VinFast completes IPO on Wall Street
VinFast is making its stock market debut in the US. The Vietnamese electric car manufacturer has completed the announced merger with the stock shell Black Spade Acquisition and will be listed on Nasdaq under the ticker symbols ‘VFS’ and ‘VFSWW’ as of 15 August.
A prerequisite for completing the merger was a vote by Black Spade shareholders. They voted in favour of the transaction on 10 August 2023. The US Securities and Exchange Commission (SEC) had already given VinFast’s planned IPO the green light. At that time, the Vietnamese carmaker stated that it expected a valuation of 27 billion US dollars.
When the IPO was announced in May, there was still talk of at least 23 billion US dollars. VinFast did not provide an update on this in the official IPO announcement. Overall, VinFast’s IPO took place about a year later than planned.
“Becoming a U.S-listed company marks a significant milestone in VinFast’s global expansion,” says Thuy Le, Global CEO of VinFast Auto Ltd. “More than just transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfils our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone. I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our ‘boundless together’ journey towards a greener future for us and future generations.”
The IPO comes shortly after VinFast broke ground on its first US plant. The factory, located in Chatham County, North Carolina, is expected to be operational in 2025 and will initially produce VF 7, VF 8, and VF 9 models with an annual capacity of 150,000 electric cars.
VinFast was founded in 2017 as a member of Vietnam’s Congolmerat Vingroup and became a pure electric car manufacturer in 2022. In Vietnam, the company is in the market with four EV models, VF e34, VF 8, VF 9 and VF 5. And the carmaker is pushing its global expansion. At the end of April, VinFast had exported almost 3,000 electric cars to the US and Canada. This year, the Vietnamese want to bring their electric vehicles to Europe, specifically to Germany, France and the Netherlands.