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Vietnam EV maker VinFast aims to list in U.S. via SPAC

Lossmaking Vingroup auto division valued at $23bn under deal

VinFast displays vehicles in Ho Chi Minh City, Vietnam, where it began selling cars in 2019. It plans to enter the electric car markets in North America and Europe. (Photo by Lien Hoang)

HO CHI MINH CITY -- VinFast announced plans to merge with a New York Stock Exchange-listed special purpose acquisition company (SPAC), bringing the Vietnamese electric vehicle maker closer to a long-sought public offering in the U.S.

The automaker run by Vietnam's richest man said Friday the deal with Black Spade Acquisition Co. would value it at $23 billion. EV startups listed in the U.S. like Rivian and Lucid have market capitalizations of about $13 billion.

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