Despite encountering a substantial decline of nearly 50 per cent in first-quarter revenue, VinFast remains resolute, forging ahead with a merger that values the conglomerate at an estimated $27 billion.

According to Reuters, VinFast has officially divulged its intentions to consummate the merger with Black Spade Acquisition Co., setting its sights on a pre-July 20 culmination.

This valuation, premised on the discernment of Black Spade, underscores VinFast's potential to rival established EV manufacturer Lucid Motors in terms of revenue scale and global market penetration. The focal point for VinFast presently revolves around augmenting sales performance within the US.

Black Spade Acquisition Co, instigated by the reputable Black Spade Capital, represents an investment fund renowned for orchestrating a cross-border investment portfolio. Collaborating with VinFast showcases the fund's astute interest in expanding its investments beyond geographical boundaries.

On the other hand, VinFast confronts a formidable challenge as it navigates a fiercely competitive EV market, spearheaded by industry titan Tesla. Elon Musk's brainchild, Tesla, exhibits resilience amid global economic headwinds, continuously launching a range of EV models. The dynamic market landscape necessitates VinFast to craft cogent strategies to differentiate itself and secure a distinctive market position.

Pham Nhat Vuong, chairman of Vingroup's Board of Directors, revealed during the recent AGM in May that VinFast could reach the break-even point in earnings before interest, taxes, depreciation, and amortisation by the 2024-2025 period, provided its business operations aligned with the plan.

Vuong, the wealthiest man in Vietnam, envisions an impressive sales volume of 50,000 vehicles in the current fiscal year, a remarkable sevenfold increase over 2022.

VinFast's strategic blueprint encompasses robust emphasis on penetrating North American markets through enhanced exports, alongside its strategic entry into the competitive European market.

In addition, at the Future Mobility Asia 2023 event in Thailand in May, VinFast also unveiled its expansion plans into the Southeast Asian market while maintaining its existing focus on North America and Europe.