VinFast debuts on Nasdaq

VinFast Auto celebrated its listing and the start of trading its shares on the Nasdaq Global Select Market under the ticker symbol “VFS” with an equity value of more than US$23 billion.

The public listing follows completion of EV manufacturer Vinfast’s business combination with Black Spade Acquisition Co on August 14.

VinFast is now the largest Vietnamese company listed on the US stock market by market capitalisation.

The combined company will operate as VinFast Auto Ltd and continue to be led by global chief executive Le Thi Thu Thuy (aka Madame Thuy Le).

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

“VinFast has accelerated the global electric vehicle revolution by making smart, safe, and environmentally friendly EVs accessible to everyone,” says Thuy, adding the Nasdaq listing unlocks access to 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.”

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

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

The company has rolled out its own charging network in its Vietnamese home market spanning 63 cities and provinces, and plans to expand that.

VinFast has also established a company-owned retail and service network of more than 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, VinFast broke ground at its new US EV manufacturing facility, marking 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, manufacturing and exporting a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the US, and soon in Europe.

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