According to foreign media businesstimes reported, after the U.S. Securities and Exchange Commission approved its proposed business merger, Vietnam’s electric car maker VinFast plans to go public in the U.S. in August. Its plan is to build a factory in North Carolina, aiming to increase its competitiveness with traditional automakers and startups.
VinFast, which announced in May that it would go public through a merger with Black Spade Acquisition Co. VinFast and Black Spade said in a joint statement that they plan to complete the merger by August, subject to shareholder approval and other customary closing conditions.
Black Spade will hold a special shareholders meeting on Aug. 10 to approve the proposed business combination with VinFast, with a potential equity value estimated at $23 billion, according to the joint statement.
VinFast has already exported about 3,000 electric vehicles to the US, with deliveries beginning in March, and will also build a $4 billion factory in the US.
