Asia Tech Wire (Oct 29) -- Vietnamese electric vehicle maker VinFast will receive investment from the UAE.

VinFast said Tuesday that it has signed a memorandum of understanding with Emirates Driving Company (EDC), which will lead a consortium to invest in VinFast.

Under the MoU, EDC will also provide VinFast with expertise in driver training and road safety, as well as develop the EV ecosystem.

Founded in 2000, EDC is a drivers training and road safety institute in Abu Dhabi.

Although VinFast did not disclose the amount of the investment, Vietnamese media outlet Thanh Niên reported that the UAE investment will be at least $1 billion.