Vingroup eyes $2 bln from VinFast IPO in US

By Dat Nguyen April 12, 2021 | 05:31 pm PT

A staff works on an SUV produced by VinFast at its factory in Hai Phong City, northern Vietnam. Photo by VnExpress/Ngoc Tuan.

Vietnam’s largest private company, Vingroup, is considering an initial public offering of shares in its auto subsidiary VinFast in the U.S. to raise around $2 billion.

The IPO could take place as soon as this quarter, and could raise up to $3 billion, Bloomberg reported, citing sources.

An issue worth $2 billion will make the IPO the biggest ever by a Vietnamese company. It will be the first Vietnamese company to list in the U.S.

Vietnam’s first fully-fledged automaker is seeking a valuation of at least $50 billion after listing.

VinFast began delivering its first cars in 2019, and plans to launch its self-driving electric cars this year.

It has acquired licenses to test autonomous vehicles in the U.S. and plans to sell it vehicles there.