Vietnam carmaker VinFast to list in US via a special purpose acquisition company
Vietnamese electric vehicle manufacturer VinFast will list in the U.S via a merger with Black Spade Acquisition Co (BSAQ), a special purpose acquisition company (SPAC), the two firms announced on Friday.
After the merger, the new entity will have an enterprise value of approximately $27 billion and an equity value of $23 billion, "assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for cash as permitted," a joint statement said.
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.

Leaders of Vingroup, VinFast and Black Spade at the deal signing ceremony in May 2023. Photo courtesy of Vingroup.
Thuy Le, Global CEO of VinFast, said: “VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup.”
Dennis Tam, chairman and co-CEO of Black Spade Acquisition Co, noted: “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 we are very excited about the future potential growth of VinFast in Vietnam and globally.”
VinFast, a member of Vingroup, was founded in 2017. The company manufactures and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe.
It operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and annual production capacity of up to 300,000 units in phase 1.
VinFast was 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. It exported its first VF 8 EVs to North America earlier this year.
Previously, in December last year, the company had filed for an initial public offering in the U.S. to list on the Nasdaq under ticker symbol "VFS", aiming to raise about $60 billion.
Black Spade, listed on the New York Stock Exchange, 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.
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