Tesla’s Vietnam Rival Weighs US IPO Launch in Second Quarter
- VinFast filed for a US IPO last month amid global expansion
- EV maker to deliver its first vehicles to US customers soon
VinFast LLC's VF8 electric vehicles bound for shipment at a port in Haiphong, Vietnam, on Friday, Nov. 25, 2022.
Photographer: Linh Pham/BloombergThis article is for subscribers only.
VinFast, an electric vehicle maker backed by Vietnam’s richest man, is considering launching its US initial public offering as soon as the second quarter this year, according to people familiar with the matter.
The unit of conglomerate Vingroup JSC, founded by Pham Nhat Vuong, has been working with banks including JPMorgan Chase & Co. and Citigroup Inc. on its listing plans, according to a filing in December. VinFast could raise at least $1 billion but it could also be more depending on interest, Bloomberg News reported in November.