VinFast to List in the US Through a Merger

VinFast will merge with Black Spade Acquisition, a company listed on the NYSE, thereby increasing its equity capital to $23 billion.

The electric vehicle company of businessman Pham Nhat Vuong continues its plan to list on the US stock exchange, a press release after the merger agreement stated on the afternoon of May 12.

Accordingly, the merged company will have an enterprise value of approximately $27 billion. The equity value is $23 billion after the merger, excluding the amount to be converted from the $169 million cash trust.

The transaction is expected to close this year, subject to regulatory and shareholder approvals and other customary closing conditions. Following the transaction, existing VinFast shareholders will own 99% of the combined company.

Black Spade Acquisition is a special purpose vehicle (SPAC). SPACs raise money through an IPO and use it to buy shares in other target companies. Going public through a SPAC merger is a recent trend because it allows companies to bypass the traditional Wall Street process.

Ms. Le Thi Thu Thuy - General Director of VinFast said that this merger agreement demonstrates the company's ability to quickly penetrate international markets. "The cooperation with Black Spade and the listing of VinFast on the US stock exchange will be an important development milestone for Vingroup , opening up ideal capital mobilization opportunities for our global development process," Ms. Thuy said.

Ms. Le Thi Thu Thuy - General Director of VinFast (white dress) and leader of Black Spade Acquisition at the agreement signing event. Photo: VinFast

Mr. Dennis Tam - Chairman and CEO of Black Spade Acquisition highly appreciated the partner's ability to increase capacity to 300,000 electric vehicles per year in just three years. He also expected the advantage in capturing the green living trend; the development potential of Vinfats in Vietnam and globally.

VinFast was founded in 2017, a member of Vingroup Corporation with the vision of becoming a smart electric vehicle brand driving the global electric vehicle revolution. The company currently manufactures and exports a range of electric SUVs, electric motorbikes and buses across Vietnam, North America and Europe. VinFast's factory in Hai Phong has a level of automation of up to 90%.

Since 2022, the company has switched to producing 100% electric vehicles and has delivered the models: VF e34, VF 8, VF 9 and VF 5 to Vietnamese customers. The company also exported the first batches of VF 8 cars to North America and became a global electric vehicle manufacturer.

Black Spade Acquisition was founded by Black Spade Capital, which operates a portfolio of cross-border investments.

Ngoc Diep

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