By Michael Elkins
Vietnamese Electric vehicle maker, VinFast looks to conduct its U.S. IPO “sometime in 2023” according to the company’s CFO, David Mansfield.
“We continue working on it,’” Mansfield said at a briefing held at the company’s factory in Haiphong, Vietnam. Mansfield added that the market conditions in 2022 are not providing “good opportunities” for conducting the IPO.
VinFast, the EV segment of Vietnamese conglomerate Vingroup JSC, said in April that it had filed confidentially for a U.S. IPO. Bloomberg reported earlier that the share sale could raise $2 billion, making it the biggest ever by a Vietnamese firm.
The company said in July that it had signed agreements with banks to raise at least $4 billion to help its US expansion. The automaker has secured about $1.2 billion in incentives for its planned EV factory in North Carolina, where it intends to start production in 2024.