According to Bloomberg, VinFast, a subsidiary of Vingroup, is planning an IPO in the US, slated for January at the earliest to seek  capital of $1 billion or more, depending on interest rates.

The discussions are ongoing, including the time, which still may change. Meanwhile, representatives of VinFast declined to comment.

According to Bloomberg newswire, VinFast has conducted negotiations with potential investors and will consider factors, including market conditions to set the time for the IPO.

VinFast Trading & Investment Pte Ltd, a subsidiary of Vingroup headquartered in Singapore, filed for an IPO with the SEC (US Securities and Exchange Commission) in April 2022, after VinFast announced a plan to spend $4 billion to build the first factory complex in the US.

Chief Financial Officer David Mansfield last September said VinFast was considering an IPO at a "certain time in 2023".

VinFast has secured $1.2 billion for its electric vehicle manufacturing factory in North Carolina, which is expected to become operational in 2024. Last month, VinFast agreed to expand cooperation with the Chinese battery manufacturer Contemporary Amperex Technology Co. Ltd.

In July, VinFast said the enterprise signed agreements with banks to mobilize at least $4 billion for the plan to expand operation in the US. It has had about 73,000 orders internationally for electric vehicles.

Pham Nhat Vuong, president of Vingroup, saw his stock assets increase from $3.8 billion on November 11 to $4.7 billion on November 17. He ranks 576th among the world’s richest billionaires, thanks to the sharp stock price rise.

Vuong might join the group of 40 richest billionaires in the world if the VinFast IPO and listing in the US succeed.

It is estimated that if VinFast succeeds in its IPO in the US with the valuation of $60 billion as expected, Vuong would have $26 billion more. If so, Vuong’s assets would be over $30 billion.

Manh Ha