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Vietnam's VinFast files for US IPO as it targets global market

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Vietnam's homegrown carmaker VinFast, which plans to sell the first ever Vietnamese car in the United States, said Wednesday it has filed for an initial public offering (IPO) in the country.

Vinfast, which is part of conglomerate Vingroup, owned by Vietnam's richest man Pham Nhat Vuong, will deliver its first electric SUVs to Americans later this month.

No decision has been made on the number of shares to be offered and the price range for the proposed offering, it added. The upfront payment for the VF8 and VF9 -- the two models sold in the US -- will be $42,000 and $57,500 respectively. Tesla's SUVs start at around $65,000.

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