Vietnamese electric vehicle maker (EV) VinFast Auto Pte. Ltd. (VinFast) has on Friday announced that it will be listed in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co. (Black Spade).

VinFast said in a statement that the firm and Black Spade Acquisition Co have entered into a business combination agreement.

After the transaction, VinFast will have an equity value of over $23 billion and be listed in the United States.

The business combination values VinFast at an enterprise value of approximately $27 billion and an equity value of $23 billion, not including cash from Black Spade’s approximately $169 million of cash in trust.

The transaction is expected to close in the second half of 2023, subject to regulatory and shareholder approvals, and other customary closing conditions.

After the transaction, existing shareholders of VinFast will hold approximately 99 percent shares of the combined company.

“VinFast has already demonstrated the ability to quickly reach international markets,

“The partnership with Black Spade and listing of VinFast in the United States represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup,” said Thuy Le, Global Chief Executive Officer of VinFast.

Meanwhile, Black Spade Chairman and Co-Chief Executive Officer Dennis Tam said VinFast has demonstrated their execution excellence by building up a maximum production facility of up to 300,000 electric vehicles (EVs) a year and having a full range of beautifully designed high quality EVs, all within the span of a few years.

“With the support of Vingroup, one of the largest conglomerates in Vietnam, VinFast is very well positioned to take advantage of the EV lifestyle trend and we are very excited about the future potential growth of VinFast in Vietnam and globally,” he added.

VinFast, a member of Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution.

VinFast manufacturers and exports a full portfolio of e-sports utility vehicles (SUVs), e-scooters and e-buses across Vietnam, North America, and, soon, Europe.

The company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90 percent manufacturing automation and annual production capacity (i.e. maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units in
phase one.

The company converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date.

VinFast recently crossed an important milestone on the journey to becoming a recognized global EV brand with the first VF 8 EVs exported to North America earlier this year.

Black Spade, listed on the New York, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

Vietnam’s VinFast receives $2.5B for development