On August 15, 2023, VinFast Auto Ltd. (NASDAQ: VFS), a Vietnamese electric vehicle company owned by Vietnam’s wealthiest individual, Pham Nhat Vuong, successfully merged with Black Spade Acquisition Co., a special purpose acquisition company under the stewardship of Lawrence Ho Yau Lung and was successfully listed on the NASDAQ stock market. On its debut trading day, VinFast’s stock price increased by an astonishing 254.64%, briefly propelling its market capitalization to approximately $86.05 billion, solidifying its leading position in the Vietnamese electric vehicle sector.
▲ VinFast’s CEO, Le Thi Thu Thuy
During the bell-ringing ceremony, VinFast’s CEO, Le Thi Thu Thuy, expressed optimism, stating, “Listing on the U.S. capital market represents a monumental achievement for us. This listing opens doors to our future engagement with the capital market.” Today’s success not only highlights VinFast’s commitment to sustainable global mobility but also presents opportunities for expanding its presence in the capital market and future growth.
As VinFast expands beyond Vietnam, the company is preparing to unveil three innovative vehicle models. Concurrently, VinFast’s factory in North Carolina, USA, has begun operations, marking a significant step in the company’s global expansion and the development of its North American supply chain.
It’s worth noting that prior to VinFast, the only Vietnamese company to enter the U.S. capital market was Cavico Corp (“Cavico”). Cavico achieved Nasdaq listing status with the ticker symbol CAVO on September 18, 2009. Regrettably, Cavico was delisted from Nasdaq less than two years later due to non-compliance with disclosure requirements. Since then, no Vietnamese company has managed to penetrate the U.S. market successfully.
VinFast’s successful entry into the U.S. market not only signifies their remarkable achievement but also serves as an inspiration for other Vietnamese enterprises seeking international expansion. This accomplishment challenges the notion that Vietnamese companies cannot thrive in foreign markets, offering boundless possibilities for those aspiring to follow in VinFast’s footsteps.