NEW YORK and HA NOI, Vietnam — VinFast Auto Ltd. (“VinFast” or the “Company”) celebrated its listing and commencement of trading of its shares on the Nasdaq Global Select Market under the ticker symbol “VFS,” with an equity value of over US$23 billion.
VinFast’s public listing follows the completion of the business combination with Black Spade Acquisition Co (“Black Spade”) on August 14, 2023. VinFast celebrated this moment by ringing the opening bell at Nasdaq Stock LLC (“Nasdaq”) earlier today and became the largest Vietnamese company listed on the U.S. stock market by market capitalization.
The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Le Thi Thu Thuy, or Madame Thuy Le, who is supported by an experienced, diverse, 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, Madame Thuy Le, Global CEO of VinFast Auto Ltd., said: “VinFast has accelerated the global electric vehicle (“EV”) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone. Today’s 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 our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.”
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 spanning 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.
Additionally, VinFast is working to strengthen its position in the global EV market by leveraging new partnerships with distributors and dealers in select markets, including North America, Europe, Vietnam, and Southeast Asia.
On July 28, 2023, VinFast broke ground at its new EV manufacturing facility in the U.S. The event marked a significant step toward its global expansion and supply chain development in North America.
Today’s bell-ringing event at Nasdaq 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.
VINFAST BREAKS GROUND AT NORTH CAROLINA ELECTRIC VEHICLE FACILITY
July 28 — VinFast announced today it has officially broken ground at its electric vehicle manufacturing site, located within the Triangle Innovation Point in Chatham County, North Carolina. The groundbreaking ceremony, which took place today at the site, marked a significant milestone toward VinFast’s global expansion and the company’s supply chain development in North America.
VinFast’s US factory project is the first electric vehicle manufacturing facility in North Carolina, as well as the largest economic development initiative in the state’s history.
North Carolina Governor, Roy Cooper, Vietnamese Ambassador to the US, Nguyen Quoc Dung, and representatives from state and federal governments attended the event along with a gathering of VinFast’s partners, customers, industry experts and journalists. Bottom of Form
The plant, which has a Phase 1 total investment of up to $2 billion USD, spans an area of approximately 1,800 acres and is divided into five main production areas, including a body shop, general assembly, press shop , paint shop and an energy center. Th ere will also be other functional facilities in the factory premises .
In the initial phase, the factory will focus on building VinFast’s VF 7, VF 8 and VF 9 electric vehicles with an expected production capacity of 150,000 vehicles per year. The supplier base for components and materials will be primarily concentrated in the US, Vietnam and a few other countries. Future expansion and updates for the factory will be identified in the next phase.
Currently, VinFast has appointed Clayco as the general contractor and construction management company to lead the project and will begin the bidding process to select subcontractors soon.
“North Carolina’s skilled and diverse workforce is our greatest strength, and we have the largest manufacturing workforce in the Southeast,” said Governor Roy Cooper.“This VinFast factory will create thousands of good-paying jobs in our state, along with a healthier environment as more electric vehicles take to the road.”
“Today’s event marks a new milestone for VinFast, affirming our commitment to the North American market,” said Madam Le Thi Thu Thuy, CEO of VinFast, during the ceremony. “Not only will this project create thousands of jobs and contribute to North Carolina’s economic development, but VinFast’s electric vehicles produced here will also bring additional economic benefits to consumers. We also look forward to contributing to the development of the North Carolina community – our second home – during the production and business operation here.”
The VinFast electric vehicle manufacturing plant is expected to commence production in 2025, creating an ecosystem of suppliers and thousands of jobs.
The manufacturing complex, VinFast’s first electric vehicle factory outside of Vietnam, will also play an important role as the company strives to reach world-class levels of sustainable mobility on a global scale.
VinFast – a member of Vingroup JSC – is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.us.