HANOI: Vietnamese electric car maker VinFast has reached a non-binding agreement with a consortium of Emirati investors to receive at least $1 billion in financing, according to a person with direct knowledge of the deal.

The source told Reuters there was no clear timetable for a possible disbursement from the group, led by Emirates Driving Company, a driver education service provider in Abu Dhabi.

Emirates Driving Company did not immediately respond to an email seeking confirmation and Vingroup, VinFast’s parent company, declined to comment.

Earlier this week, Vietnam signed a Comprehensive Economic Partnership Agreement with the United Arab Emirates, its first free trade agreement with a Middle Eastern country.