Just last month, an official said the listing may happen within the next couple of years https://www.reuters.com/business/autos-transportation/vietnams-vinfast-plans-us-listing-couple-years-ceo-2021-11-17, as the company joins a growing list of electric vehicle startups taking advantage of investor excitement to raise funds.
VinFast, Vingroup's automaking arm, had flagged https://www.reuters.com/article/us-vinfast-ipo-idUSKBN2BZ19G in April it was seeking an IPO slated for the second quarter of this year, eyeing a $60 billion valuation with expectation to raise at least $3 billion.
In Saturday's statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast's operations in Vietnam to fuel the IPO process.
"The new company, VinFast Singapore, is a step to turn VinFast into a global company and prepare for its U.S. IPO," the company said in the statement. "Vingroup will be a major shareholder of VinFast Singapore."
On Thursday, Reuters exclusively reported Vingroup was seeking $1 bln from global investors for VinFast in pre-IPO fundraising.
VinFast became the country's first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.
VinFast is betting big on the U.S. market, where it hopes that its electric SUVs and a battery leasing model will be enough to woo consumers away from the likes of Tesla and General Motors.
In a separate statement to Reuters, Vingroup said it was targeting global electric vehicle sales of 42,000 units next year, up from its previous plan of 15,000.
(Editing by Kim Coghill)