VinFast to List on the New York Stock Exchange; Begins Building US EV Factory

VinFast has announced it will list on the New York Stock Exchange following the approval by the US Securities and Exchange Commission of a business combination with the Special Purpose Acquisition Company (SPAC) Black Spade. The business combination values VinFast at an equity value of US$23 billion.

The listing of VinFast is expected in August 2023 following the closure of the transaction.

VinFast has also broken ground on its electric vehicle factory located in North Carolina.

Covering an area of approximately 1,800 acres, the factory is designed to reach a capacity of 150,000 vehicles per year in the initial phase.

The factory, which will consist of two main areas: electric vehicle production and assembly, is expected to start production in 2025.

 In the initiail phase, it will focus on building VinFast’s VF 7, VF 8 and VF 9 electric vehicles.

Madam Le Thi Thu Thuy, Global CEO of VinFast Auto Pte. Ltd., says: “Today represents a remarkable milestone in advancing VinFast’s presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions.”

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, adds: “We anticipate that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena. We are delighted to collaborate with the entire VinFast leadership team as they bring their highly anticipated full range EV models to the global market, instigating a significant transformation in the EV landscape.”

“Today's event marks a new milestone for VinFast, affirming our commitment to the North American market,” says Madam Le Thi Thu Thuy, during the manufacturing plant groundbreaking ceremony. “Not only will this project create thousands of jobs and contribute to North Carolina’s economic development, but VinFast’s electric vehicles produced here will also bring additional economic benefits to consumers. We also look forward to contributing to the development of the North Carolina community – our second home – during the production and business operation here.”

VinFast manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe.