Vietnam EV maker VinFast to list on Nasdaq via SPAC

Delayed $23bn deal to see rare U.S. listing from Southeast Asian nation

Vingroup's VinFast on Aug. 10 announced an imminent U.S. listing, capping a long journey for the electric car maker, which has faced production and other delays. (Photo by Lien Hoang)

LIEN HOANG, Nikkei staff writer

August 11, 2023 14:53 JST

HO CHI MINH CITY -- VinFast plans to list on the Nasdaq by Tuesday next week after merging with a blank-check company, making the electric vehicle producer one of the few Vietnamese companies to go public in the U.S.

The automaker and Black Spade, the special purpose acquisition company of Macao casino magnate Lawrence Ho, said late Thursday that the SPAC's shareholders approved the deal, which is set to give VinFast an initial equity value of $23 billion.