An industry insider, who requested anonymity due to the sensitive nature of the information, stated that the Vingroup JSC subsidiary may raise at least $1 billion, depending on the interest rates.

According to Bloomberg, VinFast has already begun talking to prospective investors and will take several things into account, including market circumstances, when deciding when to go public in the US. In April, it made a confidential application for an IPO in the US.

In September, CFO David Mansfield revealed that VinFast plans to undertake an IPO in the US sometime in 2023. The automaker has obtained almost $1.2 billion in incentives for its proposed North Carolina EV facility, which it plans to begin production in 2024, cited Bloomberg.

In July, the automaker said that it had reached a deal with international financial institutions in a bid to fund at least $4 billion to assist in its expansion plan in the US.

On November 16, VinFast also opened its first Canadian store in Yorkdale Mall, Toronto, and expects to open seven more by the end of this year.

CEO of VinFast Canada, Huynh Du An, emphasised that the launch of the first store in Canada is a big step forward in VinFast's plans to expand internationally.