Author: Mei Ling Tan

  • Volvo Cars India To Expand Benguluru-Based Digital Technology Hub

    Volvo Cars India To Expand Benguluru-Based Digital Technology Hub

    Volvo Cars India is set to expand its Bengaluru-based Digital Technology Hub in the coming months. The company’s India Tech Hub recently moved to a larger office space in Bengaluru. The company plans to hire new employees from the India IT sector to employ 240 people by the end of 2023.

    “Volvo recognizes the vast pool of talent in the country and our Digital Technology Hub leverages the best available, we expect this to be 240 strong in a year’s time. While this hub strengthens our presence in India with the opening of new office space in Bengaluru, it will also contribute to the ever-growing digital needs of Volvo globally more so as Volvo readies itself to showcase and launch cars of the future that have digital technology as their integral part” said Jonas Olsson, Head, Digital Technology Hub.

    Volvo says the Digital Technology Hub is an integrated part of its global delivery setup and aims to leverage the Indian IT industry talent to meet the growing digital needs of the company.

    “The Digital Hub is designed to promote a flexible style of working while encouraging collaboration & innovation.  It can host up to 500 colleagues working in a hybrid work model,” Volvo says.

    The Bengaluru hub will boost the company’s capabilities in software engineering, data science and analytics, product management and user experience. Volvo says that future models from the company will also benefit from the developments from the hub.

  • Capi expands sparkling water range with 7-Eleven exclusive

    Capi expands sparkling water range with 7-Eleven exclusive

    Australian-owned premium water and mixer brand CAPI is rolling out through 7-Eleven stores nationwide with its 500ml still and sparkling waters.

    To support the launch, CAPI has partnered with media agency Hatched and designer Thomas Williams to create an outdoor and digital advertising campaign that champions its Australian roots.

    The campaign brings CAPI’s heritage to the fore of being wholly Australian owned and locally produced.

    CAPI CEO Emma Evans says the brand is excited to be launching through 7-Eleven as it will enable them to bring their locally produced premium water brand to more Australians.

    “We are beyond thrilled about our roll out with 7-Eleven Australia and grateful for the 7-Eleven team’s support with CAPI.

    “With increased visibility of the brand in fridges across Australia we are excited about increasing awareness of supporting local beverage brands and driving further innovation.”

  • Myntra launches fashion label Kenneth Cole in India

    Myntra launches fashion label Kenneth Cole in India

    Myntra announces the launch of global designer-led fashion brand, Kenneth Cole, further boosting the portfolio of international brands available on its platform. A brand with huge international repute, Kenneth Cole offers unique premium products catering to an urban and socially conscious audience between the age group of 22-35 years to begin with, the brand will offer over 140 SKUs across categories like T-shirts, shirts, jeans, and winter wear.

    Founded in 1982, the American fashion house, Kenneth Cole, is one of the leading fashion brands worldwide and is available across stores as well as online. The brand’s unique collections include Techni-Cole, Conscious-Cole will also be available as a part of EORS 17 offerings, which is scheduled to be held between Dec 10 to 16, this year. The Techni-Cole collection uses technical fabrics, making it more flexible and functional, while the Conscious-Cole collection uses sustainability-led fabrics and organic cotton, along with Kenneth Cole’s unique take on modern work-wear, appealing to a product-conscious cohort. Kennethism, which are quotes from Kenneth Cole himself, helps drive the brand message to the audience, further augmenting the brand’s salience among shoppers.

    Kenneth Cole’s launch on Myntra will help Kenneth Cole reach and engage with diverse targetaudiences and amplify its presence in the country. The association allows our in-house speciality teams to design, manufacture and distribute Kenneth Cole apparel, accessories and footwear digitally in India. Men’s and Women’s Apparel from Kenneth Cole is live on Myntra, with other categories launching in the upcoming seasons. Kenneth Cole will further have its own Online Brand Store (OBS) on Myntra, allowing shoppers quicker access and a richer shopping experience.

    Talking about the launch, Nandita Sinha, CEO, Myntra, said, “Kenneth Cole has created a mark for itself over the years, among global fashion and lifestyle consumers. We are delighted to welcome Kenneth Cole on Myntra and are confident of the brand being able to build deeper salience with the millions of shoppers across the country, especially with Kenneth Cole’s product-driven approach and Myntra’s wide reach and popularity with India’s fashion-forward consumer base.” Speaking on the launch, Kenneth Cole, said, “We are excited to announce this initiative which is intended to firmly establish our footprint in the Indian market. Myntra is one of the leading platforms in the fashion and lifestyle space and we are looking forward to partnering with them to meet the
    hyper-growing stylish aspirations of Indian consumers.”

