VinFast Ships First EVs to California Amid US IPO Plan

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(Bloomberg) – VinFast, an electric car maker backed by Vietnam’s richest man, is shipping its first SUVs to the United States, a milestone for parent company Vingroup JSC which decided five years ago to bring high-end manufacturing to the Southeast Asian country.

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The vehicles were loaded onto a red and white freighter emblazoned with VinFast in the northern port city of Haiphong. Nine hundred and ninety-nine electric vehicles will be transported to California and then delivered to customers at the end of December, according to a statement from VinFast.

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Before the ship’s departure, Prime Minister Pham Minh Chinh and other dignitaries attended a ceremony filled with patriotic music, performances by famous singers and speeches. The event underscored the importance of Vingroup’s efforts to create a global brand of premium products for government. “These cars will bring the aspirations and pride of Vietnam to the world,” Chinh said.

The company, which faces intense competition from the world’s biggest auto brands, said in September that it will ship around 5,000 vehicles to customers in the United States, Canada and Europe this month. .

The company is considering an initial public offering in the United States as early as January, Bloomberg reported earlier. VinFast said in July it had signed deals with banks to raise at least $4 billion to help its US expansion, including a factory in North Carolina.

VinFast said it received 65,000 global orders for its VF 8 and VF 9 models, according to the statement.

(Updates story with Prime Minister in third paragraph.)

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