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Vietnam's Vinfast IPO may be delayed to 2023 on market uncertainty

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HANOI : 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

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

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

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