VinFast is set to merge with an American company in 2023.

The deal could be completed this year. Black Spade is currently seeking an extension from July 20, 2023 to July 20, 2024.

VinFast has an enterprise value of approximately $23 billion. VinFast's valuation is based on a decision by Black Spade.

According to Black Spade, VinFast is comparable to electric vehicle manufacturer Lucid due to similarities in revenue scale and shared global target markets. Currently, they are focusing on sales in the US in the short term.

VinFast plans to merge with an American company in 2023.

Black Spade Acquisition refers to a Special Purpose Acquisition (SPAC). SPACs raise money through IPOs and use it to acquire shares in other target companies. Listing on the stock exchange through mergers with SPACs is a recent trend because it allows businesses to bypass the traditional Wall Street process.

VinFast has been operating since 2019, has a factory in Vietnam, and is planning to build a second factory in North Carolina, USA. The company has delivered 3,000 electric vehicles to North America and expects to offer the longer-range VF 8 SUV to customers in June.

Recently, Mr. Pham Nhat Vuong - Chairman of the Board of Directors of Vingroup - told Vingroup shareholders that VinFast could break even by the end of 2024.

According to Mr. Pham Nhat Vuong, VinFast expects to sell 50,000 vehicles this year, nearly seven times more than in 2022, thanks to increased exports to North America and the start of shipments to Europe.

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Source: https://vtc.vn/vinfast-sap-nhap-voi-cong-ty-my-trong-nam-2023-ar800306.html