Baby, we're going public! VinFast is speeding ahead and has just filed for a US IPO. They plan to list on the Nasdaq under the ticker "VFS".

• Firsts. They'll be the first-ever Vietnamese company to list in the US.

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🕰 A little bit of history

Founded in 2017, VinFast is a unit of Vietnam's biggest conglomerate, Vingroup. They're also Vietnam's only domestic carmaker.

They started with gas-powered cars and sped into EV production in 2019 with three e-scooters. Last year, they launched three smart electric cars and two more e-scooters.

• Now, they have around 13 scooters (budget to high-end) and 3 electric cars.

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🌏 World domination

VinFast is making SEA proud. Why? They aren't just selling their EVs in Vietnam! They've also made their way to the US, Canada and some European markets.

• By the end of September, they had 58,000 global reservations for two of their smart electric car models.
• Last month, they exported their first batch of 999 electric cars to the US and will make shipments to Canada and Europe in 2023.

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🤓 Back to the IPO

When they first mentioned the potential IPO in April 2021, they initially planned to raise around $2B at a $60B valuation.

The IPO is to raise funds to fuel their global expansion, which includes building a US factory with a capacity of 150k vehicles a year by 2024.

• Right now, all their EVs are manufactured in Vietnam.

But, well. The markets have been tough since then, so that's likely changed. The shares to be offered and the price range have not been announced, and we're all still waiting on the schedule for the IPO too. So yeah, we'll have to wait and see!