EV maker VinFast has filed for a U.S. IPO. It's unprofitable, and its dependency on parent Vingroup may be a turnoff, too. It could make a case for a $5 bln valuation, but investors will kick the tires hard, says KatrinaHamlin
remarkable progress
Success has yet to translate to returns for parent Vingroup, owned by Vietnam’s richest man, Pham Nhat Vuong. VinFast’s net loss nearly doubled to 34.5 trillion dong for the first nine months of 2022 compared with the same period last year, while the top line shrank 6% to 10.5 trillion dong. While the relationship with Vingroup is vital, it is a double-edged sword. The increasingly international automaker is exposed to risks back home as the booming economy undergoes dramatic reforms. This year, the government has been grappling with a credit crunch; increased oversight of the bond market has squeezed Vingroup’s lucrative property arm, Vinhomes
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