VinFast Makes a Strong Debut in Trading After Merger
Shares of VinFast, the Vietnamese electric vehicle (EV) maker, witnessed a significant surge in their trading debut following the company's merger with a special-purpose acquisition company (SPAC). The stock saw a steady rise from its initial trading price of $22, currently standing at $26.73 per share. This represents more than double the last closing price of its SPAC partner, Black Spade Acquisition.
VinFast joined forces with Hong Kong-based Black Spade, a SPAC sponsored by Lawrence Ho, the CEO of Melco Resorts & Entertainment. Melco is widely known for operating casinos and other properties in cities like Macau, the Chinese gambling hub. This merger, which took place earlier this year, has resulted in a combined company valuation of $23 billion.
VinFast, with its eyes set on expanding into the United States, recently marked a significant milestone by breaking ground on its new EV manufacturing facility in North Carolina. The company aims to bring its innovative EVs to the American market.
As of June 30th, VinFast has already delivered close to 19,000 electric vehicles. Additionally, the company has established an extensive EV charging network that spans across 63 cities and provinces in Vietnam.
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