VinFast debuts on Nasdaq Global Select Market
With an equity value of over 23 billion USD, VinFast became the largest Vietnamese company listed on the US stock market by market capitalization.
|VinFast has delivered close to 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30, 2023. (Photo: VNA)|
VinFast’s public listing followed the completion of the business combination with Black Spade Acquisition Co (“Black Spade”) on August 14.
The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Le Thi Thu Thuy, who is supported by an experienced, purse, and entrepreneurial senior management team. Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.
Commenting on this significant milestone, CEO Thuy said the successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development. Further, it is VinFast’s hope that the listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.
According to the company’s website, VinFast has delivered close to 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30, 2023. It is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets.
VinFast looks forward to building upon its rapid expansion as the company rolls out next-generation EVs and solutions, and carries out its strategy of expanding its footprint globally.
The company has established a strong foothold in its Vietnamese home market by rolling out its own charging network opening across 63 cities and provinces, and plans to expand it further in the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.
On July 28, 2023, VinFast broke ground at its new EV manufacturing facility in the US. The event marked a significant step toward its global expansion and supply chain development in North America.
VinFast said the bell-ringing event at Nasdaq on August 15 and listing in the world's largest capital market mark an important milestone in VinFast's global expansion. It does not only provide VinFast with more opportunities for future development but also leads the way for other Vietnamese brands to play an increasing role in the global economy.