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The fundraising exercise comes as VinFast, Vingroup's automobile arm, is betting big on the U.S. market, where it hopes that its electric SUVs and a battery leasing model will be enough to woo consumers away from the likes of Tesla and General Motors.

Vingroup Tapping Global Investors For Car Unit's $1 Billion Funding: Report

The battery plant, Vietnam's first EV battery project is located in central province of Ha Tinh, on a 8-hectare (20 acre) plot.

Vietnam Car Company Vingroup Starts Work On $174 Million EV Battery Plant

Vietnam's largest conglomerate Vingroup is in talks with investors, including Qatar's sovereign fund and BlackRock, to raise about $1 billion in equity for its car unit, three sources aware of the matter said.

Vingroup Tapping Global Investors For Car Unit's $1 Billion Funding: Report

Vingroup's electric vehicle arm is betting big on the U.S. market with its VinFast line of cars and hoping that electric SUVs and a battery leasing model will be enough to woo consumers away from homegrown market leaders like Tesla and General Motors.

Vietnam's EV Maker VinFast Aims To Take On Tesla In The US Market

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