    Myntra’s EORS-17, is set to bring offerings from over 6000 brands across a whopping 17 lakh styles.
    As a part of the event, Myntra is also presenting EORS specials and Kenneth Cole will be a part of the
    EORS specials this edition. First-time shoppers can expect a flat ₹500 off on their initial transaction,
    along with free shipping on their first four orders, while also receiving exciting coupons for future use.

  • Levi’s largest Southeast Asia store lands in Singapore

    Levi’s largest Southeast Asia store lands in Singapore

    Levi’s will be launching new stores and rolling out existing store refreshes as well as new in-store services throughout the East Asia Pacific (EAP) region. New stores are expected to launch this year in Singapore, Malaysia, Indonesia, Japan, Australia, and Thailand. This is part of the company’s plans to accelerate sustainable business and commercial growth in the EAP region.

    Its stores and shop-in-shops will be refurnished into NextGen Indigo stores, and this will be done using digital tools to streamline the consumer journey, including installing LED portal entry archways and LED screens for marketing content. Levi Strauss & Co. managing director and senior vice president of EAP, Nuholt Huisamen, said that in Thailand alone, close to 100 new retail stores will be introduced in the new NextGen Indigo format, eight of which opened on 1 April. This marks the pivot towards a 100% owned-and-operated business model in the country, added Huisamen.

    Select stores in the region will also introduce in-store tailoring services to offer greater personalization of apparel. According to Levi’s, as the retail market finds its new equilibrium, the company will focus on omnichannel engagement, leveraging the hybrid customer experience model. Some of the brand’s marketing plans for 2022 include leveraging the brand experiences with initiatives such as 501 Day and the Levi’s Music Project. 501 Day is a global campaign that commemorates the iconic blue jean receiving its official patent. Similarly, the Levi’s® Music Project is a programme that connects with and supports artists and aims to leave a more global footprint.

    Exciting consumer-facing events and activities in Bangkok will also be announced, Huisamen said, adding that more localised activities will be rolled out in key markets this year.

    D2C focus played a role in financial success

    Levi Strauss & Co., which owns Levi’s, Dockers, and Beyond Yoga, reported an 11% increase in net revenue on a reported basis in Asia during the first quarter of the year. The increase was driven by both its D2C and wholesale channels and most markets, despite a few markets continuing to experience COVID-related impacts.

    Direct to consumer (D2C) net revenues for the region increased 17% driven by strong performance in its company-operated stores, as well as eCommerce, which was up 22%. Wholesale net revenues increased 5% driven by strength of the Levi’s brand across several markets. Net revenues through all digital channels grew 17% and represented 14% of the segment’s sales in the quarter.

    Huisamen credits its success with placing consumer at the centre of everything it does and its focus on D2C. Huisamen cited the recent expansion into Thailand as an example of this. With Levi’s global D2C eCommerce increasing by 22% in the past year, the company prioritised its Thai eCommerce site and created a dedicated CRM programme as well, to respond to the omnichannel behaviour of its younger, digitally savvy target audience.

    With young consumers becoming a priority audience, Huisamen said that it is important the brand continue to adopt a digital-first mindset to better serve and appeal to them – both from a marketing and consumer standpoint. Levi’s has thus dialled up its social media presence locally with newly launched channels on platforms such as LINE, Facebook, Instagram and Twitter. On top of that, there are brand collaborations and collections with other brands such as The Simpsons, BEAMS, Human Made and Levi’s® Fresh. These have already been rolled out in the region, and reflect the brand’s push to connect with younger audiences.

  • Dollar inches up

    Dollar inches up

    The U.S. dollar gained over the Vietnamese dong marginally at several banks Thursday morning but dropped on the black market.

    Vietcombank sold the dollar at VND24,060 Thursday, up 0.17% from Wednesday.

    TPBank increased the rate by 0.02% to VND24,200.

    Eximbank kept the rate unchanged at VND24,020, and Techcombank maintained it at VND24,025.

    The State Bank of Vietnam (SBV)’s reference rate is at VND23,659, down 0.004%.

    The dollar is sold at VND24,430 on the black market, down 0.29%.

    The greenback has gained over the dong by 4.97% since the beginning of the year.

    The U.S. Dollar Index, which measures the greenback’s strength against major currencies, hovers around a three-month low of 105 points.

