Success for Vietnamese businesses to follow

What processes did VinFast complete to successfully list on Nasdaq in the US? How long did it take?

In December 2022, VinFast filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO) of its ordinary shares. In May 2023, VinFast announced its decision to list through a business combination with the Black Spade Acquisition Co. On August 15, VinFast rang the launch bell on Nasdaq, officially becoming a publicly listed company of global stature.

Regarding listing procedures, we followed those of the SEC. However, successful listing is both a planning and development process. VinFast’s goal has always been to become a public company in the US, so this purpose has been integrated throughout production, business, and market expansion plans from the very beginning.

In addition, we must also comply with the standards of a global company in terms of information transparency and the standardization of business financial activities.

What are the key factors in a Vietnamese business actually doing this?

In my opinion, businesses need to adopt a distinct strategic positioning, a unique business model, and create growth potential along with outstanding competitive advantages. And above all, businesses need to be transparent in providing information throughout the listing process.

What challenges does VinFast now face?

The limited brand awareness and understanding among customers and investors about its business model and vision will be the greatest challenges for VinFast.

And what are its advantages?

VinFast has a distinct positioning and unique business model. It is the only automaker that developed and launched to the market a full range of electric cars, buses, and scooters in a very short timeframe relative to its peers and the traditional vehicle and automotive company development.

VinFast is backed by Vingroup - one of the leading private conglomerates in the region and with a solid business foundation. We also have production expertise and competitive advantages in labor costs and resources along with strong financial capabilities and a global partner network. VinFast’s deployment capacity and speed are also competencies that not all competitors can replicate.

Finally, what does the listing mean for the development of VinFast in particular and Vietnamese businesses in general?

For VinFast in particular, I believe that the successful listing will underpin the goal of making smart, safe, and environmentally-friendly electric vehicles accessible to everyone, and fulfil the commitment to sustainable mobility at a global scale. Becoming a public company also unlocks access to capital markets and important avenues for future development.

For Vietnamese businesses, we hope that VinFast’s story will inspire them and unleash greater opportunities for Vietnamese brands to participate in the global market.

After this success, what are the goals in the next steps to retain VinFast’s position in the international market?

VinFast will focus on completing the manufacturing facility in North Carolina to enhance its production capacity. We will also constantly innovate and expand global cooperation to build a sustainable supply chain and apply top-notch technologies to optimize product costs, making smart electric vehicles more accessible to everyone.

We will focus on sales, production, and delivery of the VF e34, VF 5, VF 8, and VF 9 models. Coming soon will be VF 6, VF 7, and VF 3 - a mini electric SUV model - next year.

In the months to come, VinFast will deliver VF 8 cars to European markets and expand to the Middle Eastern and Southeast Asian markets in the future.

VinFast is also constantly consolidating its aftersales and service ecosystem to provide customers with peace-of-mind throughout the electric vehicle ownership journey.