VinFast Weighs up US IPO in 2023, Launches First Canadian Outlet

Vietnamese Automaker VinFast is considering going public in the US during 2023 as it seeks to realise its aspiration of becoming a global electric car (EV) producer.

According to media reports, the company will be looking to raise at least US$1 billion in its initial public offering, which it has discussed with prospective investors.

VinFast sees penetration into the US as a key move in its plan to become a global manufacturer of EVs and has subsequently signed a deal with North Carolina to build a US$2 billion plant to produce electric buses, cars and EV batteries.

The firm meanwhile has launched its first Canadian store in Toronto and plans to roll out seven more before year-end. Among the remaining seven locations, two are set to be in Quebec and Vancouver.

“The opening of the first store in Canada marks the next milestone in VinFast’s global expansion journey,” CEO of VinFast Canada Huynh Du An said. “Our network of stores will be key in interacting with our customers, ensuring quality service, and strong relationships in Canada on our journey towards a sustainable future.”

The expansion into the Canadian market follows last month’s announcement by the car maker of its plans to set up operations in Germany, France and the Netherlands.

VinFast plans to ship about 5,000 electric vehicles to the US, Canada and Europe this month and deliver them to customers in December.

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