  • Novartis sponsors expert talkshow to raise breast cancer awareness

    Novartis sponsors expert talkshow to raise breast cancer awareness

    The talk show “Spread the Belief Program”, organized by HCMC Oncology Hospital with Novartis’s support, has helped the audiences answer basic questions about breast cancer.

    Breast cancer ranks first among the most common cancers in women in the world and Vietnam. According to Global Cancer Statistics 2020, more than 2.2 million people worldwide were diagnosed with breast cancer and about 680,000 people died from this disease in 2020.

    In Vietnam, breast cancer accounts for 25.8% of cancer cases in women with more than 21,555 new cases and 9,345 deaths in 2020.

    If the 5-year survival rate in the very early stage reaches 98%, in the late stage, this rate is only about 10%. More worryingly, breast cancer patients are getting younger.

    Due to psychological reasons, many people at risk – particularly women – tend to delay screening for early detection of breast cancer. The late detection of this disease makes treatment difficult, less efficient, and costly.

    Therefore, regular screening for timely diagnosis and detection is crucial to help patients actively choose treatment methods, increase treatment efficiency, and save costs.

    In order to support the community to update information about the disease, HCMC Oncology Hospital organized the “Breast Cancer Awareness Program” talk show with the sponsorship of Novartis Vietnam.

    This is also part of Novartis’ long-term commitment to ensuring easy access to treatment for patients through public health activities.

    Dr. Phan Thi Hong Duc, Head of the Internal Medicine Department of Breast, Gastroenterology, Liver and Urology, HCMC Oncology Hospital provided useful information about the disease during the talk show.

    The expert guest emphasized the importance and effectiveness and timely screening measures as well as medical advances in the treatment of breast cancer today.

    Although breast cancer is common and dangerous, patients still have the opportunity to treat and prevent the development of this disease.

    The March 2022 report of the American Cancer Society (ACS) found that 99% of those treated for breast cancer at the earliest stage live 5 years or longer after being diagnosed and the survival rate of people with metastatic breast cancer is 28% if treatment is maintained for a long time.

    Today’s medicine has made great strides in breast cancer treatments such as surgery, radiation therapy, and chemotherapy, combined with other treatments such as hormone therapy, biological therapy (targeted therapy), immunotherapy, and so on.

  • Gold prices drop marginally

    Gold prices drop marginally

    SJC gold prices fell 0.15% to VND67 million ($2,805.70) per tael Thursday morning.

    Gold ring prices gained 0.19% to VND54 million. A tael equals 37.5 grams or 1.2 ounces.

    Gold prices were little changed in early Asian trade on Thursday, after bullion jumped more than 1% in the previous session following a retreat in the U.S. dollar and yields.

    Spot gold held its ground at $1,786.92 per ounce.

    Higher interest rates tend to increase the opportunity cost of holding gold as it yields no interest.

    Market participants mostly expect a 50-basis point rate hike at the Fed’s final meeting of 2022 scheduled on December 13-14.

  • Apollo Tyres Inaugurates New Advanced Tyre Testing Facility In Chennai

    Apollo Tyres Inaugurates New Advanced Tyre Testing Facility In Chennai

    Apollo Tyres on Wednesday inaugurated a new Advanced Tyre Testing Facility at its Global Research and Development Centre outside Chennai. The new facility, the company says, will enable it to hasten the research and development process for tyres for passenger vehicles and two-wheelers.

    At the inauguration, Daniele Lorenzetti, CTO, Apollo Tyres said, “We strongly focus on continuous improvement in efficiency and effectiveness of product development and this new facility will further augment our testing capabilities for future vehicle models. We will be able to fine-tune the performance of our products by simulating closely the real-world conditions using this facility.”

    The company said that the new facility houses a new custom-designed Flat-Trac machine as well as an Anechoic chamber. The Flat-Trac machine will allow the company to test the dynamic behavior in a simulated environment with the machine testing and recording various parameters of the performance of the tyre. The company says that the new machine is capable of replicating maneuvers such as high slip angles seen during emergency maneuvers, high torque ramp-up and even varying degrees of lean (a measure of testing two-wheeler tyres).

    The Anechoic chamber, meanwhile, will be used to test the NVH properties of the company’s tyre ranges over varying simulated terrains allowing for its fine-tuning.

    Apollo Tyres says that the main beneficiaries of the new technology will be models developed for high-end passenger vehicles, electric vehicles and premium motorcycles.

