Just last month, an official said the listing might take place in the next few years, as the company joins a growing list of electric vehicle startups leveraging investor excitement to raise funds.
In Saturday’s statement, Vingroup said it had set up a holding company in Singapore that has a stake in VinFast’s Vietnam operations to push forward the IPO process.
“The new company, Singapore’s VinFast, is a step towards turning VinFast into a global company and preparing for a US IPO,” the company said in a statement. Vingroup will be the major shareholder of VinFast Singapore.
On Thursday, Reuters exclusively reported Vingroup was seeking $1 billion from global investors for VinFast in a pre-IPO fundraising.
VinFast became the country’s first fully fledged domestic automaker when a gasoline-powered model built under its own brand was launched on the roads in 2019.
VinFast is betting big on the US market, where it hopes its electric SUV and battery rental model will be enough to entice consumers from Tesla and General Motors.
In a separate statement to Reuters, Vingroup said it was targeting global electric vehicle sales of 42,000 units next year, up from a previous plan of 15,000 units.