Vietnamese EV maker VinFast Announces SPAC Merger

Parent Company Vingroup

• Vingroup is one of Vietnam’s largest conglomerates, with subsidiaries in a wide range of businesses from real estate development (Vinhomes) to pharmeceuticals (VinFa) and K-12 education (VinSchool), to name a few.
• Pham Nhat Vuong, the founder and chairman of Vingroup, is Vietnam’s first dollar billionaire.
• Vingroup has invested $7.5 billion in its EV subsidiary VinFast since 2017.
• Another subsidiary, VinES, plans to be a fully integrated battery cell and pack manufacturer. VinFast has sourced battery packs from VinES since Q2 2022.

VinFast SPAC Merger Overview

Detail	Value
Company	VinFast
Domicile Country
SPAC Ticker	BSAQ
Enterprise Value	$27 billion
Expected Close	2nd half 2023
Business Description	Vinfast is an EV maker backed by Pham Nhat Vuong, Vietnam’s richest man Building an EV manufacturing plant in North Carolina that will begin production in 2024 and have 150k vehicles/yr capacity The company plans to expand production capacity to up to 1,100,000 vehicles per year by 2026
Investor Presentation
Announcement Date	May 13, 2023
SPAC	Black Spade Acquisition Co

By the Numbers – Company Targets

• 1.1 million – The company targets expanding global vehicle production capacity to 1.1 million vehicles by 2026.
• 2024 – The company expects production to begin in its EV manufacturing facility in North Carolina to begin in 2024.
• $27 billion – The deal gives the company an enterprise value of $27bn, lower than the $6obn valuation that had been floated at the time of the company’s IPO filing.

Planned U.S. Expansion

• VinFast plans to invest $2 billion in the first phase of its project to build an EV manufacturing facility in Chatham County, North Carolina.
• The company is targeting annual capacity of 150,000 vehicles in Phase 1
• Production will focus on the company’s VF 8 (5 passenger all-electric mid-size SUV) and VF 9 (7 passenger all-electric SUV)

A look at VinFast’s Models

Below we take a look at the VF 8 and VF 9, the models that will be produced in the United States

2023 VinFast VF 9

Photos: VinFast

2023 VinFast VF 8

Photos: VinFast