    The company also said that the inauguration of the new testing centre was in line with the brand’s mid-term goals of deploying greater use of technology in the research and development process. The company has also set targets to improve sustainability in the use of raw materials in its tyre development and manufacturing processes.

  • Australia’s The Coffee Club to make India debut in 2023

    Australia’s The Coffee Club to make India debut in 2023

    Australian coffee chain The Coffee Club will debut in India next year with new franchise partner CK Israni Group.

    New Delhi-based conglomerate CK Israni said it will start opening stores next year and is targeting 100 The Coffee Club outlets in India by 2028.

    “We are still figuring out whether it is going to start from Delhi or Mumbai. The Coffee Club is a mass market brand, and we will start rolling out stores from next year,” said Chandni Nath Israni, Co-Founder, CK Israni.

    India has become a key growth market for many international coffee chains seeking to capture a share of increasing consumer demand for premium coffee and café experiences.

    Starbucks and Costa Coffee have both achieved further outlet growth in India this year while Dunkin’ has commenced revamping its coffee menu and store design to attract younger consumers.

    Additionally, Canadian coffee chain Tim Hortons will invest $37m to open 120 stores in the next three years with Indian licensee AG Café.

    The Coffee Club opened its first store in Brisbane in 1989 and now operates over 400 stores across nine markets, including New Zealand, Saudi Arabia and the United Arab Emirates.

    The Coffee Club is owned by Australian retail food brand franchisor Minor DKL Food Group, which also operates the Australian roaster and café brand Coffee Hit and specialty coffee roaster Veneziano.

    CK Israni Group has predominantly operated in the real estate and infrastructure industries. However, the company also signed a franchise agreement with French bakery and confectionery brand Laduree in November 2020. It currently operates two Laduree outlets, with plans to reach 20 by 2025.

  • Hole Carding in Blackjack: What Is It and How Is It Used?

    Hole Carding in Blackjack: What Is It and How Is It Used?

    The term “hole carding” is most often associated with blackjack, although it may be used for any game where players have access to a concealed “hole” card, such as three-card poker or Caribbean stud. Most gaming houses allow hole carding as a kind of advantage in gambling as long as it does not entail the use of a gadget like a mirror or acts like manipulating the dealer’s cards. Casinos often have regulations against rubbernecking and using a stand behind a competitor to indicate hole cards in games like stud poker.

    Whether you’re a pro or starting, you’ve probably wondered about “how to hole cards in blackjack” One of the most common ways to boost your odds of winning in blackjack is by using a strategy known as “hole carding.” Players may sometimes try to peek at the dealer’s hole card, also known as the face-down card, to get an edge in a game of blackjack.

    When playing blackjack, players often get a glimpse of just one of the dealer’s cards at a time (the upcard). A player normally has a deficit of roughly 0.5% in blackjack, but if hole carding opportunities come your way and you can correctly guess the dealer’s hole card, you may have a potential advantage of up to 13%. You can learn more about this strategy on CasinoUSA. To avoid revealing that they can see the dealer’s hole card, players with this information would typically prefer not to make certain moves, like landing a hard 19 vs. a dealer 20. That’s enough talk. Let’s walk the talk so you don’t miss out on maximizing this blackjack strategy.

    What is Hole Carding?

    Seeing a casino dealer’s down card (sometimes called a hole card) is called “hole carding.” Blackjack games often include the dealer keeping one card face down, known as a “hole card,” and one face up. If you can see the value of the hole card, you’ll gain an edge in the competition. Flashers, or flashing dealers, often display their cards to customers. If they pay close attention, some players can see the dealers’ hole cards because of a weakness in how they deal.

    Types of Hole Carding

    These are the most popular types of hole carding:

    1. Basing

    Basing, also known as first-basing, is viewing the dealer’s hole card when he checks beneath his up-card for a blackjack. When blackjacks were examined by the dealer raising their up card and looking at the hole card, basing was conceivable. However, basing is almost impossible with the widespread use of hole-card scanners in modern casinos.

    1. Spooking

    “Spooking” is a hole-card play that functions similarly to “first base” in blackjack. The reader (“spook”) for this performance should be seated on the opposite side of the box from the dealer, on the dealer’s left. When the reader sees the Big Player at the table, they signal. The hole card is revealed when the dealer looks behind him to see whether he has a natural.

    1. Front Loading

    In poker, front loading entails seeing the dealer’s hole card while putting it beneath his up-card while the deal is on. Although it is now more difficult to identify “loaders” (dealers who flash their cards), this strategy is still often used.

