According to Reuters, VinFast’s intentions to go public in the United States may be postponed until next year.
Pham Nhat Vuong, chair of parent company Vingroup, said the IPO, which had been scheduled for Q4 this year, had been postponed owing to market uncertainty, but that it will go through ultimately “no matter how uncertain the market.”
He went on to say that the listing was not only for funding but also for marketing and establishing VinFast’s worldwide status.
This was a further postponement from prior intentions to list in Q2 of 2021, with a value of $60 billion and a target of raising at least $3 billion.
VinFast is planning its first plant in North America at the time of the IPO. The project is expected to cost $4 billion, with the first phase accounting for half of the total cost.
However, due to the closure of chip manufacturing in Shanghai as a result of local Covid-19 lockdowns, it is now unable to get parts from China.
Another goal for 2022 is for Vinfast to phase out internal combustion engines and focus only on electric vehicles (EVs). It also expects to make a dent in the US market with its electric SUVs and battery leasing strategy.
