Exhibit 10.18
8 September 2023
FINANCIAL SUPPORT LETTER
To: VinFast Auto Ltd.
Address: 61 Robinson Road, #6-01, 61 Robinson, Singapore (068893)
Attention: Mrs. Le Thi Thu Thuy – Managing Director
Copy: Ernst & Young Vietnam Ltd.
Address: 8th Floor, CornerStone Building, 16 Phan Chu Trinh, Hoan Kiem District, Hanoi, Vietnam
Attention: Mr. Anthony Le Duong – Deputy General Director
Dear Mrs. Le Thi Thu Thuy,
By virtue of the financial support letter (“Support Letter”), in connection with the review of the interim consolidated financial statements (“the interim consolidated financial statements“) of VinFast Auto Ltd. (“the Company”) for the three and six months period ended 30 June 2023 prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), Vingroup Joint Stock Company (“the Group”), the parent company of the Company, hereby confirms that the Group will and has the ability to provide financial support for the Company and its subsidiaries, and also will not recall any existing amounts owing to the Group and other subsidiaries of the Group (including trade payables, borrowings and interest payables, financial liabilities in respect of dividend preferred shares and other payables) if the balances are overdue (“Financial Support”). This commitment is to ensure that the Company and its subsidiaries have the ability to operate going concern as defined in Accounting Standards Codification 205-40 and to meet their liabilities as and when they fall due during the next 12 months period from the issuance date of the Company’s interim consolidated financial statements for the three and six months period ended 30 June 2023 (“the Issuance Date of the Interim Consolidated Financial Statements”). Following the foregoing commitment, upon each specific request to support of the Company and its subsidiaries, the Group will or require its subsidiaries to carry out necessary procedures to facilitate such Financial Support.
The Support Letter is intended to benefit the Company and its subsidiaries only and shall be valid from the Issuance Date of the Interim Consolidated Financial Statements through and including the earliest to occur of (i) the date on which the Company and its subsidiaries obtain adequate third-party funding required to satisfy the above capital necessity or (ii) the date on which the Group ceases to control the Company but, in all cases, no sooner than the date falling 12 months after the Issuance Date of the Interim Consolidated Financial Statements.