Categories Analysis, Industrials

All you need to know about Vietnamese EV maker VinFast Auto’s US IPO

VinFast looks to list on the Nasdaq Global Select Market under the ticker symbol VFS. The number of shares and offer price are yet to be revealed

Last year, relatively fewer companies got listed in stock markets in the US, compared to 2021 when the market witnessed record IPO activity. Market watchers, in general, are skeptical in their outlook for the current year due to the recessionary atmosphere and market uncertainties. While technology firms ruled the IPO scene during the recent peak, others like healthcare and EV companies are also filing to go public, lately.

The upcoming initial public offering of electric vehicle company VinFast Auto Ltd. is one of the closely followed events to be held this year. Last month, the Vietnam-based company filed papers with the Securities and Exchange Commission, seeking to the join stock market. The move is part of the company’s efforts to expand into the international market. On completing the offering successfully, VinFast would become the first Vietnamese company to list in the U.S.

To List on Nasdaq

The company, the country’s first domestic automaker, has applied to list on the Nasdaq Global Select Market under the ticker symbol VFS. Meanwhile, it is yet to reveal details like the number of shares and offer price. There are nine book-runners in the offering, which will be led by Morgan Stanley, Credit Suisse, Citibank, and JP Morgan. Funds raised through the offering will be mainly used for building a plant in North Carolina, in order to serve the US market.

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Focus On SUVs

VinFast primarily manufactures SUVs, with the main models being VF8 and VF9. It looks to compete with local players through competitive pricing and battery leasing. In the fiscal year ended 2021, VinFast generated total revenues of $670.6 million, down 15% from the previous year. The company incurred a loss of $1.35 million, which is sharply narrower than the loss reported in 2020.

Established as VinFast Vietnam, the company started operations in June 2017 in Hanoi and was rechristened as VinFast Trading and Production Limited Liability Company a year later. The first automotive manufacturing plant was opened in June 2019.


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It is estimated that the share of electric vehicles, as a percentage of total passenger vehicles, tripled from 2.1% in 2019 to 6.7% in 2021 globally. According to studies, it is expected to grow to 28.6% by 2027, creating a huge opportunity for companies like VinFast.

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

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