An artist’s impression of an electric car manufactured by VinFast. Photo courtesy of VinFast.
Automaker VinFast has increased its charter capital by nearly 37 percent this year to VND42.5 trillion ($1.84 billion) amid plans to launch electric vehicles.
Vietnam’s first fully-fledged carmaker hiked its capital by a total of VND11.38 trillion on three occasions in the first three months, according to the National Business Registration Portal.
This makes VinFast the largest subsidiary of conglomerate Vingroup in terms of charter capital, followed by Vinhomes and Vincom Retail.
Vingroup, the country’s biggest private company, owns a 51.52 percent stake in VinFast, while the Vietnam Investment Company, owned by Vingroup chairman Pham Nhat Vuong, owns 40.98.
In January VinFast introduced three self-driving electric cars that will be delivered this year. The company plans to sell them in the U.S., Canada and the E.U., with bookings opening in November and delivery to be made in June next year.
It is reportedly planning an initial public offering in the U.S. to raise at least $2 billion, the first ever Vietnamese company to do so.
Vingroup plans to build a second auto plant in Vietnam in the central province of Ha Tinh. Its first is in the northern city of Hai Phong.