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Home ยป Vietnamese EV Maker VinFast Plans to Go Public in the U.S. Next Week

Vietnamese EV Maker VinFast Plans to Go Public in the U.S. Next Week

VinFast

Ho Chi Minh City, Vietnam – VinFast, Vietnam’s ambitious electric vehicle startup, is gearing up to go public on the NASDAQ stock exchange as early as next week through a merger with a Special Purpose Acquisition Company (SPAC).

The news sent VinFast’s parent company, Vingroup, surging nearly 7% to a new high for the year of around $3.06 per share on Friday. In a joint statement, VinFast and the SPAC, Black Spade Acquisition, revealed their intention to complete the merger by mid-August.

According to the statement, the post-merger equity value of the new entity is estimated at $23 billion – abandoning VinFast’s initial plans for a traditional IPO. Last year, VinFast announced its application for a U.S. IPO to list on the NASDAQ under the ticker symbol “VFS.”

As a newcomer aiming to compete with the likes of Tesla, VinFast was established in 2017 as a subsidiary of Vingroup – one of Vietnam’s largest conglomerates. The company already operates a 300,000 vehicle-per-year factory in Hai Phong and has shipped around 3,000 electric vehicles to the U.S. market.

VinFast also recently broke ground on a sprawling $4 billion electric vehicle plant in North Carolina, underscoring its bold ambitions to gain market share as the auto industry moves towards electrification. By merging with a SPAC, VinFast can fast-track its public listing and access crucial capital to fund its global expansion plans.

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