Vietnam’s Vinfast plans US listing in a couple of years, says CEO

FILE PHOTO: Workers at Vinfast's auto plant on the occasion of its opening ceremony in Hai Phong city, Vietnam June 14, 2019. REUTERS/Kham

Vietnamese automaker VinFast plans to list on the U.S. stock market within the next couple of years, its chief executive told Reuters, joining a growing list of electric vehicle startups taking advantage of investor excitement to raise money.

VinFast, established in 2017 as part of Vingroup JSC, the largest conglomerate in the Communist-ruled country, also plans to start producing electric cars in the United States in the second half of 2024, global Chief Executive Michael Lohscheller said in an interview on Wednesday.

“Of course we work through different options. But yes, we will also go after an IPO in the United States in the next one or two years,” said the former Volkswagen and Opel executive who was named to his position at VinFast in July.

Lohscheller said the company, which has a car factory in Vietnam, sees U.S. production as “an incredibly important strategic decision … because shipping cars and cars around the world is not a long term setup.”

“We want to do everything locally,” he said.

VinFast unveiled two electric sport utility vehicles, VF e35 and VF e36, at the Los Angeles Auto Show on Wednesday.

It will begin taking pre-orders in the U.S. market for the electric SUVs in spring 2022 and expects to begin delivering them in the fourth quarter of that year.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.