Vingroup plans to make an initial public offering in the U.S. for the auto manufacturing division at the end of 2022 Reuters

© Reuters. File photo: Workers at work during the opening ceremony of the Vinfast Automobile Plant in Haiphong, Vietnam on June 14, 2019. REUTERS/Kham/File Photo

Hanoi (Reuters)-Vingroup JSC, Vietnam’s largest conglomerate, said on Saturday that it plans to list its automotive division on the US stock market in the second half of next year and is expected to raise at least US$3 billion.

Just last month, an official stated that the listing may happen in the next few years -2021-11-17, as the company joins a growing list of electric car startups, capitalizing on the excitement of investors to raise funds.

VinFast is the automotive manufacturing division of Vingroup. It was marked in April. It is seeking an IPO scheduled for the second quarter of this year, with an estimated valuation of 600 100 million US dollars to raise at least 3 billion US dollars.

In a statement on Saturday, Vingroup stated that it has established a Singapore-based holding company that owns shares of Vinfast’s Vietnam business to facilitate the IPO process.

The company said in a statement: “The new company VinFast Singapore is a step towards transforming VinFast into a global company and preparing for its initial public offering in the United States.” “Vingroup will become a major shareholder of VinFast Singapore.”

On Thursday, Reuters reported exclusively that Vingroup is seeking US$1 billion pre-IPO financing for VinFast from global investors.

VinFast launched a gasoline-powered model produced under its own brand in 2019, becoming the country’s first mature domestic car manufacturer.

VinFast has placed a heavy bet on the US market, hoping that its electric SUV and battery rental model will be sufficient to attract consumers from companies such as Tesla (NASDAQ:) and General Motors (NYSE:).

In another statement to Reuters, Vingroup stated that its goal is to reach 42,000 global electric vehicle sales next year, which is higher than the previous 15,000 plan.

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