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VinFast Goes Fast to File For an IPO in The United States!
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- VinFast has begun construction on a facility in North Carolina.
- VinFast intends to begin delivering vehicles in the United States this year.
VinFast has filed for an Initial Public Offering (IPO) in the United States on a secret basis, as the Vietnamese electric car manufacturer begins construction on a facility in North Carolina.
Per a statement published on Thursday, Vingroup JSC’s unit has registered with the Securities & Exchange Board. The scale of the offering has yet to be determined, according to the business.
According to a December announcement, Vietnam’s largest automaker has been engaging with consultants on a U.S. listing in the second quarter of this year. According to the news, the share sale may raise up to $2 billion.
According to statistics, VinFast’s IPO at $2 billion would be the largest ever from a Vietnamese firm, surpassing Vinhomes JSC’s IPO of $1.4 billion in 2018. If the automaker succeeds, it will be one of the rare Vietnamese firms to be listed in the United States.
An offering comes as VinFast intends to build an electric vehicle manufacturing in North Carolina, which might be operating by 2024. The facility is the very first stage of a proposed complex in the United States, with an investment amount of up to $6 billion.
The President of the United States, Joe Biden, has posted a White House statement regarding VinFast’s North Carolina ambitions, which he described as 4 billion dollars that will generate more than 7,000 jobs.
VinFast plans to begin automobile deliveries in the United States, Canada, France, Germany, and the Netherlands in early 2022. The VF8 and VF9 electrified SUVs will cost between $41,000 and $61,000. In December, VinFast began domestic delivery of its first electric vehicles.
Separately, News reported last month that the electric vehicle manufacturer is considering a $500 million to $1 billion capital round ahead of its IPO in the United States.