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Vietnamese electric vehicle maker VinFast files $2 billion U.S. IPO

VinFast has confidentially filed an initial public offering in the United States as the Vietnamese electric vehicle maker begins building a factory in North Carolina.

The Vingroup JSC conglomerate unit has filed for registration with the Securities and Exchange Commission, according to a statement posted on its website Thursday. The company said it has not decided on the size of the offering.

Vietnam’s biggest automaker worked with advisers on the U.S. listing in the second half of this year, it said in a statement in December. The stock sale could bring in around $2 billion, Bloomberg News reported.

At $2 billion, VinFast’s IPO would be the largest ever by a Vietnamese company after Vinhomes JSC’s first $1.4 billion share sale in 2018, according to data compiled by Bloomberg. If successful, the automaker would also become one of the few Vietnamese companies to list in the United States.

A listing comes as VinFast plans to open an electric vehicle factory in North Carolina, which could become operational in 2024. The factory is the first phase of a planned complex in the United States that would have a total investment of up to $6 billion.

US President Joe Biden tweeted a statement from the White House about VinFast’s plans in North Carolina, which he called a $4 billion investment that would create more than 7,000 jobs.

VinFast aims to start delivering cars to the United States, Canada, France, Germany and the Netherlands in late 2022. Prices for its VF8 and VF9 electric SUVs will range from $41,000 to $61,000. VinFast began nationwide deliveries of its first electric cars in December.

Separately, VinFast is exploring a funding round to raise $500 million to $1 billion ahead of its U.S. IPO, Bloomberg News reported last month.