Vietnam's largest automaker VinFast Auto (VFS.US) has secured a $150 million loan from Barclays PLC to accelerate its competitive expansion in the global electric vehicle market. The three-year facility was obtained by VinFast Auto Pte., the company's Singapore subsidiary, with the transaction nearing completion. A VinFast Auto spokesperson indicated that the funding will support the company's working capital requirements.

Despite facing intense competition and various challenges in the electric vehicle sector, VinFast Auto has been actively utilizing debt markets and increasingly pursuing overseas expansion opportunities. The company launched its first electric vehicles in India this month, officially entering the world's third-largest automotive market and competing directly with Tesla (TSLA.US), Tata Motors Ltd., and other manufacturers.

Additionally, VinFast Auto Chairman Le Thi Thu announced last week that the company will soon reveal a $200 million loan facility from Indian state-owned banks. The automaker previously raised $510 million through private credit financing in July and secured a 1.84 trillion Indonesian rupiah (approximately $112 million) syndicated loan in April for an Indonesian factory project.

VinFast Auto founder Pham Nhat Vuong told shareholders earlier this year that the company is prioritizing Asian market expansion over North American and European regions as part of its global growth strategy. Beyond introducing new vehicle models in India, the company opened its first overseas manufacturing facility in Tamil Nadu, India last month, with an initial annual production capacity of 50,000 vehicles. The company also expects to commence operations at an Indonesian factory by October.