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☆ Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis
▼ + stars: | 2024-04-12 | by ( Heather Chen | ) edition.cnn.com time to read: +12 min

The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system. But Vietnamese political experts said a permanent appointment would not end the instability.

Persons: Truong My Lan, Van Thinh, siphoned, “, Eric Chu, Vietnam’s, Vo Van, Trong, Thuong, Vo Van Thuong, Richard A, Brooks, Nguyen Xuan Phuc, Pham Binh, Le Hong Hiep, Yusof, ” Hiep, ”, Thu, General Trong, Xi Jinping, ” Zachary Abuza, Salt Bae, Lam, ” Abuza, Nguyen Phu Trong, Evelyn Hockstein, Abuza, Bui Thanh Soh, ” Soh, Vo, Xuan, Thuong’s, Le Hong Organizations: CNN, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, SCB, Express, Communist Party, Institute, Crisis Group, National War College, Vietnamese Communist Party, Public Security, Vietnam, International Monetary Fund, Companies, Apple, Intel, Vietnam's Communist Party General, Yusof, Brookings Institution, “, Crisis Locations: Vietnam, Saigon, People’s, Ho Chi Minh City, Hong Kong, Duc, Singapore, Asia, China, Washington, “, London, Turkish, Hanoi, Bangkok

That morning, local villager Zaw Zaw says he woke at his parents’ home in Myauk Khin Yan to the sound of gunfire. A Myanmar military jet flies overhead after bombing the quarters of Karenni Nationalities Defence Force (KNDF), in Kayah state, Myanmar on July 6, 2022. Following the executions, Zaw Zaw said the militia “locked down” the village and threatened to kill those who left. Multiple villagers who spoke to CNN consistently said Myauk Khin Yan has been a militia stronghold since the 2021 coup. Phoe Ei Thu, 17, lost her leg to a landmine while fleeing Myauk Khin Yan in early January.

Persons: dehumanized, Phoe Tay, Phoe, Volker Türk, ”, Min Aung, Aung, Suu Kyi, ” Yaw, Myauk, “ Yaw, guerre, Soldiers, “ Ninja ”, Myo Satt Hla, ” Ninja, “, ” Yaw Lay, Zaw Zaw, ’, Myauk Khin Yan, ” Zaw Zaw, …, Kaung Zaw Hein, ” Kim Jolliffe, Kim Jolliffe, Yan, Khin Yan, Yaw Lay, Stringer, NurPhoto, Jolliffe, Hla, Mai Thomas, Ei, It’s, Kim Jolliffe “, Ei Thu, Richard Horsey, Matt Lawrence, ” Horsey, Thierry Falise, ” Miemie Winn Byrd, hasn’t, Khung Aung, Lawrence, Min Aung Hlaing, Miemie Winn Byrd, Daniel K, Inouye, “ You’re, ” Byrd, Byrd, There’s, they’ve, Soe Lin Aung, Organizations: CNN, People’s Defence Force, United Nations Human, ” CNN, Army, National League for Democracy, Yaw Defense Force, Karenni Nationalities Defence Force, Burma Affairs, Union Solidarity and Development Party, ISIS, UN, Association for Political, Getty, Information Resilience, Myanmar Witness, Human Rights, Junta, US Army, Pacific Center for Security Studies Locations: Myanmar, Phoe Tay, Thar, Aung San, Chin, Myauk Khin, Gangaw, Magway, Loikaw, Kayah, Myauk, Gangaw Township, Magway Region, Khin, Yangon, United States, United Kingdom, Shan, Thantlang, Chin State, AFP, Inouye Asia, Sagaing

☆ VinFast loss widens in fourth quarter, confident of achieving 2024 sales goals
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Nhac Nguyen | Afp | Getty ImagesVietnamese electric vehicle, or EV, maker VinFast on Thursday said its fourth-quarter net loss deepened 3.4% from the previous three months but it aims to nearly triple vehicle sales this year as it expands into new markets. VinFast's net losses in the final quarter of 2023 reached $650.1 million, also 1.3% higher than the same period of 2022. watch nowOther automakers, in contrast, have slashed EV sales targets and curtailed investment plans due to weakening demand in major markets such as the United States. Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast's sales this year compared to its direct sales model. Founded in 2017 and making EVs since 2021, VinFast has announced numerous EV growth plans overseas.

