Prepping for IPO, Vietnam's VinFast to shift HQ to Singapore as the island "gives more confidence to investors"

VinFast, Vietnam's local car manufacturer, is shifting their legal and financial headquarters to Singapore as the company prepares for a public listing and their first production run of cars for the North American and European markets.

VinFast CEO, Le Thi Thu Thuy, told Reuters that the manufacturer will be beginning production of the VF8 SUV next week, their own set of EV batteries in August, and a USD 4 billion (~RM 17.5 billion) factory in the USA by the the middle of the year.

Currently, VinFast has filed for an Initial Public Offering (IPO) in the US through a Singaporean holding company, but that could be pushed into 2023.

"We feel that Singapore is a jurisdiction that will give investors more confidence," said Thuy. "We put ourselves in the shoes of the investors."

Also read: Skipping Malaysia, Vietnam’s VinFast plans to expand to 4 more European markets in 202

Thuy also mentioned that VinFast is in the process of spending a lot more time in Singapore, turning them into a operating hub that's set to include offices and housing for staff and executives.

"We are determined to establish the company in Singapore," Thuy said.

VinFast first started their car-manufacturing business in 2019 with regular petrol-powered cars, before switching exclusively to electric vehicles (EVs) in 2021.

Among them is the VinFast e34, and soon invested into the developing models for overseas. Alongside the VF8, the Hanoi outfit has been developing the larger VF9, althought that's been delayed due to Covid-19 containment measures in Shanghai on suppliers, said Thuy.

Also read: Surpassing Malaysia, Vietnam’s VinFast debuts its first EV with a 10-year warranty

By the end of this year, VinFast will be delivering cars to the international market, starting with the VF8. The US market in particular is a big bet for the company, where it hopes to sell the VF8 and VF9 with prices starting from $41,000 (~RM 180k).

Plans for the US market are big, with VinFast aiming to open its first showrooms in California by early July, and a plant in North Carolina by 2024.