VinFast, the automotive arm of Vietnam’s Vingroup might go public on the US stock market.
Not too long ago, Vietnamese conglomerate Vingroup announced plans to start building its own cars under the VinFast brand. Very quickly, they set up shop and secured the rights to build a couple of vehicles that were based on the outgoing BMW 5 Series of the F10 generation and the X5 of the F15 generation.
These vehicles are called the Lux A2.0 and Lux SA2.0 both became best sellers in their respective segments in Vietnam. They also got the license to produce a licensed version of the Vauxhall Viva/Opel Karl, which they called the VinFast Fadil. This was their volume seller, an A-segment crossover with a 1.4-litre petrol motor and CVT from the Chevrolet Spark. This too went on the become a top seller in Vietnam.
All of these are made in the VinFast factory in Hai Phong, which was built in just 650 days and opened in mid-2019.
They then announced that they’d be launching electric vehicles soon in the form of the VF31, VF32 and VF33. The company has also announced plans to expand overseas aggressively with new showrooms being planned. They also got permission to test self-driving vehicles on Californian roads.
On the eve of this global EV offensive, it’s rumoured that Vingroup will be putting their VinFast brand on the US Stock Exchange. Reuters suggests that the company is valued at US$60 billion. Shares of Vingroup JSC rose as much as 6.97% in response to this news.
To think that when VinFast was first conceived in 2017, Geely got itself 49% of Proton and 51% of Lotus for an undisclosed sum of money (estimated RM170 million + rights to the Boyue SUV, now the X70). Proton was already 3 decades old by then.
This promising Vietnamese company seems to have a really bright future ahead of it if the IPO plays out as predicted.
ABOUT VINFAST
VinFast is a member of Vingroup – the largest private corporation in Vietnam. We have become the #1 car seller in all of our competing segments within just 21 months of launching in Vietnam and we will launch our smart EVs globally in 2021. Our thoughtful design focuses on seamless customer experience, highest safety standards, superior craftmanship, and intelligent Infotainment with lifestyle personalization.
- 2017: Establishment of VinFast automotive manufacturing complex
- 2018: Official launch of Lux models at Paris Motor Show, awarded “A Star Is Born” by AutoBest
- 2019: Official launches of 3 models (VinFast Lux SA2.0, VinFast Lux A2.0 and VinFast Fadil) & 3 e-scooters (Ludo, Impes, Klara) in Vietnam market
- 2020: VinFast became the best-seller in all 3 segments in Vietnam
- 2021: Launch of 3 brand-new smart EVs (VF31, VF32, VF33), 2 new e-scooters (Theon & Feliz) and E-BusLaunch of new unique AR/VR experience and pre-order for VF32, VF33 in key markets
- 2022: Global deliveries of VF32 – VF33, launch of VinFast’s global showrooms in key markets
