According to information from Vingroup, on December 7, VinFast Trading & Investment Pte. ltd. announced that it has filed an application on Form F-1 with the United States Securities and Exchange Commission (SEC) for an initial public offering (IPO).

The number of shares to be offered and the expected price range are yet to be determined. VinFast plans to list the common stock on the Nasdaq Global Select Market with the code VFS.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and JP Morgan Securities LLC will act as lead bookrunners and underwriters’ representatives for the proposed offering.

Meanwhile, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., RBC Capital Markets, LLC and Wolfe – Nomura Alliance will also be co-creators. Robert W. Baird & Co. Incorporated will act as co-manager.

The offering is being made by means of a prospectus only. VinFast said a registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold or an offer to buy accepted prior to the effective date of the registration statement.

Previously in April, although the size of this IPO was not disclosed, it was expected that VinFast could raise around USD 3 billion through this IPO. If successful, it will be the first major IPO of a Vietnamese company in the United States.

To prepare for the IPO in the United States, late last year Vingroup’s Board of Directors approved the transfer of all contributed capital (51.52%) into VinFast Manufacturing and Trading Co., Ltd (VinFast Vietnam). ) for VinFast Trading and Investment Pte.Ltd., a subsidiary of Vingroup headquartered in Singapore (VinFast Singapore).

After completing the restructuring process, Vingroup and the existing shareholders of VinFast Vietnam directly own 100% of the shares of VinFast Singapore, thus indirectly owning 99.9% of VinFast Vietnam. Vingroup still maintains a 51.52% interest rate in VinFast Vietnam as before.

Two weeks ago, VinFast held a ceremony to export VinFast’s first batch of electric cars, comprising 999 VF 8 units to the international market – the first destination being the US market.

According to VinFast, the 999 VF 8 units in the first batch represent only a small part of the 65,000 VinFast VF 8 and VF 9 electric vehicle orders worldwide. Right after the US market, VinFast will export the next batch of VF 8 cars to the Canadian and European markets to quickly deliver them to customers in 2023.

Regarding the VF 9 model, VinFast plans to hand over to the Vietnamese and international markets in the first quarter of 2023.