AFTER what can be only described as a successful debut of VinFast in the U.S. at the 2021 L.A. Auto Show, the company is now further increasing its stakes in North America this time by a planned IPO scheduled for early next year.
The move requires a restructuring of the board to enable VinFast to offer shares of the company. Thus on December 3, the Board of Directors of Vingroup (the mother company of VinFast) approved the transfer of the entire contributed capital (51.52 percent) in VinFast Trading and Production Limited Liability Company, headquartered in Dinh Vu Economic Zone, Cat Hai, Hai Phong, Vietnam (“VinFast Vietnam”) to VinFast Trading and Investment Pte. Ltd., a subsidiary of Vingroup with head office in Singapore (“VinFast Singapore”).
After completing the restructuring process, Vingroup and the existing shareholders of VinFast Vietnam directly own 100 percent of the shares of VinFast Singapore, which owns 99.9 percent of VinFast Vietnam, and therefore, Vingroup continues to own 51.52 percent of VinFast Vietnam.
This restructuring is part of the preparation for VinFast’s IPO in the US, an important step in the Company’s strategy to become a global brand.
On November 16, 2021, VinFast officially launched its US headquarters located in the Playa Vista area — dubbed the “Silicon Beach” of Los Angeles, California alongside several leading technology companies.
The company has also successfully launched two electric car models – VF e35 and VF e36 at the 2021 Los Angeles Auto Show, capturing the attention of millions of global consumers.
Besides the US market, VinFast also opened branches in Canada, France, Germany, and the Netherlands. On November 4, 2021, the Company signed a memorandum of understanding to cooperate with France’s leading electricity group í‰lectricité de France (EDF) to implement the installation and operation of a network of public charging stations and other related services in France.
Currently, VinFast is working with leading international investment banks to prepare for the IPO that is planned for the second half of 2022. If the listing is successful, VinFast will become the first Vietnamese enterprise to have shares traded in the world’s largest stock exchange. This will contribute to strengthening customers’ trust in the brand and pave the way for the Company to market and bring its products to this large market.
