VinFast Auto Ltd. (“VinFast”) proudly announced its official listing on the Nasdaq Global Select Market, trading under the ticker “VFS.” This monumental step followed VinFast’s successful business combination with Black Spade Acquisition Co (“Black Spade”) on August 14, 2023. The company’s equity value surpassed US$23 billion as of the listing date.
Why It Matters
VinFast’s inclusion on the Nasdaq represents a significant stride for Vietnamese companies in the international market. By becoming the largest Vietnamese enterprise by market capitalization on the U.S. stock exchange, VinFast sets a benchmark for other Vietnamese brands, aiming to make their mark globally.
Key Points
- The post-merger entity will be recognized as VinFast Auto Ltd. and will remain under the leadership of Global CEO Madame Thuy Le. She is complemented by a seasoned and diverse senior management team.
- Black Spade will continue to offer strategic business advice and assist in enhancing investor relations.
- VinFast has reported sales of nearly 19,000 electric vehicles (EVs), including models VF e34, VF 5, VF 8, and VF 9 up until June 30, 2023. Upcoming models VF 3, VF 6, and VF 7 will debut in Vietnamese and international markets soon.
- To solidify its domestic presence, VinFast has initiated its own charging network across 63 Vietnamese cities and provinces. This network is earmarked for expansion in upcoming years.
- Globally, the brand boasts over 122 company-owned VinFast stores and is aggressively establishing partnerships with distributors and dealers across regions, such as North America, Europe, and Southeast Asia.
- In a strategic move, VinFast inaugurated its new EV manufacturing facility in the U.S. on July 28, 2023, marking an important step in its North American supply chain expansion.
Bottom Line
VinFast’s Nasdaq listing signifies the brand’s commitment to global sustainable mobility and opens doors to enhanced capital avenues and promising developmental pathways. This milestone propels VinFast further in its global ambitions and paves the way for other Vietnamese brands to shine on the world stage.
