VinFast Auto Ltd (Nasdaq: VFS) announced on October 20 the signing of an agreement with the YA II PN Fund (Yorkville) regarding the purchase of VFS shares. The Vietnamese car-maker has the right to issue up to $1 billion in VFS common stock to Yorkville at any time, subject to the terms and conditions of the agreement.

“This new capital source provides us with the flexibility and initiative to access funding to continue expanding our global business operations while improving the liquidity of the company’s stock,” said Mr. David Mansfield, Chief Financial Officer of VinFast. “We will continue to evaluate optimal capital sources from the international capital market to support VinFast’s development process.”

“VinFast is truly a leading company in the electric vehicle industry,” said Mr. Mark Angelo, Founder and Chairman of Yorkville. “Yorkville is very excited to be part of VinFast’s development and growth. We look forward to witnessing its continuous success in the electric vehicle market and we are proud to accompany it on its mission for a greener future.”

Previously, at the end of April, Mr. Pham Nhat Vuong, founder of Vingroup, VinFast’s parent company, announced a donation of up to VND24 trillion ($1 billion) to VinFast from his personal assets. Vingroup has also announced non-refundable sponsorship of up to VND12 trillion ($500 million) and provided a loan of up to VND24 trillion ($1 billion) to increase resources for VinFast’s global growth targets.

Yorkville Advisors is a US-based investment management fund with over 20 years of experience investing in listed companies. Its investment criteria focus on management teams, fundamental business factors, and securities trading indicators.