Vietnam’s first domestic car manufacturer, VinFast, said on Wednesday it is considering various fund raising opportunities and investments, including an equity investment via a special-purpose acquisition company (SPAC) or an IPO.
Vinfast, a unit of Vietnam’s largest conglomerate Vingroup JSC, said in a statement “any potential fundraising will be subject to different factors such as market conditions.”
The comments came after sources told Reuters on Monday that Vingroup was considering an initial public offering (IPO) in the United States for VinFast in a deal that could value the carmaker at about $60 billion.
The sources said Vingroup, a sprawling conglomerate with interests ranging from real estate to smartphones and televisions, was working with Credit Suisse Hong Kong for the potential offering on the New York Stock Exchange.
Sources said last month Taiwan’s Foxconn was in early stage talks with VinFast about partnering in electric vehicles.