Bloomberg: VinFast will IPO in the US in January 2023 at the earliest, can raise 1 billion USD

An unnamed Bloomberg source said VinFast could raise at least $1 billion from this IPO.

According to Bloomberg news, electric car company VinFast is considering an initial public offering (IPO) in the US in January 2023 at the earliest.

Bloomberg’s unnamed source shows that the brand can raise at least $ 1 billion from this IPO, but the specific situation will depend on interest rates.

Currently, VinFast is negotiating with investors as well as considering factors such as the market situation to determine a specific IPO time. Previously, in April 2022, VinFast applied for an IPO in the US.

However, Bloomberg sources revealed that the time of this IPO may still change. Currently, representatives of VinFast refuse to comment on the above information.

In September 2022, VinFast CFO David Mansfield once said that the company is considering an IPO in the US in 2023. This electric car company has prepared enough $ 1.2 billion to invest in building an electric vehicle factory in North Carolina. This facility is expected to start operating from 2024.

In addition, VinFast also expanded its cooperation with Chinese battery maker Contemporary Amperex Technology last month to produce more components including car chassis.

In July 2022, VinFast announced that it had signed an agreement with banks to raise capital at least 4 billion USD for a plan to expand production in the US. The company also said it had 73,000 orders for electric vehicle products from customers around the globe.

Bloomberg’s data shows that Chairman Pham Nhat Vuong of Vingroup, the company that owns the VinFast brand, has total assets of about $4.2 billion.