    The player has a greater advantage when the hole card is shown before the flop, as it is in front-loaded games. The advantage may shift significantly based on the rules, the proportion of cards shown, and the player’s strategy. Games like Three-Card Poker and Mississippi Stud also allow for front-loading.

    How to Hole Cards

    The first step in learning to spot hole cards is to start looking out for them. Most players won’t pay attention even if the dealer shows every card. Even if a dealer flashes cards, it’s not always obvious from every seat at the table. Some dealers have a little imperfection, allowing you to tell whether a game is a face card.

    However, even this little knowledge may sometimes be enough to gain a little advantage depending on whether the dealer is right- or left-handed and the rules of the game, the optimal spot to sit to view hole cards are either immediately right in the dealer’s front or at the first or third base.

    Look out for careless dealers and try out various spots to see whether you can locate the best viewpoint. A lower eye-to-table distance increases your odds of seeing a card; therefore, being on the shorter side benefits. Some players lean forward in their seats to gain a better look at the felt, while others choose to recline. However, to avoid suspicion, you must behave as if nothing is wrong.

    After finding a dealer or dealers who reveal their whole card, the next step is to figure out how to put the preceding data to good use. It’s tempting to assume you can apply the knowledge everywhere, but doing so is risky. When you have a flashing dealer, you should do everything possible to keep them dealing for as long as possible.

    Conclusion

    Nothing at the casino, particularly in a game like blackjack, is as simple as it initially seems. Savvy players will explore any strategies that can provide them a benefit over the house. Hole carding is just one method, and it gives a significant advantage if you master it. With time and consistency, you’ll get the hang of it.

     

     

  • Location-tracking app Zenly shutting down

    Location-tracking app Zenly shutting down

    The popular location-tracking social media platform Zenly will shut down February 3 as its operator Snap Inc undergoes restructuring.

    “Time to say goodbye,” read a notification to all users of the app Tuesday morning. The notification said the platform would shut down in 59 days.

    It also urged users to switch to the app Snap Map, operated by Snap Inc, which bought Zenly in 2017.

    Zenly is used by many Vietnamese who want to track the location of their friends of family members. It has been among the most downloaded apps here for years.

    It is currently Vietnam’s sixth most downloaded iOS social media app and ninth on Android.

    Zenly, launched in 2014, is one of the best performing apps in Asia and Europe, with 160 million downloads and 35 million active users, according to a report by Data.ai earlier this year.

    The app has caused controversy for using key personal data such as location, contacts, micro and camera, all of which are at risk of being leaked.

    Some users have admitted to installing Zenly secretly on someone else’s phone to covertly track that person.

    Rumors of a Zenly shutdown have been circulating since September, when Snap Inc said it would undergo restructuring – including letting go of 20% of its staff.

  • Smartphone exports drop in November

    Smartphone exports drop in November

    Smartphone exports fell nearly 10% in volume and 7.4% in value in November after the country’s largest manufacturer, Samsung Vietnam, lowered production the second time this year.

    According to the General Statistics Office, Vietnam produced 20.6 million phones in November, and export of phones and phone components were worth $5 billion. This is the third straight month the export value of phones and components has dropped.

    Smartphone production in the first 11 months decreased by over 7% year-on-year. Most of the smartphones produced in Vietnam are exported to the western market.

    Normally, phone output increases before Christmas but it has dropped this year because inflation pressures have prompted companies to limit production.

    Of the total smartphones output in Vietnam, Samsung Vietnam contributes a half. The tech giant recorded an export turnover of over $34 billion in the first half of this year, accounting for more than 18% of the country’s total.

    Samsung Vietnam has reduced smartphone production twice this year, the first time in the first half of the year over Covid-19 impacts and the second early November.

    Vietnam recorded a total export turnover of $342.21 billion in the first 11 months, while import turnover was $331.61 billion, resulting in a trade surplus of $0.78 billion, according to the General Statistics Office. The surplus in the same period last year was $0.6 billion.

  • Samsung to increase Vietnam investment to $20B

    Samsung to increase Vietnam investment to $20B

    South Korean electronics giant Samsung announced plans Tuesday to increase its investment in Vietnam from $18 billion to $20 billion.

    “Samsung has clear goals to implement projects in Vietnam effectively. We want to invest in developing new, young human resources, and promote research in artificial intelligence and big data, ” Samsung Electronics vice chairman and CEO Han Jong-hee said while meeting with visiting Vietnamese President Nguyen Xuan Phuc in Seoul on Tuesday.

