests for comment. In recent years, Japanese investors Toyota Tsusho and Sojitz abandoned projects at Dong Pao after China ramped up supply, pummelling prices. Reuters GraphicsStill, rare earths at Dong Pao are relatively easy to access and are mostly concentrated in bastnaesite ores, according to the Hanoi University of Mining and Geology. The plant has capacity to process 5,000 tons of REO a year but the company plans to treble that to accommodate input from Dong Pao, Tuan said. The metallization process is controlled by China, which produces 90% of rare-earth metals, according to the U.S. Department of Energy.

Persons: Dong Pao, Blackstone, VTRE, Tessa Kutscher, Anh Tuan, Joe Biden, Kutscher, Sojitz, Dylan Kelly, Vingroup, Rivian, Dong, Tuan, David Merriman, John Rockhold, Dudley Kingsnorth, Francesco Guarascio @fraguarascio, Khanh, Melanie Burton, Trevor Hunnicutt, Mai Nguyen, Phuong, David Crawshaw Organizations: REUTERS, Australia's Blackstone Minerals Ltd, Vietnam's Ministry of Natural Resources, Earth JSC, U.S, . Geological Survey, Reuters, Toyota, Terra Capital, Blackstone, Hanoi University of Mining, REO, White House, Department of Commerce, U.S . Chamber of Commerce, Strategic, ASM, Reuters Graphics Reuters, U.S . Department of Energy, Western Australian School of Mines, Curtin University, Thomson Locations: Nam, Lai Chau, Vietnam, Pao, HANOI, Dong, Beijing, China, Hanoi, U.S, Dong Pao, VTRE, South, Khanh Vu, Melbourne, Seoul, Washington, Phuong Nguyen

☆ VinFast has the cost advantage but not the political baggage of Chinese EV makers: Analyst
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVinFast has the cost advantage but not the political baggage of Chinese EV makers: AnalystVivek Vaidya of Frost & Sullivan says that investors should focus on the sales figures of EVs and take their share prices "with a pinch of salt".

Persons: VinFast, Vivek Vaidya, Sullivan Organizations: Frost

A VinFast VF8 electric SUV is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. If fulfilled, Europe would become VinFast's biggest overseas market this year. The company had shipped about 2,100 EVs earlier this year to the United States. Should the EU probe conclude that punitive duties on China-made EVs are warranted, VinFast could find its cars are more competitively priced. VinFast, which is part of Vietnamese conglomerate Vingroup (VIC.HM), was formed in 2017 and began making EVs in 2021 after dropping its manufacturing of cars with internal combustion engines.

Persons: Steve Marcus, Thuy, Inovev, VinFast, Phuong Nguyen, Francesco Guarascio, Miral Organizations: Las Vegas Convention, REUTERS, Rights, Reuters, European Union, Nasdaq, EU, Thomson Locations: Las Vegas , Nevada, U.S, Rights HANOI, Europe, France, Germany, Netherlands, VinFast's, Vietnam, United States, Israel, China, Indonesia, India, East, Africa, Latin America

☆ VinFast discloses revenue surge in first report since blockbuster debut
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. The company posted revenue of 7.95 trillion Vietnamese dong ($327 million) for the second quarter ended June 30. Net loss in the quarter narrowed to 12.54 trillion Vietnamese dong from 13.65 trillion Vietnamese dong a year earlier, driven by increase in delivery volume and cuts in its research and development costs. The company delivered 9,535 vehicles in the quarter, recording a more than fivefold jump from the first quarter. Still, a large portion the company's revenue comes from sales to subsidiaries of its own parent company Vingroup.

Persons: Lisa Baertlein, Chavi Mehta, Sriraj Organizations: REUTERS, Ford, General Motors, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Analysis-More SE Asia firms consider U.S. IPOs, filling void left by China peers
▼ + stars: | 2023-09-18 | by ( Yantoultra Ngui | Scott Murdoch | ) www.reuters.com time to read: +5 min

“These factors have enabled some of their ASEAN rivals to step out into the spotlight.”ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region’s strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. “International investors are seeing the value of portfolio diversification that Southeast Asia provides,” Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: ”, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, ” Tay, Anuruk Karoonyavanich Organizations: Nasdaq, REUTERS, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America’s, “, U.S ., ’, Companies, Deloitte, “ International, DBS Locations: SINGAPORE, SYDNEY, United States, New York City, U.S, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Asia, Indonesia, Southeast, Southeast Asia, China

☆ Vinfast's second-quarter deliveries jump over fivefold sequentially
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

