According to reports, Vietnamese electric car manufacturer VinFast announced that it has applied for an initial public offering (IPO) in the United States and plans to list its common stock on Nasdaq. The transaction code is “VFS”.
To complete the IPO, the company will convert to a Singapore public limited company, which will be named VinFast Automotive Limited, and the number of shares to be issued and the price range have not yet been determined.
While the company has not specified the timing of the share offering, it has previously said that the IPO was initially scheduled to take place in the fourth quarter of this year. VinFast’s parent company, Vingroup Group, said in May that the IPO could be delayed until 2023 due to market uncertainty.
VinFast, which was founded in 2019, is betting big on the U.S. market to compete with traditional automakers and other electric vehicle startups with two all-electric SUVs and its battery rental business, which can lower vehicle prices.
