VinFast, a new car maker owned by Vietnam’s richest man, goes public in the United States and plans to raise $2 billion

According to Reuters, Vietnam ‘s leading electric vehicle company VinFast has recently submitted IPO listing materials to the U.S. Securities and Exchange Commission (SEC). A person familiar with the matter said that the company plans to raise about 2 billion US dollars. If the listing is successful, this will also become a The largest IPO of a Vietnamese company ever, VinFast will be one of the few Vietnamese companies to list in the US.

Founded in 2017, VinFast mainly produces fuel vehicles and electric vehicles. It is also the first independent car brand in Vietnam. Its electric vehicle products include electric scooters, electric buses, electric vehicles and charging station systems. In December 2021, VinFast delivered its first batch of electric vehicles to domestic users in Vietnam. According to reports, by 2026, VinFast’s annual production capacity is expected to reach 950,000 vehicles.

VinFast’s parent company, Vingroup JSC, is one of the largest private companies in Vietnam. Its core business is real estate. Its chairman is Vietnam’s richest man, Pham Nhat Vuong. Bloomberg analysts believe that VinFast’s listing is expected to push Vingroup’s market value to $26 billion.

At the end of March, VinFast just announced plans to build its first U.S. factory. VinFast said it will invest $4 billion to build a 1,976-acre factory in North Carolina. The first phase will have an annual production capacity of 150,000 vehicles and is expected to be completed by July 2024.

VinFast has pledged to create 7,500 jobs at its new North Carolina plant, which will build the battery-powered VF8 and VF9 SUVs. The company has said it will begin construction of the plant once it has a permit, aiming to start production in 2024. The company plans to start exporting the two electric vehicles to the U.S. from its existing plant in Vietnam later this year.

To advance its plant construction plan, VinFast is seeking financial support from the US government, hoping to borrow from the US government’s Advanced Technology Vehicle Manufacturing (AVTM) loan program. It is reported that the fund is managed by the US Department of Energy and has a loan line of nearly 18 billion US dollars.

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