This landmark deal positions VinFast as a formidable player in the global automotive market, as it prepares to embark on a momentous journey to list on the prestigious US stock exchange.

Upon completion of the transaction, VinFast's valuation will soar to over $23 billion, solidifying its position as a frontrunner in the industry. The merged entity, with an estimated enterprise value of approximately $27 billion, will revolutionise the automotive landscape, heralding a new era of innovation and sustainability.

The merger is subject to customary closing conditions, regulatory approvals, and the steadfast support of shareholders, with an anticipated completion timeline set within 2023. Remarkably, once the merger is finalised, existing VinFast shareholders will retain a 99 per cent ownership stake in the combined company, showcasing the unwavering confidence in VinFast's vision and growth potential.

This groundbreaking merger catapults VinFast into the global spotlight, underscoring its commitment to pushing boundaries and delivering world-class mobility solutions. By joining forces with Black Spade, VinFast gains access to invaluable expertise and resources, empowering it to revolutionise the automotive industry and redefine the future of transportation.

Le Thi Thu Thuy, CEO of VinFast Auto Pte. Ltd., expressed confidence in the company's ability to penetrate the international market swiftly.

She stated, "VinFast has demonstrated its rapid international market penetration capabilities. Collaborating with Black Spade and listing VinFast on the US stock exchange will be a significant milestone for Vingroup, opening up ideal opportunities for our global development."

Dennis Tam, chairman and CEO of Black Spade Acquisition Co., acknowledged VinFast's exceptional deployment and operational capabilities.

He highlighted their achievement of establishing a manufacturing facility with a capacity of up to 300,000 EVs per year and launching a range of high-quality EVs within a remarkable three-year timeframe.

VinFast's decision to pursue a US listing through a merger with a special purpose acquisition company (SPAC) aligns with a trend among Asian firms seeking access to American capital markets.

Despite recent regulatory scrutiny and tepid market sentiment, a few companies from the region, such as Ecarx Holdings Inc. and Allrites Holdings Pte., have successfully completed SPAC mergers to facilitate their US listings.