Vietnam’s VinFast Auto to Debut on Nasdaq Next Week in $23B Merger with SPAC

Vietnam’s VinFast Auto is set to make its debut on the Nasdaq next week following the approval of a merger with a special-purpose acquisition company (SPAC). Black Spade Acquisition Co., listed on the NYSE American, gave the green light to the combination with VinFast, the electric-vehicle manufacturer. VinFast expects to begin trading on or around August 15 under the symbol VFS, with the deal valuing the company at approximately $23 billion. The listing on Nasdaq marks the culmination of VinFast’s efforts to become a publicly traded entity as it sells electric cars made in Vietnam and builds a factory in the US. However, the company has faced obstacles along the way, including operational problems and a recall of electric sport utility vehicles shipped to the US due to a software malfunction. Despite these setbacks, VinFast’s ambitious plans and expansion have contributed to widening losses. The $23 billion valuation would place VinFast at a premium compared to key competitors. The merger is expected to close on August 14, and VinFast plans to begin production at its North Carolina factory in 2025, with an initial capacity of 150,000 vehicles per year.