Persons: VinFast, Nguyen, Le, Thuy, Pham Nhat Vuong Organizations: Afp, Getty, Reuters, Green SM, GSM Locations: United States, North America, North Carolina, India, Indonesia, Vietnam

☆ Analysis-Myanmar Junta's Conscription Plan Lays Bare Toll of Fighting Rebels
▼ + stars: | 2024-02-16 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +5 min

A junta spokesman did not respond to calls from Reuters seeking comment. The current size of the anti-junta resistance is now likely higher with the emergence of more resistance groups as the conflict drags on, analysts said. The Tatmadaw, as the military is known, has not publicly declared the size of its fighting force in recent years. A dozen people eligible to serve also told Reuters that they would rather leave the country than join the military. "They couldn't send backup troops in Rakhine battles," AA spokesman Khine Thu Kha told Reuters via phone.

Persons: Richard Horsey, Nobel, Aung, Suu Kyi, Ye Myo Hein, Generals, Anthony Davis, Miemie Winn Byrd, Htet Myat, Min Aung Hlaing, Andrew Selth, Selth, Khine Thu Kha, Devjyot, Miral Fahmy Organizations: Reuters, United States Institute of Peace, British, U.S ., Griffith Asia Institute, Arakan Army, Reuters Staff Locations: China, Bangladesh, Myanmar, Suu, U.S, Rakhine

☆ Momentum of electric vehicle sales will continue, says Vietnam's VinFast
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMomentum of electric vehicle sales will continue, says Vietnam's VinFastVinFast Chairwoman Le Thi Thu Thuy says the world is "still moving" from internal combustion engine vehicles to electric vehicles.

Persons: Vietnam's VinFast, Le

☆ There are many women in leadership positions here, says Vietnam's VinFast
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are many women in leadership positions here, says Vietnam's VinFastVinFast Chairwoman Le Thi Thu Thuy discusses how she navigates the male-dominated electric vehicle industry.

Persons: Vietnam's VinFast, Le

☆ We had to learn how to make internal combustion engine vehicles before switching to EVs: VinFast
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe had to learn how to make internal combustion engine vehicles before switching to EVs: VinFastVinFast's Chairwoman Le Thi Thu Thuy says "we had to go the long way."

Persons: VinFast, Le

☆ Myanmar Rebel Group Claims Control of Town Bordering India, Bangladesh
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - An ethnic armed group in the western Myanmar state of Rakhine said it has taken control of a town bordering India and Bangladesh, marking the latest loss for the military government as it battles rebellion in several parts of the country. It is the biggest challenge the junta has faced since it mounted a coup against an elected government in 2021. The fall of Paletwa in the west comes after another rebel group in the Three Brotherhood Alliance took Laukkai town on the in northern Shan State on the border with China. Last week, the junta agreed a ceasefire with that group, the TNLA, for the region bordering China. But on Sunday, the rebel alliance said junta forces are breaching the ceasefire agreement, launching attacks in several townships in Shan State.

Persons: Khine, Kanupriya Kapoor, Raju Gopalakrishnan Organizations: Reuters, Arakan Army, Alliance, Reuters Staff Locations: Myanmar, Rakhine, India, Bangladesh, Paletwa, Shan State, China, Kunming

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow a millennial couple earning $227,000 a year in Chicago spend their moneyJenna Bhaloo, 30, lives in Chicago, Illinois with her husband Neil. The couple earns around $227,000 a year, and are working towards a $2.5 million net worth. Jenna and Neil's income comes from a combination of Jenna's work as a senior financial analyst and Neil's job in tech. 08:34 Thu, Jan 11 2024 12:34 PM EST

Persons: Jenna Bhaloo, Neil, Jenna Locations: Chicago, Chicago , Illinois

☆ US DFC considers $500 mln loan to Vietnamese EV maker VinFast
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

A Vinfast electric vehicle store is shown at one of the company's retail locations in San Diego, California, U.S.,October 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Dec 4 (Reuters) - The United States International Development Finance Corporation (DFC) has signed a letter of interest with electric vehicles maker VinFast to consider the Vietnamese company's application for a $500 million loan for expansion, VinFast said on Monday. The loan, which will be used to support VinFast's establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by DFC, the carmaker said in a statement. DFC said on X, formerly Twitter, that it had signed the letter of interest to support VinFast's lithium-ion battery facilities in Vietnam, but did not provide details. The project will be the first in a series of initiatives actively discussed by the two parties, VinFast said.

Persons: Mike Blake, VinFast, Phuong Nguyen, Kanupriya Kapoor Organizations: REUTERS, Rights, United States International Development Finance Corporation, Vietnam's, Nasdaq, Thomson Locations: San Diego , California, U.S, Rights HANOI, Vietnam, California, Southeast Asia

☆ Fear is driving Chinese travelers away from two of Asia’s most popular destinations
▼ + stars: | 2023-11-20 | by ( Monica Pitrelli | Shalbha Sarda | ) www.cnbc.com time to read: +5 min

But both are losing ground with Chinese nationals as safety concerns rise among younger travelers. Both countries were the top choices for Chinese holidaymakers earlier this year but fell in the third quarter — Thailand to No. 8 — according to the marketing company China Trading Desk, which gauges Chinese travel sentiment on a quarterly basis. Both countries now lag behind South Korea, Malaysia and Australia in terms of Chinese travelers' next vacation destinations, with Singapore — deemed one of the safest places for travelers in 2023 — rising to the top spot. The World Health Organization and other safety groups have said seafood from Japan is safe to eat, but fears among Chinese travelers have "turned one of their most popular destinations into one of their least popular," Bhatt said.

