Vietnamese Electric Car Builder VinFast to Wall Street

Vietnamese electric car maker VinFast has filed for an IPO in New York. There had been speculation that the company would go to Wall Street to help finance its global expansion.

 

VinFast is already building a factory in the US state of North Carolina.

It is reported that VinFast, founded in 2017, would like to raise 2 billion dollars (1.9 billion euros) with the IPO. The valuation should be around $60 billion. This would make it one of the first Vietnamese companies to be traded on Wall Street.

The Tesla competitor will be listed under the stock symbol VFS on the technology gauge Nasdaq. The IPO could take place in January.

The car manufacturer is part of the conglomerate Vingroup, founded by Vietnam’s richest man, Pham Nhat Vuong. VinFast already has a car factory in Vietnam and wants to start delivering cars in North America this year.

Within five to six years, the company aims to sell approximately 1 million cars per year worldwide. In addition, the North Carolina plant plans to build 150,000 vehicles annually. That factory should be ready in 2024.

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