Vietnamese electric vehicle (EV) automaker VinFast Auto Ltd. (VinFast) said it has made a strong debut on the NASDAQ on Tuesday.

The stock opened at $22, more than double the $10 per share agreed with VinFast’s special purpose acquisition company (SPAC) partner Black Spade Acquisition (Black Spade) that had valued VinFast at $23 billion.

The stock ended at $37.06 on Tuesday, valuing the firm at $85 billion.

The firm became the largest Vietnamese company listed on the United States stock market by market capitalization.

VinFast said in a statement on Tuesday that the listing in the world’s largest capital market mark an important milestone in VinFast’s global expansion.

It said it does not only provide VinFast with more opportunities for future development but also leads the way for other Vietnamese brands to play an increasing role in the global economy.

VinFast’s public listing follows the completion of the business combination with Black Spade on August 14, 2023.

The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global Chief Executive Officer Le Thi Thu Thuy, or Thuy Le, who is supported by an experienced, diverse, and entrepreneurial senior management team.

Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.

“VinFast has accelerated the global EV revolution by making smart, safe, and environmentally friendly EVs accessible to everyone,” Thuy Le said.

“Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development,

“Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market,” she added.

According to the statement, VinFast has delivered close to 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30, 2023.

The firm is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets.

VinFast said it looks forward to building upon its rapid expansion as the company rolls out next-generation EVs and solutions, and carries out its strategy of expanding its footprint globally.

The company has also established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces, and plans to expand it further in the coming years.

VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.

Additionally, VinFast is working to strengthen its position in the global EV market by leveraging new partnerships with distributors and dealers in select markets, including North America, Europe, Vietnam, and Southeast Asia.

On July 28, 2023, VinFast broke ground at its new EV manufacturing facility in the United States. The event marked a significant step toward its global expansion and supply chain development in North America.

VinFast – a member of Vingroup JSC – is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future.

The firm manufactures and exports a portfolio of electric sports utility vehicles (SUVs), e-scooters and e-buses across Vietnam, the United States, and, soon, Europe.

VinFast and Black Spade complete business combination