Vietnam’s Vinfast Revs up for US Market With $100 Million IPO

Vietnamese electric vehicle (EV) startup Vinfast is revving up for its debut in US public markets. 

Vinfast filed with the Securities and Exchange Commission (SEC) on December 6. It has not announced a date for the launch but plans to list on the Nasdaq under the ticker “VFS.”

Though it did not disclose specifics regarding total units or pricing, its filing fee schedule indicated Vinfast aims to raise $100 million through the initial public offering (IPO).

That may be a placeholder sum, though. Earlier reports by Bloomberg estimated the company's IPO could raise $2 billion after an initial confidential filing with the SEC in April.

Founded in 2017 by Vietnam's richest man and first billionaire – Pham Nhat Vuon – Vinfast is based in Hai Phong City, a major coastal city in the country's northeast.

Vingroup is one of the country's largest conglomerates, owning numerous businesses that cover real estate, education, and consumer tech, including Vsmart – one of Vietnam's leading smartphone brands.

Earlier this year, Vingroup, and two of its publicly-traded subsidiaries, together made up almost 30% of the value of Vietnam's stock exchange. The group's revenue alone generates roughly 2% of the country's GDP.

Until now, Vinfast has predominantly been a domestic brand in its home market. Though Vinfast's vehicles are currently produced in Haiphong, the company recently broke ground at a $2 billion factory site in North Carolina and will have at least 150,000 cars rolling off the assembly line there from July 2024 onwards .

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