Vietnam-based electric vehicle maker VinFast announced that it has filed for an initial public offering (IPO) in the US to list on the NASDAQ.

VinFast Trading & Investment Pte. Ltd, a subsidiary of Vingroup headquartered in Singapore, announced on Wednesday that it has publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC) relating to the proposed IPO of its ordinary shares.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said in a statement. VinFast intends to list its ordinary shares on the Nasdaq Global Select Market under the symbol “VFS”. VinFast did not disclose details about the size of the IPO and its listing date.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC will act as lead book-running managers and as representatives of the underwriters for the proposed offering. BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Nomura Securities International, Inc., WR Securities, LLC and RBC Capital Markets, LLC will also be book-running managers. Robert W. Baird & Co. Incorporated will act as co-manager for the proposed offering.

“A registration statement relating to these securities has been filed with the SEC but has not yet become effective,” VinFast said.

These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective, it added.

VinFast, a unit of Vietnam’s biggest conglomerate Vingroup, first flagged its US IPO in April last year, eyeing to raise $2 billion with valuation of about $60 billion, according to earlier reports.

Reuters later reported in May that VinFast may see its initial public offering in the US delayed till next year due to market uncertainty.

“We are eyeing a Q4 IPO, but there are lots of ongoing market uncertainties now… If necessary we may delay it to next year,” Vingroup Chairman Pham Nhat Vuong was quoted as saying at the company’s annual general meeting then. “The IPO is not just for fundraising. It’s also about marketing and claiming VinFast’s position globally.”

During the Vingroup Elite Vietnam Tour 2022 in July, VinFast Global Chief Executive Officer Le Thi Thu Thuy told reporters the company “will go for IPO only if it’s a good one”.

She said the company has also looked into other financing options. “We have plan for an IPO and we have planned for no IPO. We have private fundraising and all that as well so we are okay. We will go for an IPO only if it’s a good one,” she said at the greet and meet session after a test drive.

VinFast, the only homegrown car maker in Vietnam, announced in mid-July the simultaneous opening of the first six VinFast Stores in California. VinFast plans to open more than 30 stores in California, while also exploring expansion to other states across the US. It will compete with traditional carmakers and startups with its two all-electric SUVs (VF8 and VF9) and a battery leasing model.

The carmaker, backed by Vietnam’s richest man Pham Nhat Vuong, has also received a $1.2 billion incentive package from the State of North Carolina for its EV manufacturing project in the US.

The VinFast’s manufacturing facility will be built at the Triangle Innovation Point in Chatham County, North Carolina with a total investment of about $2 billion in the first phase. Covering an area of 2,000 acres, with two main areas: electric cars and buses production and assembly, and ancillary industries for suppliers, VinFast’s factory is designed to reach the capacity of 150,000 vehicles per year.

In Europe, VinFast announced in June its plan to open more than 50 VinFast Stores across Germany, France and the Netherlands. VinFast also announced in January it is looking for an EV production site in Germany. Earlier this month, VinFast has officially opened its first two VinFast Stores in Cologne, Germany and Paris, France.

Vingroup and Pham has invested $6.6 billion in VinFast, according to Thuy then (July 2022). Vingroup holds about 51 percent stake in VinFast while Pham owns the remaining 49 percent.

Vietnam’s VinFast to focus on US, European EV markets before expanding in Southeast Asia