Vingroup, Vietnam’s largest conglomerate, has said it is planning to list its car unit on the US stock market in the second half of next year, in an offering expected to raise at least 3 billion USD. In last week’s statement, Vingroup said it had set up a Singapore-based holding company owning a stake in Vinfast’s operations in Vietnam to fuel the IPO process.

If the IPO plan goes well, the automaker will become the first Vietnamese enterprise to list on the world’s biggest bourse.

In a separate statement to Reuters, Vingroup said it was targeting global electric vehicle sales of 42,000 units next year, up from its previous plan of 15,000.

Source: VOV5