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Vingroup plans to IPO in the US for the VinFast brand by the end of 2022

HANOI – Vingroup JSC, Vietnam’s largest conglomerate, said on Saturday it was planning to list its car unit in the US. stock market in the second half of next year, in an offering expected to raise at least $3 billion.

Just last month, an official said the listing could happen within the next few years, as the company joins the growing list. tram Startups capitalize on investor excitement to raise funds.

VinFast, the auto manufacturing arm of Vingroup, announced in April that it was looking for an IPO scheduled for the second quarter of this year, keep an eye on the $60 billion valuation with the hope of raising at least $3 billion.

In a statement on Saturday, Vingroup said it has established a Singapore-based parent company that will own shares in Vinfast’s Vietnam operations to accelerate the IPO process.

“The new company, VinFast Singapore, is a step towards turning VinFast into a global company and preparing for an IPO in the US,” the company said in the statement. “Vingroup will be a major shareholder of VinFast Singapore.”

On Thursday, Reuters reported exclusively that Vingroup is looking for USDfirst billion from global investors for VinFast in pre-IPO fundraising. read more

VinFast became the country’s first official domestic carmaker when gasoline-powered models produced under their own badge hit the market in 2019.

VinFast is betting big on the US market, where they hope that electric SUVs and battery rental models will be enough to entice consumers away from things like Tesla and Synthetic engine.

In a separate statement to Reuters, Vingroup said it is targeting global sales of electric vehicles of 42,000 units next year, up from a previous plan of 15,000 units.

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