On September 10, 2023, as part of President Joe Biden’s official visit to Vietnam, Mr. Scott Nathan, the Chief Executive Officer of the United States International Development Finance Corporation (DFC), led a delegation to visit Selex Motors’ electric motorcycle assembly plant in Yen Vien, Gia Lam District, Hanoi.

During the factory tour, Selex Motors‘ CEO – Nguyen Huu Phuoc Nguyen, took pride in introducing the DFC delegation to the company’s developmental journey, manufacturing processes, and the strengths of the Selex electric mobility ecosystem. 

>>> Read more about electric mobility ecosystem here.

Mr. Scott Nathan expressed deep admiration for Selex Motors’ products and its in-house research and development capabilities. The DFC leadership affirmed that Selex Motors’ strategic focus on clean energy transition was well-founded. They also commended the company’s founders for their visionary approach in pioneering sustainable, intelligent, and environmentally-friendly electric transportation. 

DFC, which stands for the United States International Development Finance Corporation, is a U.S. government-backed financial institution founded in 2019 through the United States International Development Finance Corporation Act. Its central objective is to facilitate the flow of private sector resources into developing regions. DFC is tasked with the mission of advancing U.S. foreign policy goals and fostering private sector investments in emerging economies.

Prior to this, in July 2023, U.S. Secretary of the Treasury Janet Yellen had a noteworthy visit to the Selex Motors facility. 

During her visit, she shared that the United States is committed to investing in Vietnam through the Just Energy Transition Partnership offering $15 billion in support to accelerate Vietnam’s transition to clean energy. It’s important to note that within the forthcoming comprehensive cooperation strategy between the United States and Vietnam, energy transition, green economy initiatives, and industrial development will be key areas of focus for both nations.

Therefore, Selex Motors’ selection as a visit destination in Vietnam for the DFC underscores the alignment of its potential with the broader trend of comprehensive sustainable development in the United States.

DFC’s leadership expressed their strong commitment to prioritize collaboration with Vietnam. Currently, DFC boasts a substantial capital pool of $60 billion, available for investment in various forms. Importantly, this funding isn’t limited exclusively to U.S. enterprises but extends its reach to Vietnamese companies, particularly within the realms of energy, healthcare, and infrastructure.

During the visit, both parties engaged in discussions regarding Selex Motors’ forthcoming development plans. Mr. Scott Nathan underscored the electric transportation sector as one of DFC’s top development priorities and expressed a keen interest in DFC exploring and participating in Selex Motors’ upcoming investment initiatives.

Reflecting on Selex Motors, Mr. Nguyen conveyed, “The visit by the United States International Development Finance Corporation is a source of great pride for Selex Motors and myself personally. President Joe Biden’s visit promises to unlock unprecedented opportunities for Vietnam, enabling us to achieve breakthroughs in development quality and assume a more pivotal role in the new global supply chain. This is particularly relevant in high-tech domains such as semiconductors and electric vehicles. 

Selex Motors is enthusiastic about the attention received from DFC and eagerly anticipates concrete collaborations in the near future. With the invaluable support of esteemed international partners like DFC, we are poised to leverage our domestic resources and capabilities to propel Selex Motors into a globally recognized entity in the electric vehicle and green energy sectors. Furthermore, we are committed to fostering the growth of the domestic supply chain, positioning Vietnam as a dependable and strategic partner for American and global companies operating in these promising fields.”

Selex Motors was founded in June 2018 based on the vision of Mr. Nguyen Huu Phuoc Nguyen, Mr. Nguyen Trong Hai, and Mr. Nguyen Dinh Quang. Notably, both Mr. Phuoc Nguyen and Mr. Trong Hai hold Ph.D. degrees in Mechanical Engineering from the University of Michigan – Ann Arbor (USA).

The company embarked on its entrepreneurial journey in the electric vehicle sector, building an ecosystem that spans from electric motorcycle production, batteries, battery swapping stations, to critical vehicle components such as motor control, energy management systems, and displays. Selex Motors holds 10 patents, has crafted 5 industrial design concepts, and registered 4 trademarks for protection.

Currently, Selex Motors focuses on manufacturing electric vehicles for logistics services, catering to major clients such as Lazada Logistics, Gojek, GrabExpress, Standard Express …. One of Selex Motors’ strengths lies in establishing a network of battery swapping stations, akin to “ATMs for electric vehicles.” The company is the first to implement this model in Vietnam. Presently, the company has deployed nearly 70 automated battery swapping points in Hanoi, Hue, and Ho Chi Minh City. Selex Motors aims to install 100 battery swapping stations in Ho Chi Minh City this year.

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