Founder of Ukrainian instant noodle giant invests $2.5 bn in global expansion of EV market

Vietnamese entrepreneur Pham Nhat Vuong is investing $2.5 billion in the global expansion of the electric vehicle market, Bloomberg writes.

Vietnam's first billionaire, who in 1992 founded the company Technocom in Ukraine and started producing instant noodle under the brand "Mivina", is now the richest person in Vietnam. He owns the Vingroup conglomerate, which includes the VinFast automobile company.

According to Bloomberg, VinFast is considering going public in the United States. But before that, Vuong and Vingroup decided to invest $2.5 billion into it themselves in the form of additional capital and loans, $1 billion of which is the billionaire's own money.

This will accelerate VinFast's development so that it can "quickly achieve its growth goals on a global scale."

VinFast plans to build a factory in the American state of North Carolina in a few years and is already starting to export cars to the United States, Canada and Europe.

In 2022, the Vietnamese manufacturer sold 7,400 electric vehicles, and its annual production capacity is 250,000 vehicles. The company plans to begin production of electric vehicles in North Carolina in 2025.