On August 15, VinFast Auto Ltd. made its debut on the Nasdaq Global Market to trade its shares under the ticker symbol VFS, boasting an equity value of over $23 billion.
The bell-ringing event at Nasdaq and listing on the world's largest capital market mark an important milestone in VinFast's global expansion.
It not only provides ample room for growth in the future but also paves the way for other Vietnamese companies to increase their participation in the global market.
The move follows the completion of the business tie-up between VinFast and Black Spade Acquisition Co. on August 14. After the listing, VinFast became the largest Vietnamese company listed on the US stock market by market capitalisation.
The merged company will now operate as VinFast Auto Ltd., and will be led by Global CEO Le Thi Thu Thuy.
Commenting on this milestone, Thuy said, "VinFast has accelerated the global electric vehicle (EV) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone."
"The successful listing not only supports VinFast’s commitment to sustainable mobility on a global scale but also unlocks access to the capital markets and important avenues for future development. It is our hope that VinFast’s listing will inspire the nation and unleash greater opportunities for Vietnamese brands to participate in the global market," she said.
Under the merger, Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.
As of June 30, VinFast has supplied nearly 19,000 EVs, including the VFe34, VF5, VF8, and VF9 models. The carmaker has plans to roll out the VF3, VF6, and VF7 models in both the local and global markets.
The company has secured a strong footprint in the domestic market by establishing its own charging network spanning 63 cities and provinces – with plans to expand it further over the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.
Furthermore, the company is bolstering its operations in the global EV market by forming new partnerships with distributors and dealers in overseas markets, including North America, Europe, Vietnam, and Southeast Asia.
On July 28, VinFast held the groundbreaking ceremony for its new EV manufacturing facility in the United States. The event marked a significant step towards its global expansion and supply chain development in North America.
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