Vietnam EV maker VinFast to re-file for US IPO after SPAC merger

By Tuong Minh
Thu, June 1, 2023 | 11:14 am GMT+7

Vietnamese electric vehicle producer VinFast has withdrawn its original plans for an initial public offering (IPO) in the U.S. and will file a new application following a proposed business merger.

In a letter to the U.S. Securities and Exchange Commission (SEC) dated May 30, VinFast “hereby requests that the Registration Statement on Form F-1 (File No. 333-268684), initially filed with the Securities and Exchange Commission on December 6, 2022 and all exhibits thereto, be withdrawn effective as of the date hereof or at the earliest practicable date hereafter.”

VinFast announced on May 12 plans to merge with New York Stock Exchange-listed Black Spade Acquisition Co. (BSAC) under an SPAC agreement, with SPAC standing for special purpose acquisition company.

VinFast, the car unit of Vietnam’s largest private conglomerate Vingroup, also reaffirmed its commitment to this merger.

“The company [VinFast] is seeking withdrawal of the Registration Statement because it has entered into a business combination agreement with Black Spade Acquisition Co. and intends to file a new registration statement on Form F-4 in connection with the proposed business combination,” the VinFast letter said.

“The registration statement has not been declared effective by the commission and no securities have been issued or sold under the registration statement.”

VF 8 and VF 9, e-SUVs by VinFast. Photo courtesy of the firm.

VF 8 and VF 9, e-SUVs by VinFast. Photo courtesy of the firm.

The company anticipates raising more than $20 billion through the SPAC, with capital expected to be used to pay for the construction of its production complex in the state of North Carolina’s Chatham County. It plans to invest some $2 billion in the first phase of construction at the plant as well as battery production facilities.

VinFast noted the SPAC has yet to receive SEC approval, what it calls “declared effective” for the merger deal.

The business combination values VinFast at an enterprise value of around $27 billion and an equity value of $23 billion. The merger 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 in VinFast will hold approximately 99% shares of the combined company.

Last week, VinFast said it is recalling its first 999 electric vehicles, model VF 8, already shipped to the U.S. in December because of a software error that could cause the multifunction head unit display to go dark. It began selling EVs in the U.S. in late 2022.

VinFast was founded in 2017 with a vision to drive the global smart electric vehicle revolution. It manufactures a full portfolio of e-SUVs, e-scooters and e-buses in Vietnam, and already exports e-SUVs to the U.S. and Canada, and soon, Europe.

Comments (0)
  • Read More
MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

Vietnam should establish a single regulatory focal point and adopt a more flexible sandbox regime to accelerate fintech innovation, said Nguyen Ba Diep, co-founder of e-wallet giant MoMo.

Finance - Wed, September 17, 2025 | 8:00 am GMT+7

Indonesia to end incentives for imported CBU BEVs in 2026

Indonesia to end incentives for imported CBU BEVs in 2026

The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.

Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7

Aquatic sector advised to navigate challenges, secure exports to EU, US

Aquatic sector advised to navigate challenges, secure exports to EU, US

Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.

Companies - Tue, September 16, 2025 | 9:41 pm GMT+7

Vietnam pledges favorable conditions for UK businesses

Vietnam pledges favorable conditions for UK businesses

Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.

Companies - Tue, September 16, 2025 | 9:29 pm GMT+7

Lotte Shopping plans to open more shopping malls in Vietnam

Lotte Shopping plans to open more shopping malls in Vietnam

South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.

Companies - Tue, September 16, 2025 | 9:25 pm GMT+7

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.

Companies - Tue, September 16, 2025 | 9:21 pm GMT+7

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.

Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.

Industries - Tue, September 16, 2025 | 3:54 pm GMT+7

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.

Industries - Tue, September 16, 2025 | 2:44 pm GMT+7

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7