VinFast Set for August IPO, Announces $27 Billion Merger

VinFast’s groundbreaking ceremony for its North Carolina EV manufacturing facility coincides with the SEC’s validation of its $27B merger with Black Spade, setting the stage for an August IPO.

• VinFast and Black Spade announce a $27B merger, validated by the SEC, paving the way for an August IPO.

• Groundbreaking ceremony for VinFast’s North Carolina EV manufacturing facility coincides with the merger announcement.

• VinFast’s rapid expansion aims to establish a significant presence in the EV market, despite early reviews raising concerns about product quality.

VinFast, in conjunction with Black Spade, made a groundbreaking announcement during the groundbreaking ceremony for its upcoming North Carolina EV manufacturing facility. The event was attended by North Carolina Governor Roy Cooper and VinFast’s executives, marking a significant step in the company’s expansion plans.

At the groundbreaking ceremony, VinFast revealed the Securities and Exchange Commission’s (SEC) validation of its F-4 filing, a crucial milestone in its proposed merger with Black Spade. This validation is a pivotal step towards the planned Initial Public Offering (IPO) and public listing of VinFast. The Extraordinary General Meeting of Shareholders will convene on August 10, 2023, to approve the acquisition, paving the way for further growth and development.

Thuy Le, VinFast’s global CEO, expressed her excitement about the progress, stating that it represents a remarkable milestone in advancing VinFast’s presence in the U.S. and moves them closer to their proposed U.S. listing. Alongside the significant step towards the IPO, the ceremony also marked the start of construction for VinFast’s EV factory in North Carolina.

Dennis Tam, Chairman, and co-CEO of Black Spade, also emphasized the significance of the SEC’s validation, as it brings them one step closer to the successful completion of the business combination between Black Spade and VinFast. He expressed confidence that the merger would position both companies for long-term success.

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VinFast, with an enterprise value of $27 billion and an equity value of $23 billion, is moving rapidly to solidify its manufacturing presence and potential public listing. Despite its significant manufacturing infrastructure, the Vietnamese automaker remains relatively unknown to many. Early reviews indicate that some perceive its cars to be not of production car quality. Nevertheless, VinFast has already outpaced other EV startups in terms of its manufacturing footprint and expansion plans.

The merger and IPO are expected to provide VinFast with increased visibility and resources to further advance its ambitious goals in the EV market. With the SEC’s approval and the support of Black Spade, VinFast is poised to enter a new phase of growth and establish itself as a significant player in the electric vehicle industry.