The electric car manufacturer Vinfast wants to be the first Vietnamese company in the United States dare to step onto the floor. The company, which belongs to Vietnam’s largest conglomerate Vingroup, announced on Wednesday that it had applied for listing on the Nasdaq technology exchange with the ticker symbol “VFS”. With the IPO, the necessary capital for the construction of a plant in the US state of North Carolina should be flushed into the coffers. Vinfast had valued the investments in April at two billion dollars.
Vinfast is one of a whole series of young car companies from Asia that are currently growing strongly and are also preparing to make the leap to Europe. Many of the newcomers come from China like Nio, XPeng or BYD.
Well-known major banks accompany IPO
The Vietnamese have not yet given any details about the IPO. “The valuation or size of our IPO will depend in part on market conditions,” said Vinfast CEO Le Thi Thu Thuy (47). The listing will be celebrated once the US Securities and Exchange Commission has accepted the registration and market conditions are right, he added. A consortium led by the banks accompanies the IPO Citigroup, MorganStanley, CreditSuisse and JP Morgan.
Vinfast was only founded in 2017. The newcomer wants to score in the USA with its all-electric SUV models VF8 and VF9. The company relies on battery leasing to make e-cars more affordable. According to their own information, there are almost 65,000 orders worldwide. By 2026, 750,000 electric vehicles will be sold annually.
In Europe, the main focus of its expansion Germany. In this country, the newcomer planned to open 25 stores in the end. Overall, company boss Le Thi Thu Thuy wants to operate at least 50 stores in Europe. VinFast is also considering a production facility for Europe; the German sites in Eisenach and Pasewalk are under discussion.