Vietnamese electric vehicle maker VinFast Auto begins trading today (August 15) on the Nasdaq Stock Market, following its merger with US special purpose acquisition company (Spac) Black Spade Acquisition.

The listed company’s ordinary shares and warrants trade under the ticker symbols “VFS” and “VFSWW” respectively.

On August 10 Black Spade’s shareholders voted to approve the business combination, as a result of which the Spac becomes a wholly owned subsidiary of VinFast and is expected to be delisted from the NYSE American exchange.

“Becoming a US-listed company marks a significant milestone in VinFast’s global expansion,” says VinFast Auto global chief executive officer Thuy Le. “More than just transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfils our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone.”

Dennis Tam, chairman and co-CEO of Black Spade, adds: “We are very pleased to announce the successful completion of the business combination with VinFast, an exceptionally fast-growing and scalable company in the electric vehicle (EV) sector. VinFast has developed an engaging array of smart, safe, and eco-friendly EV models. We are confident that VinFast will maintain its commitment to offering high-quality products accompanied by outstanding after-sales services. A listing on the Nasdaq will enhance VinFast’s global outreach by facilitating even wider access to capital.”

Established in 2017, VinFast is Vietnam's first domestic car company and EV maker. It is a subsidiary of Vingroup Joint Stock Company, the country's largest private enterprise. VinFast develops electric cars for the domestic and international market, and is investing in a nationwide network of fast-charging units to support its electric vehicle expansion in Vietnam.

The company last month broke ground on its North Carolina EV manufacturing complex as part of its efforts to expand operations globally.