Vietnam EV maker VinFast to list in US in August after regulator nod

By Reuters July 28, 2023 | 04:14 pm PT

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, California, U.S., March 1, 2023. Photo by Reuters

Vietnamese electric vehicle maker VinFast said on Friday it is planning to list in the U.S. next month via a blank-cheque company after the Securities and Exchange Commission (SEC) gave the go ahead to its proposed business combination.

VinFast, a unit of Vietnam's biggest conglomerate Vingroup (VIC.HM), announced in May it would go public through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.A).

VinFast and Black Spade aim to complete the merger by August, they said in a joint statement.

"The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast," Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co said.

Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast, the joint statement said.