VinFast said it had filed for an initial public offering (IPO) in the United States after earlier announcing an initial agreement to build an electric vehicle plant in North Carolina.
The IPO is part of VinFast’s plans to build its first assembly plant in the US, which is estimated to cost US$4 billion.
It is hoped that Vinfast will raise around US$2 billion from this IPO, said a source familiar with the matter. Vinfast itself has not determined the size of the IPO and its price range.
“VinFast is moving forward with its plans but the timing of the IPO is very open,” the source said
“There needs to be time to complete the IPO and that could easily take several months.”
The IPO is planned in the second half of this year as an option to fund a planned plant in North Carolina and business expansion in the US.
Previously, Vinfast had signed an initial $2 billion investment deal to build an electric vehicle factory in North Carolina. The plant will be used to produce electric buses, SUVs and batteries for electric vehicles.
Vinfast targets global electric vehicle sales of 42,000 units this year.
VinFast hopes to compete with old automakers and start-ups through electric SUVs and battery rental models.
