According to the Australian Embassy in Vietnam, the money will be used for VinFast to manufacture public electric buses and Vietnam’s first national electric vehicle charging network, contributing to accelerating the energy transition towards lasting.
VinFast electric buses operate more and more efficiently in Vietnam – Photo: Provided by the Australian Embassy in Vietnam
“Through expert financing from the Australian Export Finance Organization (EFA) and the Australian Climate Finance Partnership (ACFPC), we will support VinFast in the production of public electric buses and help establish a network Vietnam’s first national electric vehicle charger”, the Australian Embassy announced on November 18.
This investment marks EFA’s second deal in the renewable energy sector in Vietnam. The first funding of 32 million USD is for three wind farms in Vietnam.
Australian Ambassador to Vietnam Andrew Goledzinowski emphasized the importance of partnerships in deals like this.
“This investment shows that Australian Government agencies are effectively working with agencies in the Vietnamese system to deliver strategic benefits to both Vietnam and Australia.
The Australian Government is ready to support Vietnam in all its energy needs so that Vietnam can succeed in its transition to the net zero emissions target,” said Mr. Goledzinowski.
VinFast’s electric vehicle charging station – Photo provided by the Australian Embassy in Vietnam
According to the Australian Embassy, the Australian Government will continue to look for opportunities to support sustainable infrastructure development in the region.
Mr. Goledzinowski said the investment demonstrates Australia’s commitment to addressing climate change issues through working with key regional partners, such as Vietnam.
“Australia sees its own challenges in transitioning to a net-zero emissions future. As we begin our domestic electric vehicle transition, we are also committed to working with our partners in Vietnam to help them make the transition,” said Ambassador Goledzinowski.
Australia is participating in the investment alongside the Asian Development Bank and other financial institutions. Part of Australia’s support is being provided through the ACFPC, which provides concessional financing to help pave the way for major private sector investments in the climate sector.
VinFast is a subsidiary specializing in transportation of Vingroup. After officially stopping the business of petrol cars, VinFast became a 100% electric car company with electric motorcycles and electric cars.