VinFast To Publicly List in the US via Business Combination; Valued at US$23bn

Vietnam's VinFast has entered into a business combination agreement with the US special purpose acquisition company (SPAC) Black Spade Acquisition Co. After the transaction, VinFast will have an equity value of over US$23 billion, and it will be listed in the US.

The transaction is expected to close in the second half of 2023.

After the transaction closes, existing shareholders of VinFast will hold approximately 99% shares of the combined company.

VinFast, a member of Vingroup, was founded in 2017.

It manufacturers and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe.

The company operates an automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and annual production capacity of up to 300,000 units in phase 1.

Black Spade Acquisition Co is listed on the New York Stock Exchange (NYSE).

Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd., says: “VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup.”

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, adds: “VinFast has demonstrated their execution excellence by building up a maximum production facility of up to 300,000 electric vehicles (EVs) a year and having a full range of beautifully designed high quality EVs, all within the span of a few years. With the support of Vingroup, one of the largest conglomerates in Vietnam, VinFast is very well positioned to take advantage of the EV lifestyle trend and we are very excited about the future potential growth of VinFast in Vietnam and globally.”

VinFast converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date.