VinFast and Black Spade Announce $27B Merger For August IPO

VinFast announced the news at its groundbreaking ceremony for its upcoming North Carolina manufacturing facility.

By: Andrew Lambrecht

Jul 31, 2023 at 3:24pm ET

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InsideEVs was present at VinFast's groundbreaking event for its upcoming North Carolina manufacturing facility. Along with the firm's executives, the governor of North Carolina, Roy Cooper, attended to share some words about the venture. "Our entire team from transportation, to environment, to commerce, to our community colleges, we have all been working on this [VinFast's NC manufacturing facility]," said Cooper.

While the groundbreaking event was underway, VinFast announced the SEC's validation of its F-4 filing, marking a further step in its proposed business merger with Black Spade Acquisition Company. This will pave the way for the planned IPO and public listing of VinFast. Black Spade said the Extraordinary General Meeting of Shareholders will convene on August 10, 2023, to approve the acquisition.

VinFast's global CEO, Madame Thuy Le, said, "Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina."

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Black Spade's chairman and co-CEO Dennis Tam added, "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast. We have diligently sought out a partner that aligns with our vision, and we are confident that this merger will position us for long-term success."

VinFast is moving rapidly with its manufacturing presence and potential public listing. VinFast has an enterprise value of $27 billion and an equity value of $23 billion. Despite the company's significant manufacturing infrastructure, the Vietnamese automaker is still unknown to many and early reviews indicate that its cars are not of production car refinement. That said, VinFast is already ahead of other EV startups in terms of its manufacturing presence.