Vietnamese electric car maker VinFast announced on April 26 that it has received investment commitments worth $2.5 billion in a new round of funding that will be used for the company's future growth, according to foreign media reports. The move could signal that VinFast's plans to list in the US may be delayed again.
VinFast's planned US initial public offering (IPO) could be further delayed, two people familiar with the matter said. One of the sources said the company's IPO could be delayed until next year due to unfavourable market conditions.
VinFast said on the evening of April 26 that it remained committed and focused on the IPO process. But the company did not elaborate on the time frame for the planned IPO.
VinFast said in a statement that Pham Nhat Vuong, Vietnam's richest man, will provide $1 billion to the company over the next year in the form of a grant as part of a new round of financing. Vingroup, the parent company of Vietnam's largest conglomerate, will provide a $500 million grant and a $1 billion loan with a term of up to five years.
VinFast said the new round of grants and loans will drive VinFast's accelerated growth. With the completion of this round, the company's total funding will increase to $10.7 billion.
VinFast, which starts operations in 2019, is preparing to expand in the US market and hopes to build a car and a battery factory in the country to compete with traditional automakers and other startups. But so far, shipments from the company's plant in Vietnam have remained slow.
Some companies with sky-high valuations have faced scrutiny amid a gloomy global economic outlook, and market valuations for electric car startups have plummeted.
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