Vietnamese EV-maker VinFast files IPO to go public on Nasdaq

Vietnamese electric maker VinFast has filed for an initial public offering in the United States, the firm said. The stock will be listed on the Nasdaq under the ticker “VFS.”

Founded in 2017, VinFast began operations in 2019 and will convert to a Singapore public limited company for the IPO. The number of shares offered and the price range of the offering are yet to be disclosed.

The EV startup has been pursuing the US market, most recently with a showcase of four SUVs presented at the LA Auto Show. Over the summer of 2022, VinFast received $1.2 billion in incentives to build a factory in North Carolina, where the EV maker hopes to begin building cars by July 2024. VinFast has even promised a $7,500 discount to potential US buyers that would hold out to buy an EV eligible for US EV tax breaks.

Originally slated for Q4 of 2022, no date was given for the IPO. It’s more likely we will observe the company go public sometime next year, given current market uncertainties due to the ongoing Russia-Ukraine war and the spiraling inflation.

Unlike other EV companies that chose to go public through a special purpose acquisition (SPAC) merger, VinFast has already begun manufacturing and shipping vehicles. The EV maker shipped its first batch of 999 vehicles to the US late last month.