VinFast will be listed on the U.S. stock exchange

DNHN - Leading Vietnamese electric vehicle manufacturer VGP - VinFast has announced that it will list in the U.S. via a merger with Black Spade Acquisition Co (Black Spade).

According to a joint statement by VinFast and Black Spade, the new entity will have an enterprise value of approximately US$27 billion and an equity value of US$23 billion following the merger.

The transaction is anticipated to close in the second half of 2023, with existing VinFast shareholders holding approximately 99 percent of the combined company's shares.

VinFast, a subsidiary of Vingroup, was established in 2017 with the intention of driving the global smart electric vehicle revolution.

VinFast manufactures and exports e-SUVs, e-scooters, and e-buses throughout Vietnam, North America, and soon Europe.

The company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90 percent manufacturing automation and up to 300,000 units of annual production capacity in phase 1.

Previously, on April 16, VinFast announced the shipment of 1,879 VF 8 vehicles to the United States and Canada.

VinFast will hand over 1,098 VF 8 vehicles to the U.S. market upon arrival and continue the journey to Canada with the remaining 781 vehicles.

The vehicles are anticipated to be delivered in May to U.S. customers and in June to Canadian customers.

This is the second VinFast EV batch exported to the international market, and the first VF 8 standard batch exported.

P.V