According to Reuters, one of Vietnam’s largest private corporates - Vingroup - is under negotiation with foreign investors, including the Qatar national investment fund and BlackRock, to raise up to $1 billion for VinFast. Vingroup has not commented yet.

Vingroup’s subsidiary Vinfast is breaking into the US car market with its VF e35 and VF e36 electric car models.

Previously, according to international media, VinFast planned to list on the US stock market, possibly through a Special Purpose Acquisition Company (SPAC). According to Reuters, VinFast is still pursuing this plan.

It is expected that VinFast can successfully raise capital as early as 2022.

International investors are interested in leading Vietnamese private corporations such as Vingroup, Masan, and Mobile World. These groups have attracted billions of USD in recent years from Korean and American investors.

Automobile manufacturing is a new business segment of Vingroup that has been successful in the domestic market.

Instead of focusing on real estate, Vingroup plans to shift to focus on technology, industry and services.

In 2017, VinFast started construction of an automobile factory with an expected capacity of up to 500,000 vehicles/year by 2025 in the northern port city of Hai Phong. This manufacturer aims to become one of the world's leading smart electric vehicle companies.

Over the past decade, real estate has been the most profitable business for Vingroup which became the largest private group in Vietnam and began to invest in other fields. If successful, Vinfast will be seen as a prestigious achievement in the field of industry and technology.

At present, Vinhomes - Vingroup's real estate management company - holds the top position in terms of profits on the Vietnamese stock market.

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