According to a report by Reuters, Vingroup is planning to list its car business unit – VinFast – on the United States stock market in the second half of next year. An initial public offering (IPO), which is something other carmakers are looking into in order to raise funds, is expected to generate at least USD3 billion (around RM12.67 billion) for VinFast.
This isn’t the first time that an IPO was touted for VinFast, as back in April, its holding company said it was seeking a listing for this year, although the latest announcement has pushed has pushed this to 2022. At the time, the company was looking to raise the amount mentioned at the start, along with a valuation of around USD50-60 billion (RM211.2-253.4 billion).
In a statement released on Saturday, Vingroup said it had set up a Singapore-based holding company that owns a stake in VinFast’s operations in Vietnam to fuel the IPO process. “The new company, VinFast Singapore, is a step to turn VinFast into a global company and prepare for its US IPO. Vingroup will be a major shareholder of VinFast Singapore,” read the statement.
Since its inception in 2017, VinFast has been rapidly expanding beyond just internal combustion engine cars to electric vehicles. Last month, the company formally announced its entry into the US with two SUV models – the VF e35 and e36 – together with plans to establish its US headquarters in Los Angeles, California. Vingroup also told Reuters that it was aiming for global EV sales to be 42,000 units next year instead of the previous target of 15,000 units.
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How many cars has Vinfast sell?