VinFast starts trading on Nasdaq

August 16, 2023 - 08:49
The Vietnamese ’s shares will be traded under the ticker symbol of VFS, with an equity value of over US$23 billion.
The celebration on the listing of VìnFast at Nasdaq. — Photo courtersy of VinFast

HÀ NỘI — VinFast Auto Ltd. on Tuesday night was officially traded on the Nasdaq Global Select Market following the completion of the business combination with Black Spade Acquisition Co (Black Spade).

The Vietnamese company’s shares will be traded under the ticker symbol VFS, with an equity value of over US$23 billion. VFS opened the session at $22 a share and was traded at nearly $28 a share at 11:32 pm (local time).

The bell-ringing event at Nasdaq and listing in the world’s largest capital market mark an important milestone in VinFast’s global expansion.

After the listing, VinFast is now the largest Vietnamese company listed on the US stock market by market capitalisation.

VinFast announced on August 14 the completion of their previously announced “Business Combination”.

The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Lê Thị Thu Thuỷ.

Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.

“VinFast has accelerated the global electric vehicle (EV) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone,” Thuỷ said on the significant milestone.

“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.

The automaker 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. — VNS