VinFast to list in US via business combination with local company

Thuy Le, Global CEO of VinFast (white) and representatives of Black Spade Acquisition (Photo: VinFast)

The two companies on May 12 announced that they have entered into a business combination agreement. After the transaction, VinFast will have an equity value of over 23 billion USD and be listed in the US.

The business combination values VinFast at an enterprise value of approximately 27 billion USD and an equity value of 23 billion USD, not including cash from BSAQ's approximately 169 million USD of cash in trust.

The transaction is expected to close in the second half of 2023, subject to regulatory and shareholder approvals, and other customary closing conditions. After the transaction, existing shareholders of VinFast will hold approximately 99% shares of the combined company.

Thuy Le, Global CEO of VinFast, said that VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the US represent the perfect capital raising avenue for the company’s future global ambitions and is also an important accomplishment for Vingroup.

Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co shared that VinFast has demonstrated their execution excellence by building up a maximum production facility of up to 300,000 electric vehicles (EVs) a year and having a full range of beautifully designed high quality EVs, all within the span of a few years. With the support of Vingroup, one of the largest conglomerates in Vietnam, VinFast is very well positioned to take advantage of the EV lifestyle trend and the company is very excited about the future potential growth of VinFast in Vietnam and globally.

VinFast, a member of Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufacturers and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The Company operates a state-of-the-art automotive manufacturing complex in Hai Phong city that boasts up to 90% manufacturing automation and annual production capacity of up to 300,000 units in phase 1.

VinFast is committed to its mission of creating a sustainable future for everyone. The Company converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast recently crossed an important milestone on the journey to becoming a recognised global EV brand with the first VF 8 EVs exported to North America earlier this year.

Black Spade, listed on the NYSE as BSAQ, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio./.