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Dec 07, 2022 / 15:56

VinFast files for US public listing

If approved, VinFast will become the second Vietnamese enterprise to list shares on the US stock market after Cavico's listing in 2009.

Electric vehicle maker VinFast Trading & Investment Pte. Ltd. on December 7 announced the company has filed for the initial public offering (IPO) on the New York Stock Exchange.

The front gate of the VinFast manufacturing plant in Vietnam's northern city of Haiphong. Photo courtesy of the company 

VinFast has not revealed how many and how much the shares will be offered at the IPO. If the deal is done, VinFast shares will be labeled as VFS on the Nasdaq Global Select Market. A draft IPO file was sent to the SEC in April, according to VinFast.   

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will underwrite the IPO for VinFast. BNP Paribas Securities Corp., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Nomura are book-runners of the deal.

The Vietnamese EV maker is now pending for the US Securities and Exchange Commission (SEC) to declare its IPO effective, thus restricting VinFast shares from trading until the declaration of the SEC, the company said.

“The pricing and scale of the IPO are subject to the equity market conditions,” VinFast Chief Executive Officer Le Thi Thu Thuy said in a statement on December 7. “VinFast will keep a close watch on the market developments for potential capital increases when the market gets familiar with VinFast and our brand,” she said.

“Once the IPO is successful, there will be opportunities for VinFast to raise capital from international investors and expand our influence on the global industry.”

In late November, the Vietnamese EV manufacturer exported the first 999 electric cars to the US market. VinFast announced they had received nearly 65,000 orders across the globe and expected to sell 750,000 electric cars in 2026.

VinFast electric vehicles are sold for at least $42,000 each in the US, excluding battery subscriptions. The company is reportedly planning to build a manufacturing plant in North Carolina State with an initial output capacity of 150,000 electric cars per year.