VinFast, a Vietnamese electric car manufacturer, submits an application for IPO in the United States

On the morning of December 7, Beijing time, it was reported that Vietnamese electric car maker VinFast announced on Tuesday local time that it had applied for an initial public offering (IPO) in the United States and planned to list its common shares on Nasdaq under the ticker symbol "VFS."

To complete the IPO, the company will be converted into a Singapore Public Co., Ltd., which will be named VinFast Motor Co., Ltd., while the number and price range of the shares to be issued have not yet been determined.

Although the company did not specify the timing of the stock offering, it had previously said that IPO was originally scheduled for the fourth quarter of this year. VinFast's parent company, Vingroup Group, said in May that IPO could be postponed to 2023 because of market uncertainty.

Founded in 2019, VinFast has made big bets in the US market, hoping to compete with traditional carmakers and other electric car start-ups through two all-electric SUV and its battery rental business, which can reduce vehicle prices.