    Phuc encouraged Samsung to continue investing in auxiliary industries and smart technology, with a goal of building research and development centers in Vietnam.

    Samsung’s new Research and Development Center in Vietnam has been completed and will soon come into operation, focusing on research on phones, computers, and network systems, Vietnam News Agency quoted Han as saying.

    In upcoming big fairs, Samsung will exhibit leading hi-tech products and solutions, and if there are partners, the firm will manufacture them in Vietnam, he said.

    Samsung Electronics Vietnam reported export turnovers of $65.5 billion in 2021, helping turn Vietnam into a global smartphone manufacturing hub.

    The Vietnamese president also met Tuesday with Hyosung chairman Cho Hyun Joon, who said the South Korean industrial group has invested $3.5 billion in Vietnam.

    Then Phuc met with New Korea Development Bank (KDB) chairman Kang Seog Hoon, who said the South Korean lender will soon launch new financial services in Vietnam as part of its expansion into its Southeast Asian neighbors.

  • Alpian Will Use AI to Sniff Out Financial Crime

    Alpian Will Use AI to Sniff Out Financial Crime

    Switzerland’s first digital private bank has found a partner for end-to-end risk management. The solution makes use of artificial intelligence.

    Digital private bank Alpian plans to use intelligent compliance to monitor the risk profiles of all its clients and investigate potential financial crimes, partnering with global compliance solutions provider Napier to do so, the bank said Tuesday.

    According to the statement, Napier Continuum brings together core anti-money laundering (AML) measures such as transaction monitoring, customer and transaction screening, advanced risk assessment tools, ongoing AI-powered reviews, and intuitive reporting capabilities.

    By using the most advanced compliance technology, the often very strict regulatory requirements can be met and reliable service can be delivered to bank customers, Schuyler Weiss, Alpian CEO, and co-founder said.

    Alpian combines everyday banking with personalized investment services via a mobile app for the mass affluent customer segment. Prior to its official launch in October 2022, Alpian had raised 19 million Swiss francs ($20.3 million) in its B+ funding round and recently announced a partnership with Visa.

  • Vietnam’s EV maker Vinfast files for US IPO to fuel global expansio

    Vietnam’s EV maker Vinfast files for US IPO to fuel global expansio

    Vietnam’s electric-vehicle maker VinFast said on Tuesday it has filed for an initial public offering (IPO) in the United States to list on the Nasdaq under ticker symbol “VFS” to fund its expansion with a planned plant in North Carolina.

    VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.

    For the IPO, the company said it will convert to a Singapore public limited company and will be known as VinFast Auto Ltd, while the number of shares to be offered and the price range for the proposed offering have not yet been determined.

    Tuesday’s filing follows VinFast’s confidential submission to the U.S. Securities and Exchange Commission (SEC) in April, a month after it said it would build a production plant in North Carolina with an initial projected capacity of 150,000 EVs a year.

    A unit of Vietnam’s biggest conglomerate Vingroup, VinFast first flagged its U.S. IPO in April last year, eyeing to raise $2 billion with valuation of about $60 billion.

    The market valuation for EV startups has drastically cooled for the past year after some companies with sky-high valuation face scrutiny, together with the current gloomy global economy.

    “Valuation or the size of our IPO will be subject, in part, to market conditions,” VinFast Chief Executive Le Thi Thu Thuy said in a separate statement released on Wednesday.

    “VinFast will continue to monitor opportunities for future fundraises, as the market becomes more familiar with the VinFast brand and story,” she said.

    The company had said IPO was just one of the options to raise fund. In July it tapped banks to raise at least $4 billion to fuel its aggressive expansion.

    No time frame was specified for the offering on Tuesday although the company had said it aimed for an IPO in the fourth quarter of this year.

    But in May, its parent company Vingroup warned the IPO may be delayed to 2023 due to market uncertainty.

    “VinFast intends to conduct an IPO after the SEC declares the registration statement effective, market conditions permitting,” Thuy said on Wednesday, noting the company’s primary objective was to successfully list VinFast on a U.S. stock exchange.

    The EV maker in late November shipped its first batch of 999 vehicles to the United States, capping a five-year bid to develop an auto production hub in Vietnam for markets in North America and Europe.

    VinFast has said it has almost 65,000 orders globally in total and expects to sell 750,000 EVs annually by 2026.