Persons: Singapore —, Subramania Bhatt, Bhatt, Pia Oberoi, Oberoi, There's Organizations: China Trading, China, World Health Organization, United Nations, United Nations Human Rights, High, Afp, Getty, ASEAN, CNBC Locations: Japan, Thailand, Asia, Korea, Malaysia, Australia, Singapore, Southeast Asia, Thailand —, Cambodia, Laos, Myanmar, Southeast, South Asia, China, Taiwan, America, Pacific, perpetrating, Thu, People's Republic of China

☆ Myanmar junta attacked on new fronts, thousands flee to India
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +3 min

Myanmar's military junta is facing its biggest test since taking power in a 2021 coup after three ethnic minority forces launched a coordinated offensive in late October, capturing some towns and military posts. "We have conquered some posts and fighting is continuing in some other places," he said. Fighting also broke out in Chin State, which borders India, when insurgents attacked two military camps, according to an Indian official and two sources with knowledge of the assault. About 5,000 people from Myanmar crossed into India's Mizoram state to seek shelter from the fighting, said James Lalrinchhana, the deputy commissioner of a district on the Myanmar border. A spokesperson for Myanmar's junta did not immediately respond to messages seeking comment on the latest fighting.

Persons: Khine Thu, Rathedaung, James Lalrinchhana, Richard Horsey, Martin Petty, Devjyot, Robert Birsel Organizations: Myanmar, Arakan Army, Reuters Staff, Chanchinmawia, Thomson Locations: Rakhine, Chin, India, Myanmar, France, Rakhine State, Chin State, India's Mizoram, Shan State, China, Sagaing, Kayah State, MIZORAM

☆ VinFast expects sales to founder's taxi venture to extend into 2024
▼ + stars: | 2023-10-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

In an interview, VinFast CEO Le Thi Thu Thuy said VinFast had not provided any financing to GSM. "For the next two quarters we still see GSM having demand for our vehicles, both EVs and e-scooters," Thuy said. A VinFast survey showed riders who had experienced a ride in a VinFast taxi operated by GSM were four times more likely to buy than customers who took standard test drives, she said. GSM launched Vietnam's first pure EV taxi service earlier this year. Thuy said no deliveries had been made to Autonomy yet, and that VinFast was "working on options for contract execution."

Persons: VinFast, Pham Nhat Vuong, Le, Thuy, Nguyen Van Thanh, Thanh, VinFast's, Phuong Nguyen, Raju Gopalakrishnan Organizations: Green SM, GSM, EV, Thomson Locations: HANOI, Vietnam, Laos, India, Indonesia, United States, U.S, Autonomy

Work is under way on a joint statement that would be issued during the visit, four people informed about the negotiations told Reuters. China's foreign ministry did not respond to a request for comment. Reuters GraphicsSTATE VISIT PREPARATIONSOne of the sources said China had sent a team to Hanoi to organise accommodations for Xi's delegation. China's foreign minister Wang Yi was expected to visit Hanoi in mid-October to help finalise the joint statement, the source added, if sufficient progress on the text has been made. As China's president, Xi travelled to Vietnam twice, with his latest visit in 2017, when he attended an Asia-Pacific summit with Donald Trump, Vladimir Putin and other leaders.

Persons: Xi Jinping, Wang Yi, Florence, Joe Biden's, Xi, Pham Thu, Donald Trump, Vladimir Putin, Khanh Vu, Francesco Guarascio, Martin Pollard, Yew, Tian, Gerry Doyle Organizations: REUTERS, Reuters, Graphics STATE, Vietnam, Thomson Locations: Beijing, China, Vietnam, HANOI, BEIJING, Hanoi, Washington, Vietnam's, United States, Europe, Asia, U.S, Singapore, South

☆ VinFast aims to sell up to 50,000 EVs in 2023 — but it has only hit 23% of its target so far
▼ + stars: | 2023-09-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Lisa Baertlein | ReutersVietnamese electric vehicle maker VinFast's ambitious plan to deliver as many as 50,000 vehicles this year is "unrealistic," according to one analyst. VinFast said it expects to deliver 40,000 to 50,000 vehicles in 2023 despite a weak global economy. In April, Green SM launched a pure EV taxi service in Vietnam with VinFast models. "VinFast's ambitious EV plan seems unrealistic. For example, VinFast's VF9 model is priced from $83,000 whereas the Tesla Model X is priced from $68,590 after federal tax credit and gas savings.

