VinFast makes its stock market debut in the USA. The Vietnamese electric car maker has completed the announced merger with Black Spade Acquisition stock shell and will be listed on the Nasdaq from August 15 under the ticker symbols “VFS” and “VFSWW”.
A prerequisite for the completion of the merger was a vote by the Black Spade shareholders. They voted in favor of the transaction on August 10, 2023. The US stock exchange supervisory authority SEC (Securities and Exchange Commission) had already given the green light for VinFast’s planned IPO. At that time, the Vietnamese carmaker stated that it expected a valuation of 27 billion US dollars.
When the IPO was announced in May, the talk was of at least $23 billion. VinFast did not announce an update on this in the official IPO announcement. All in all, VinFast went public about a year later than planned.
“The addition to a US-listed company represents a significant milestone in VinFast’s global expansion,” said Thuy Le, Global CEO of VinFast Auto Ltd. “The IPO is more than just a transaction on the stock exchange and reflects a strong vote of confidence in our vision.” potential and fulfills our promise to make smart, safe and environmentally friendly electric vehicles accessible to everyone. I sincerely appreciate the wonderful collaboration with Black Spade as our valued partners as we accompany us on our ‘boundless shared’ journey towards a greener future for us and for generations to come.”
The IPO comes shortly after VinFast laid the foundation for its first US plant. The factory in Chatham County, North Carolina, is scheduled to start operations in 2025 and will initially produce the VF 7, VF 8 and VF 9 models with an annual capacity of 150,000 electric cars.
Established in 2017 as a member of Vietnam’s Congolmerat Vingroup, VinFast became a pure electric car maker in 2022. In Vietnam, the company is on the market with four EV models, VF e34, VF 8, VF 9 and VF 5. And the carmaker is driving its global expansion. At the end of April, VinFast had exported almost 3,000 electric cars to the USA and Canada. This year, the Vietnamese want to bring their electric vehicles to Europe, specifically to Germany, France and the Netherlands.
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