WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Corporate News
VinFast files for US public listing
Son Nguyen - Nam Trung 15:56, 2022/12/07
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.

RELATED NEWS
TAG: Hanoi Vietnam Vinfast IPO US Securities and Exchange Commission SEC Nasdaq public listing stock market
Other news
20:06, 2024/10/01
EU, ASEAN discuss more investment in green transition
The EU’s Global Gateway has the ambition to mobilize EUR300 billion (US$332 billion) worldwide, building on commitments from all Team Europe partners – the European Union, its member states, and finance institutions- and from the private sector.
12:06, 2024/09/30
How FPT Software applies lessons from the global technology legend
FPT Software continuously enhances its standards through collaboration with leading organizations worldwide to apply the most modern international standards.
05:39, 2024/09/22
Vietnam businesses capable of providing services for global audiences
Hoa Binh Group aims to be among the top 10 MICE companies in Southeast Asia and the top 50 in Asia.
17:59, 2024/09/17
FPT featured in Discovery Channel Documentary Spotlighting Vietnam’s Tech Revolution
The half-hour documentary explores Vietnam's rise as Southeast Asia's fastest-growing digital economy, highlighting its evolution, current successes, and potential to become a global workforce leader.
17:11, 2024/08/02
Vietnam Airlines to partner with Hong Kong International Airport
Vietnam Airlines operates seven round trips per week between Hanoi and Hong Kong.
16:56, 2024/08/02
Vietnamese, Indian firms team up to bring stem cell technology to Vietnam
Stem cell technology from India will soon be imported into Vietnam.