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    VIC   VN000000VIC9

VINGROUP JOINT STOCK COMPANY

(VIC)
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End-of-day quote Ho Chi Minh Stock Exchange  -  05-19
77800.00 VND   -0.13%
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Vietnam's Vinfast IPO may be delayed to 2023 on market uncertainty

05/11/2022 | 12:17am EDT
FILE PHOTO: Man stands next to VinFast vehicle at the company's plant in Hai Phong

HANOI, May 11 (Reuters) - The chairman of Vietnam's Vingroup conglomerate said on Wednesday that an initial public offering (IPO) for the company's auto unit, VinFast, may be delayed until next year due to market uncertainty.

The IPO is currently slated for the fourth quarter of this year. Vingroup Chairman Pham Nhat Vuong also told the company's annual general meeting the conglomerate was prioritizing spending on VinFast and gave an aggressive car sales target.

"We are eyeing a Q4 IPO, but there are lots of ongoing market uncertainties now... If necessary we may delay it to next year," Vuong said.

"The IPO is not just for fundraising. It's also about marketing and claiming VinFast's position globally," he said.

VinFast's Singapore-based holding company had filed for an IPO with the U.S. securities regulators, as the company readies a $4-billion investment to build a factory in the United States.

Vuong also told the meeting the car maker was facing obstacles obtaining parts from China.

"Chip factories in Shanghai are closed - therefore chip supplies have been disrupted and the same story for other parts," Vuong said, referring to supply chain disruptions caused by COVID-19 lockdowns in China's business hub. But Vuong sought to reassure shareholders the startup would go ahead with the IPO "no matter how uncertain the market."

VinFast, which began operations in 2019, is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing model that will reduce the purchase price. VinFast has promised to create 7,500 jobs at its planned plant in North Carolina, where it will build the battery-powered VF8 and VF9 SUVs. The company has said it plans to begin construction of the plant as soon as permits are granted with a goal of starting production by 2024. It has previously said it plans to begin exporting the two electric vehicles to the United States later this year from its existing plant in Vietnam.

Vuong said on Wednesday VinFast aimed to sell 750,000 cars in 2026, with 150,000 cars to be produced in North Carolina and the rest from its Vietnam factory.

Vingroup is also looking at getting financing from the U.S. government to support its expansion, including potentially tapping lending from the U.S. government's $25 billion Advanced Technology Vehicles Manufacturing loan program. (Reporting by Phoung Nguyen Writing by Ed Davies Editing by Kanupriya Kapoor)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MSCI SINGAPORE (GDTR) 1.76% 5645.21 Real-time Quote.-11.64%
VINGROUP JOINT STOCK COMPANY -0.13% 77800 End-of-day quote.-18.19%
All news about VINGROUP JOINT STOCK COMPANY
05/11Vietnam's Vinfast IPO may be delayed to 2023 on market uncertainty
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04/29Vingroup Joint Stock Company Reports Earnings Results for the First Quarter Ended March..
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04/28Vietnam's Vingroup says Q1 net profit down 41% y/y, at $22.3 mln
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04/09Vietnam's VinFast seeks US government loans for expansion
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04/09VinFast could seek US govt financing for expansion, Vingroup chairman says
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04/09VINGROUP CHAIRMAN : Says could finance vinfast planned expansion…
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04/09VINGROUP CHAIRMAN : Says ipo important to establishing vinfast a…
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Financials
Sales 2022 164 647 B 7 095 M 7 095 M
Net income 2022 1 431 B 61,7 M 61,7 M
Net Debt 2022 126 080 B 5 433 M 5 433 M
P/E ratio 2022 68,6x
Yield 2022 -
Capitalization 288 661 B 12 440 M 12 440 M
EV / Sales 2022 2,52x
EV / Sales 2023 1,94x
Nbr of Employees 88 220
Free-Float 24,0%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 77 800,00 VND
Average target price 105 233,33 VND
Spread / Average Target 35,3%
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Managers and Directors
Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Marc Villiers Townsend Independent Director
Hang Thuy Pham Vice Chairman
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