VinFast's SPAC deal brings surge in Vingroup's stock.
VinFast, Vietnam's electric-vehicle company, is going public through a merger with Lawrence Ho's special-purpose acquisition company, Black Spade Acquisition Co, at a valuation of $27 billion. However, the deal brings in only $169 million of capital, leaving VinFast almost as reliant on itself as it was before. The high valuation is a headscratcher, given that the company's top line shrunk 7% in 2022 and it is suffering from production delays and a turnover of senior executives. Despite securing $2.5 billion in pledges from its parent and founder, VinFast needs funding to grow and expand globally.
