Vietnam EV maker VinFast "confidentially" files for US IPO

Asian Tech Press (Apr. 7) -- Vietnamese automaker VinFast announced on Thursday it has "confidentially" filed for an initial public offering in the U.S.

A listing comes as VinFast plans to build its first North American manufacturing plant in North Carolina, which could become operational in 2024. And the company intends to invest up to $2 billion in the project's phase 1.

Vingroup JSC (VIC), owned by Vietnam's richest man Pham Nhat Vuong, said in a statement that its electric vehicle unit VinFast has submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission (SEC).

Singapore-incorporated VinFast described the submission as "confidential", and added, "The size and price range for the proposed offering have yet to be determined."

No concrete timing for the U.S. IPO has been set, and the EV maker has indicated that it maybe take place after the SEC completes its review process.

Since news of the IPO spread last year, there have been reports that VinFast plans to raise about $2 billion in a U.S. IPO.

You must be login to post a comment.