VinFast, a luxury EV manufacturer from Vietnam, files to go public on Nasdaq

VinFast, a manufacturer of electric vehicles based in Vietnam, said on Tuesday that it has filed for an IPO in the United States. Trading for VFS shares will take place on the Nasdaq under the symbol “VFS.”

In preparation for its initial public offering (IPO), Singapore-based VinFast, which was established in 2017 but just began operating in 2019, will change its legal structure to that of a public limited company. Unknown at this time are the offering’s price range and the total number of shares that will be sold.

The electric vehicle (EV) company has been actively courting the American market, most recently showcasing four SUVs at the Los Angeles Auto Show. VinFast obtained 1.2 billion in subsidies during the summer to construct a facility in North Carolina, where it plans to begin manufacturing automobiles by July 2024. If a prospective U.S. customer waits to purchase an electric vehicle that is qualified for U.S. EV tax incentives, VinFast will give them a 7,500 discount.

The IPO, which had been expected to occur in the fourth quarter of this year, has not yet been scheduled. Given the volatility of the market at the moment, an IPO by the firm is more likely to occur in the next year.

VinFast has began building and shipping vehicles, unlike many EV businesses who have decided to go public through a special purpose purchase merger. Late last month, the company sent the first of its 999 automobiles to the United States.