VinFast, the new force of Vietnamese car building, is expected to go public on NASDAQ as early as next week, with a valuation of up to 23 billion US dollars.

CTOnews.com, Aug. 13 (Reuters)-Vietnamese electric car maker VinFast said it expects to go public in the form of SPAC on Nasdaq as early as next week (August 14-August 20), Reuters reported on Friday.

After VinFast's announcement, shares of parent company Vingroup rose nearly 7% on Friday to about $3.06 (currently about 22 yuan), a new high for the year, the report said.

On Thursday, the merger of Hong Kong-based Black Spade and VinFast, VinFast's SPAC partner, was approved. The two sides have said in a joint statement that the company will be listed on Nasdaq under the symbol VFS before August 15, and that the combined VinFast will be valued at $23 billion (currently about 166.52 billion yuan). For comparison, Rivian, which is also an overseas "new force in car building", has a market capitalization of about $21 billion (currently about 152.04 billion yuan), while Lucid has a market capitalization of about $16 billion (currently about 115.8 billion yuan).

The SPAC merger will not raise new funds for VinFast, but Pan Riwang, the company's founder, has supported a US listing, which will help the company further expand into the US market and build a plant in North Carolina.

CTOnews.com previously reported that VinFast has exported about 3000 VF 8 pure electric SUV to the United States, which will be delivered in March this year.

▲ source VinFast official website