VNExpress-May 25
Vietnam’s VinFast is shifting its legal and financial headquarters to Singapore as the fledgling electric vehicle (EV) maker readies for a potential public listing and the first production run of cars for U.S. and European markets, its chief executive told Reuters. The three-year-old unit of conglomerate Vingroup JSC will start building its VF8 sport utility vehicle (SUV) next week, its own EV batteries in August, and a $4 billion U.S. factory by summer-end, Le Thi Thu Thuy said in an interview.
VinFast has filed for an initial public offering (IPO) in the United States through a Singapore-based holding company – though market conditions might push the deal into 2023, Vingroup Chairman Pham Nhat Vuong said earlier this month.Thuy declined to comment about the IPO when asked, but said the company’s EV expansion plans were not contingent on the listing. “Like any big corporate, we always consider all potential financing transactions,” Thuy said. Through April, the company had sold 9,155 cars in its home market, mostly the internal-combustion models it is phasing out. It has sold 996 EVs since launching the e34 in Vietnam.
The company is also in the process of expanding its existing plant in Haiphong, Vietnam and expects to be able to produce 820,000 vehicles annually there by 2025, Thuy said. The company will retain its operational headquarters in Vietnam, a spokesman said. Read more at: https://e.vnexpress.net/news/companies/vietnam-ev-maker-vinfast-to-shift-legal-hq-to-singapore-ahead-of-first-exports-4468319.html
