VinFast, a new and relatively unknown electric vehicle startup from Vietnam, is exploring an IPO at a $60 billion valuation, according to Reuters.
I wrote in Forbes.com about the origins of VinFast, and its parent company, the Vingroup conglomerate.
“The startup is a subsidiary of Vingroup, a giant Vietnamese conglomerate that was founded in 1993 in Ukraine by Vietnamese expatriate Phạm Nhật Vượng. Vượng arrived in Ukraine after attending college in the Soviet Union. He first opened a restaurant in Ukraine, and then an instant noodles business. From those humble beginnings, Vingroup has grown into a massive conglomerate that builds and operates everything from real estate to smartphones to hospitals to convience stores to software.
The VinFast automotive subsidiary of Vingroup is relatively new. The unit was founded in 2017 and launched its first car in 2019. In January, 2021, VinFast unveiled SUV models intended for the US and European market.”