Photo credit: VinFast

Vietnamese electric vehicle firm VinFast is set to go public on the Nasdaq Global Select Market after a merger with Black Spade Acquisition Co, a special purpose acquisition company, Bloomberg reported.

The deal, expected to close by July 20, will value VinFast at about US$23 billion.

Founded by Pham Nhat Vuong in 2017, VinFast is expanding its global presence as demand for EVs grow. The company has already shipped its first batch of electric cars to the US in March and looks to send its first vehicles to Europe in July, according to a previous report.

VinFast had previously filed for a traditional IPO in the US but changed gears to a SPAC merger earlier this year.

In its latest earnings report, the company logged a 49% year-on-year decrease in revenue during the first quarter of 2023, while its net losses widened to US$598 million. The firm’s losses amounted to US$2.1 billion last year.

VinFast attributed the dip in revenue to its transition to become a dedicated EV maker, phasing out its internal combustion vehicles. The company has a manufacturing facility in Hai Phong, Vietnam, with a maximum annual production capacity of 250,000 cars – a number it expects to jump to 950,000 by 2026.

See also: Mapping SEA’s electric vehicle players