Vietnamese car manufacturer VinFast is exploring the possibility of an IPO in the U.S. that could value the company at upwards of $60 billion.
VinFast is owned by Vingroup JSC, Vietnam’s largest conglomerate, and is currently working with Credit Suisse Hong Kong for an offering on the New York Stock Exchange. It is speculated the company could raise as much as $3 billion in its IPO which would make it the biggest-ever listing by a Vietnamese company in the U.S, easily exceeding the $1.4 billion raised by Vinhomes JSC in 2018.
While Vingroup has declined to comment on the reports, a source claims that the listing could take place as soon as this quarter.
VinFast started producing vehicles in Vietnam back in 2019 and it was recently revealed that the company was in discussions with Foxconn about partnering in electric vehicles. Reuters notes that VinFast sold approximately 30,000 vehicles last year and is forecasting sales exceeding 45,000 this year. It plans to start delivering its first electric vehicles built at its factory in the city of Hai Phong by December this year.
Read Also: VinFast Shows Off Three New EVs, Plans To Come To The US In 2022
Bloomberg states that details of VinFast’s IPO, such as its size and timeline, could change as deliberations continue.
If VinFast is to IPO in the U.S., it will become just the latest car manufacturer to do so over the past 12 months. In fact, the likes of Xpeng, Lucid, and Lordstown have all been listed publicly in recent months, as has Lucid Motors. Fellow EV startup Rivian may also be listed publicly this year.
