The chairman of Vietnam's vingroup group group said on Wednesday that due to market uncertainty, the initial public offering (IPO) of its auto subsidiary vinfast may be postponed to next year instead of the currently planned fourth quarter of this year Pham Nhat Vuong, chairman of vingroup, said at the company's annual general meeting that the group was giving priority to spending on vinfast and gave a positive car sales target.
"We are considering an IPO in the fourth quarter, but there are still many uncertainties in the market... If necessary, we may postpone the IPO until next year," Vuong said
"IPO is not just about financing. It's also about marketing and ensuring vinfast's global position."
Vinfast's holding company in Singapore has submitted an IPO application to the U.S. securities regulator. The company previously announced that it plans to invest $4 billion to build a plant in the United States.
The company is committed to creating 7500 jobs at its planned plant in North Carolina, where it produces battery powered vf8 and vf9 SUVs. The company said it plans to start building the plant once it is licensed, with the goal of starting production in 2024.