People walk next to a VinFast logo on a screen during the press day at the Los Angeles Auto Show in Los Angeles, California, U.S. November 17, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 18 (Reuters) - Vietnamese electric-vehicle maker Vinfast said on Monday it delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter. Vinfast's blockbuster debut on Wall Street in August saw its shares more than triple in value, but the company's small amount of publicly available shares has made the stock prone to volatility. Its shares have fallen about 53% since debut and lost 2.17% to $17.15 in premarket trading on Monday. Reporting by Chavi Mehta in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Vinfast, Chavi Mehta, Devika Organizations: Los Angeles Auto, REUTERS, Thomson Locations: Los Angeles , California, U.S, Bengaluru

ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region's strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. "International investors are seeing the value of portfolio diversification that Southeast Asia provides," Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: DoubleDragon, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, Tay, Anuruk Karoonyavanich, Yantoultra Ngui, Scott Murdoch, Sumeet Chatterjee, Miral Organizations: Nasdaq, REUTERS, U.S, IPOs, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America's, U.S ., Deloitte, International, DBS, Thomson Locations: New York City, U.S, Asia, SINGAPORE, SYDNEY, United States, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Indonesia, Southeast, Southeast Asia, China, Sydney

☆ VinFast’s Rise and Fall Burns Investors in Familiar SPAC Pattern
▼ + stars: | 2023-09-14 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

[1/2] Chairman and CEO of Vietnam's leading tech firm FPT Truong Gia Binh poses during an interview with Reuters at the company's headquarters in Hanoi, Vietnam September 11, 2023. REUTERS/Francesco Guarascio Acquire Licensing RightsHANOI, Sept 14 (Reuters) - Vietnam's leading tech firm FPT (FPT.HM) has orders for nearly 70 million chips through 2025 and is eyeing expansion in Artificial Intelligence (AI) and technical training, the company's chief said. It offers AI, cloud and big data services to clients in 29 countries and is also growing in chip designing and education. FPT sealed a partnership with U.S. firm Landing AI to boost its training capabilities, the company said. The new law was a "game-changer" because it created the conditions for foreign countries, "other than China", to expand, and U.S. pledges this week to boost Vietnam's chips sector further confirmed that, he said.

Persons: Gia Binh, Francesco Guarascio, FPT, Joe Biden's, Truong Gia Binh, Binh, Francesco Guarascio @fraguarascio, Phuong Nguyen, Lincoln Organizations: Reuters, REUTERS, Rights, Artificial Intelligence, U.S, Nvidia, Samsung, JPMorgan, Thomson Locations: Hanoi, Vietnam, Rights HANOI, Chi Minh City, Moscow, U.S, China, Taiwan, South Korea, Japan, Korean, United States

☆ EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
▼ + stars: | 2023-09-13 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Of that, up to $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year. Since its establishment in 2017, VinFast has announced numerous ambitious EV growth plans overseas. VinFast aims to establish its own distributors and may open show rooms in those locations, it said. VinFast is entering the American market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) were down 0.33% as of 0635 GMT.

Persons: Mike Blake, Pham Nhat Vuong, EVs, VinFast, Tesla, Phuong Nguyen, Christina Fincher Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, EV, Thomson Locations: Los Angeles , California, U.S, Indonesia, India, Malaysia, HANOI, Asia, VinFast, Indonesian, Southeast, Vietnamese, Haiphong, North Carolina, East, Africa, America, Europe

U.S. President Joe Biden attends a meeting with Vietnam's Communist Party General Secretary Nguyen Phu Trong, at the Communist Party of Vietnam Headquarters in Hanoi, Vietnam, September 10, 2023. Deals unveiled by the White House during the trip include Vietnam Airlines' purchase of 50 Boeing 737 Max jets, in an agreement that it said was worth $7.8 billion, in line with an earlier Reuters report. The White House also announced plans by Microsoft (MSFT.O) to make a "generative AI-based solution tailored for Vietnam and emerging markets." The White House also highlighted the number of chip-related investments by U.S. firms in Vietnam, including plans by Marvell and Synopsys (SNPS.O) to build chip design centres in the country. U.S. State Secretary Antony Blinken and Vietnam's investment minister Nguyen Chi Dung chaired the meeting, which was followed by discussions with Biden and Vietnam's Prime Minister Pham Minh Chinh.

Persons: Joe Biden, Nguyen Phu Trong, Evelyn Hockstein, Joe Biden's, MoMo, Biden, Vietnam's FPT, Antony Blinken, Nguyen Chi Dung, Pham Minh Chinh, Dung, Phuong Nyugen, Nandita Bose, Francesco Guarascio @fraguarascio, Edwina Gibbs Organizations: Vietnam's Communist Party General, Communist Party of, REUTERS, Rights, Google, Intel, Marvell, Boeing, Innovation, Investment, Nasdaq, Vietnam Airlines, White, Max, Microsoft, Nvidia, Intel's, Honeywell, State, Vietnam's, Thomson Locations: Communist Party of Vietnam, Hanoi, Vietnam, Rights HANOI, chipmaking, Washington, China, Taiwan, U.S, United States

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