The official website of VinFast has posted information that VinFast Trading & Investment Pte. Ltd., a Singapore-based subsidiary of Vingroup, has submitted a draft preliminary IPO application form F-1 to the US Securities and Exchange Commission (SEC).

The size of the issuance and the offering price have yet to be determined. The initial public offering (IPO) is expected to take place after the SEC completes its review process, and also depends on the market and other conditions.

Previously, VinFast announced the signing of a memorandum of understanding on the construction of VinFast's first plant in the North American market. The project with investment of up to $2 billion in phase 1 will create jobs for thousands of local workers.

VinFast's factory will be located in the Triangle Innovation Point industrial park, Chatham County, on an area of ​​about 800 hectares. It will include three main areas: production and assembly area for electric cars and electric buses; battery production area for electric vehicle products and ancillary industry area for suppliers.

Phase 1 of the plant will be implemented in 2022 after the investor receives the construction permit and it is expected to be operational in July 2024. The capacity of phase 1 is 150,000 vehicles/year.

According to the memorandum of understanding, VinFast will invest in the factory in various phases. The first models to be manufactured at the factory include the VF 9 - a 7-seat large SUV and the VF 8 - a 5-seat mid-size SUV.

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