Vietnamese electric car manufacturer VinFast has made its long-anticipated entry into the US stock market following the successful completion of a merger with Black Spade Acquisition. The merger, which received unanimous approval from Black Spade shareholders on August 10, 2023, has paved the way for VinFast’s listing on the Nasdaq stock exchange under the ticker symbols ‘VFS’ and ‘VFSWW’, effective from August 15.
VinFast’s journey towards its US stock market debut was greenlit by the US Securities and Exchange Commission (SEC), which granted approval for the company’s planned initial public offering (IPO). The IPO, initially projected to value VinFast at 27 billion US dollars, represents a significant step for the Vietnamese automaker. Notably, the IPO timeline was slightly delayed, taking place approximately a year later than originally planned.
VinFast’s CEO, Thuy Le, expressed enthusiasm about the company’s foray into the US market, highlighting the milestone as a vital part of VinFast’s global expansion strategy. Le emphasized that the move to go public is not merely a financial transaction, but a reflection of the confidence in VinFast’s vision and potential to provide smart, safe, and environmentally friendly electric vehicles to a wide audience. The merger with Black Spade was also characterized as a collaboration that aligns with VinFast’s commitment to a sustainable and greener future.
The IPO announcement follows closely on the heels of VinFast’s groundbreaking event for its inaugural US manufacturing plant. Located in Chatham County, North Carolina, the facility is anticipated to commence operations by 2025. In its initial phase, the plant will produce the VF 7, VF 8, and VF 9 electric car models, with a projected annual capacity of 150,000 units.
VinFast, originally established in 2017 as a subsidiary of Vietnam’s Vingroup, transitioned into a dedicated electric car manufacturer in 2022. Its presence in the Vietnamese electric car market includes four models: VF e34, VF 8, VF 9, and VF 5. The company’s expansion efforts extend globally, with an already accomplished export of nearly 3,000 electric vehicles to the US and Canada by the end of April. In the current year, VinFast aims to introduce its electric vehicles to the European market, with specific focus on countries including Germany, France, and the Netherlands.
