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Vingroup founded the Singapore-based company to pave the way for the U.S. car unit’s IPO

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© Reuters. FILE PHOTO: Employee works at Vinfast Auto Factory in Hai Phong City, Vietnam on June 14, 2019 for the opening ceremony. REUTERS / Kham / File Photo

HANOI (Reuters) – Vingroup JSC, Vietnam’s largest conglomerate, has set up a Singapore holding company called VinFast Singapore, a stake in Vingroup’s auto unit, a VinFast operation in Vietnam, the company said on Saturday.

The move is part of the company’s plan to list the shares of its car unit in the United States, Vingroup said in a statement.

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