Anonymous source for Bloomberg In this IPO, billionaire Pham Nhat Vuong’s group may raise at least USD 1 billion or more depending on investor interest.

According to the source, VinFast has held talks with potential investors and will consider factors such as market conditions when determining the timing of the IPO. The electric car maker filed for a U.S. IPO in April.

VinFast representatives declined to comment on the matter. Discussions are still ongoing and details of this IPO, including timing, are still subject to change.

In September, VinFast’s chief financial officer, David Mansfield, said the company plans to go public in the United States “at some point” in 2023.

The Vietnamese automaker has received $1.2 billion in incentives to build an electric car factory in North Carolina. The plant is expected to reach an annual production capacity of 150,000 units when production begins in 2024.

Last month, billionaire automaker Pham Nhat Vuong expanded its cooperation with Chinese battery maker Contemporary Amperex Technology Co. Ltd. to manufacture components, including automotive chassis.

In July, VinFast also said it had signed deals with banks to raise at least $4 billion for a U.S. production expansion plan. According to VinFast, it has 73,000 orders worldwide for its electric vehicle models.

According to the Billionaires Index of BloombergCurrently, billionaire Pham Nhat Vuong has a net worth of around $4.2 billion.