Vietnamese electric car maker VinFast files for US IPO

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Vietnamese electric car maker VinFast files for US IPO

On Tuesday, VinFast announced that it has filed for an initial public offering in the United States and plans to list its ordinary shares on the Nasdaq under the ticker VFS For the IPO, the company said it will be known as VinFast Auto Ltd, while the number of shares to be offered and the price range for the proposed offering have not yet been determined.

The IPO was scheduled for the fourth quarter of this year, although there was no time frame for the offering.

The IPO might be delayed until 2023 due to market uncertainty, according to the parent company, Vingroup conglomerate.

VinFast, which started operations in 2019, wants to compete with legacy automakers and startups with its two all-electric SUVs and a battery leasing model that will reduce the vehicle purchase price.

In April, VinFast's Singapore-based holding company filed for a confidential IPO with US securities regulators as it prepared for a $4 billion investment to build a factory in the United States.

In late November, the company shipped its first batch of 999 vehicles to the United States, capping a five-year bid to develop an auto production hub in Vietnam for markets in North America and Europe.