Vietnamese electric vehicle (EV) maker VinFast will be listed in the US through its business combination with American firm the Black Spade Acquisition Co. (Black Spade).

The two announced their business combination agreement on May 12. After the transaction, VinFast will have a net worth of over $23 billion and will be listed in the US.

The business combination values VinFast at an enterprise value of approximately $27 billion and an equity value of $23 billion, not including the amount to be converted from $169 million in trust cash.

The transaction is expected to close in the second half of 2023 subject to regulatory and shareholder approval as well as other customary closing conditions. After the transaction, existing shareholders of VinFast will own 99 per cent of the combined company.

Ms. Thuy Le, Global CEO of VinFast, said it has demonstrated its ability to quickly penetrate into the international market. Its partnership with Black Spade and listing on the US stock exchange is considered an important development milestone for its owner Vingroup, opening up an ideal fundraising opportunity for the group’s global growth.

For his part, Mr. Dennis Tam, President and CEO of the Black Spade Acquisition Co., said VinFast has demonstrated outstanding operational and implementation capabilities by building a production facility with a capacity of up to 300,000 EVs a year as well as launching a range of high-quality and premium-engineered vehicles, all within the span of a few years.

With the support of Vingroup, one of the largest corporations in Vietnam, VinFast is well positioned to embrace trends in green lifestyles with EVs. Black Spade is excited about the potential growth of VinFast in Vietnam and globally, he added.

VinFast was founded in 2017 and envisioned to drive the global smart EV revolution. It manufacturers and exports a full portfolio of e-SUVs, e-scooters, and e-buses in Vietnam, North America, and, soon, Europe. The company operates a state-of-the-art automotive manufacturing complex in northern Hai Phong city that boasts up to 90 per cent manufacturing automation and an annual production capacity of up to 300,000 units in the first phase.

Black Spade, founded by Black Spade Capital, is a special purpose acquisition company (SPAC) listed on the NYSE as BSAQ and running a global portfolio consisting of a wide spectrum of cross-border investments.