By Michael Elkins
VinFast, the Vietnamese electric car maker, is looking to conduct an initial public offering in the US “sometime in 2023” according to the company’s chief financial officer, David Mansfield.
“We continue to work on it,” Mansfield said at a press conference at the company’s plant in Haiphong, Vietnam. Mansfield added that market conditions in 2022 do not provide “good opportunities” for an IPO.
VinFast, the EV division of the Vietnamese conglomerate Vingroup JSC, said in April that it had secretly filed for an initial public offering in the United States. Bloomberg previously reported that the stock sale could generate $2 billion, making it the largest ever by a Vietnamese company.
The company said in July that it had signed agreements with banks to raise at least $4 billion to aid its expansion in the United States. The automaker has secured about $1.2 billion in incentives for a planned EV plant in North Carolina, which it plans to start production in 2024.