Vietnam carmaker VinFast files for US IPO to expand global footprint

Vietnamese electric vehicle maker VinFast has filed for an initial public offering (IPO) in the U.S. where it plans to build a manufacturing complex in North Carolina while promoting sales in the global market.

VinFast intends to list its ordinary shares on the Nasdaq Global Select Market under the symbol “VFS”, the EV startup announced Wednesday.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will act as lead book-running managers and as representatives of the underwriters for the proposed offering, VinFast said.

BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Nomura Securities International, Inc., WR Securities, LLC and RBC Capital Markets, LLC will also be book-running managers. Meanwhile, Robert W. Baird & Co. Incorporated will act as co-manager for the proposed IPO, the Vietnamese company added.

The firm announced on July 13 that it had signed agreements with Credit Suisse and Citigroup on underwriting advisory for global capital-raising transactions to fund its manufacturing facility in North Carolina. Each contract has a minimum value of about $2 billion, focusing on building the factory and other business investments in the U.S. market.

The facility will cover about 800 hectares at the Triangle Innovation Point Industrial Park, Chatham County, with three areas: one for manufacturing and assembling electric cars and electric buses; another for battery production for EVs; and a support industry area for suppliers.

After the first phase of the plant is completed, it will have a designed capacity of 150,000 vehicles a year with the first models being the 3-row VF 9 SUV and 3-row VF 8 SUV, according to VinFast.

The EV startup, dubbed Vietnam’s Tesla, on November 25 shipped its first batch of 999 electric cars to the U.S. The second shipment is set for January 2023.

It is also gearing up in France, Germany and the Netherlands in Europe. VinFast said Monday it has launched its first two stores in the continent, following its first showrooms in the U.S. and Canada. VinFast Cologne in Germany and VinFast Madeleine in France’s Paris are the first two stores to open in the European markets.

The company’s European retail network will include a presence in Berlin, Munich, Hamburg, Frankfurt, Oberhausen (Germany); Rennes, Montpellier, Metz (France); and Amsterdam, Den Haag, and Rotterdam (the Netherlands).