Vinfast And Black Spade Acquisition Co Complete Business Combination

16 August 2023

VinFast Auto Ltd. ("VinFast") and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") today announced the completion of their previously announced business combination (the "Business Combination"). The listed company following the Business Combination is VinFast Auto Ltd., and its shares and warrants will commence trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "VFS" and "VFSWW," respectively, on August 15, 2023.

The announcement of the completion of the Business Combination comes after Black Spade's shareholders voted to approve the transaction on August 10, 2023. As a result of the Business Combination, Black Spade became a wholly owned subsidiary of VinFast and is expected to be delisted from the NYSE American LLC.

Madame Thuy Le, Global CEO of VinFast Auto Ltd., said: "Becoming a U.S-listed company marks a significant milestone in VinFast's global expansion. More than just transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfills our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone. I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our 'boundless together' journey towards a greener future for us and future generations."

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, "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. Driven by a shared aspiration to shape a better future through innovation, we anticipate our collaboration with VinFast to bring about a fresh chapter of sustainable mobility."

Additional information about the transaction, including a copy of the business combination agreement, is available in Black Spade's Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission ("SEC") at www.sec.gov.

More information about the transaction is available in VinFast's registration statement on Form F-4 which includes BSAQ's proxy statement and VinFast's prospectus in relation to the business combination, which was first filed with the SEC on June 15, 2023.

About VinFast

VinFast – a member of Vingroup JSC – is Vietnam's leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.us.

About Black Spade Acquisition Co

Black Spade Acquisition Co ("BSAQ") is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com.