By Hyunjoo Jin

LOS ANGELES (Reuters – VinFast is a Vietnamese carmaker that plans to be listed on the U.S. stock exchange within the next few years. This joins a growing group of electric vehicle startup taking advantage of investors’ excitement in order to raise funds.

VinFast is a conglomerate that was founded in 2017. Vingroup JSC was the country’s largest. It also intends to produce electric cars in the United States by 2024. This statement was made Wednesday by Michael Lohscheller the global Chief Executive.

We work with different options. “But yes, we also will pursue an IPO here in the United States within the next one to two years,” stated Opel’s former executive at Volkswagen (DE) who was promoted to VinFast last July.

Lohscheller explained that his company has a Vietnam-based car factory and considers U.S. production “an extremely important strategic decision…because shipping cars all over the globe is not an ongoing setup.”

He said, “We want everything to be done locally.”

VinFast presented two electric sport utility cars, the VF (NYSE) e35, and VF, e36 at Wednesday’s Los Angeles Auto Show.

Pre-orders will be taken in America for electric SUVs starting in spring 2022. Delivery of the units is expected to commence in the fourth quarter.