Vietnam’s EV Maker VinFast Announces IPO Filing, Eyeing Expansion in US Market

A VinFast factory is seen in Hai Phong city, Vietnam, on Sept. 25, 2018. (Kham/Reuters)

Vietnamese automaker VinFast said Tuesday that it had filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO), with a goal of expanding into the United States.

VinFast said it intends to list its ordinary shares on the Nasdaq Stock Market under the symbol VFS, but the number of shares to be offered and the price range for the proposed offering had not yet been determined.

“A registration statement relating to these securities has been filed with the SEC but has not yet become effective,” the company said in a statement.

It stated that Citigroup Global Markets, Morgan Stanley, Credit Suisse Securities, and J.P. Morgan Securities will act as lead book-running managers and as representatives for the proposed offering.

VinFast, which began operations in 2019, will become the first company from Vietnam to be listed in the United States if the filing is successful.

The automaker is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs—the VF8 and VF9—including battery leasing to reduce the purchase price.

The IPO filing came just a week after VinFast exported its first batch of smart electric vehicles, including its 999 VF 8s, to the United States on Nov. 25. The cars are expected to arrive by the end of December.

The company had said the IPO was just one option to raise funds. In July, it arranged with banks to raise at least $4 billion to build its planned electric vehicle factory in North Carolina and fund its U.S. expansion.

President Joe Biden said in March that VinFast’s announcement to build an electric vehicle and battery factory in North Carolina, which will create more than 7,000 jobs, was “the latest example of my economic strategy at work.”

Shares in VinFast’s listed parent company, Vingroup—which also has property and resort development businesses—were up 5.1 percent early on Wednesday following the IPO announcement.

Reuters contributed to this report.