Persons: Lisa Baertlein, VinFast, Vingroup, Green, David Byrne, Tesla, XPeng, Lê Thị Organizations: Reuters, Smart Mobility, Green SM, EV, LightStream Research, P Global Mobility, CNBC, Nasdaq, Our U.S, Tesla Locations: Los Angeles, Vietnam, U.S, North America, Europe, Asia, Middle East, Our, North Carolina

FRANKFURT, Germany (AP) — Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel. Here are things to know about the recent increase — and where prices might be going:WHY HAVE OIL PRICES RISEN? “The last thing you want to do is fuel inflation again with much higher oil prices. Diesel prices have risen as well, along with higher oil costs and refineries facing shortages of the specific kinds of crude best for making diesel. HOW DO HIGHER OIL PRICES HELP RUSSIA?

Persons: Jorge Leon, That's, Leon, ” Leon, “, ”, Thu, Nguyen, Commerzbank, Gary Peach, Benjamin Hilgenstock, Joe Biden, Biden, Josh Boak Organizations: —, Saudi, Brent, Rystad Energy, Energy Intelligence, U.S, AAA, Diesel, Kremlin, Kyiv School of Economics, Policy Center, Union, Group, U.S . Energy Information Administration, Associated Locations: FRANKFURT, Germany, Russia, Saudi, OPEC, China, Europe, U.S, Ukraine, Moscow, Brussels, Washington

A VinFast VF8 electric SUV is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. If fulfilled, Europe would become VinFast's biggest overseas market this year. The company had shipped about 2,100 EVs earlier this year to the United States. Should the EU probe conclude that punitive duties on China-made EVs are warranted, VinFast could find its cars are more competitively priced. VinFast, which is part of Vietnamese conglomerate Vingroup (VIC.HM), was formed in 2017 and began making EVs in 2021 after dropping its manufacturing of cars with internal combustion engines.

Persons: Steve Marcus, Thuy, Inovev, VinFast, Phuong Nguyen, Francesco Guarascio, Miral Organizations: Las Vegas Convention, REUTERS, Rights, Reuters, European Union, Nasdaq, EU, Thomson Locations: Las Vegas , Nevada, U.S, Rights HANOI, Europe, France, Germany, Netherlands, VinFast's, Vietnam, United States, Israel, China, Indonesia, India, East, Africa, Latin America

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

☆ Veteran short-seller Jim Chanos calls soaring electric carmaker VinFast a '$200 billion meme stock'
▼ + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Vietnamese electric carmaker VinFast has seen its shares skyrocket since it went public on August 15. Its market capitalization now stands at over $190 billion – but some investors cannot hide their disbelief. Veteran short-seller Jim Chanos called the carmaker a "$200B meme-stock" in a post on X. Monday's close saw the market capitalization of the lossmaking EV firm hit an eye-watering $190 billion – more than Ford, General Motors, and Chrysler Stellantis combined. AdvertisementAdvertisementFor veteran short-seller Jim Chanos, however, the stock is being driven by a retail investor craze and little else.

Persons: Jim Chanos, Monday's, Drew Dickson, Dickson, VinFast, Le, Thuy Organizations: Service, Ford, General Motors, Chrysler Stellantis, Vanda Research, Bloomberg, Albert Bridge Capital, Toyota Locations: Wall, Silicon

☆ VinFast loses almost half its value as shares hit the skids after spectacular $85 billion market debut
▼ + stars: | 2023-08-18 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Shares in VinFast soared on its Spac-led debut in New York Tuesday, leaving it worth $85 billion. The Vietnamese EV carmaker has sunk since then, losing almost half its value. After the first day of trading in New York, shares in the Vietnamese electric carmaker closed at $37, leaving it worth about $85 billion – far more than Ford, General Motors, or Chrysler Stellantis. However, VinFast But has dropped sharply over the past two days, losing more than half its 255% gains on its Nasdaq Global Select Market debut. VinFast delivered just 11,300 vehicles in the first half of this year, per a company presentation.

Persons: Pham Nhat Vuong, Le, Thuy, VinFast Organizations: carmaker, Service, Ford, General Motors, Chrysler, Nasdaq, Bloomberg Locations: New York, Wall, Silicon, VinFast

It's just too early to tell," said George Glassman, president of Glassman Automotive Group, which sells five automotive brands outside Detroit. Since then, VinFast shares have retreated, and were down 17.2% at $24.92 at midday on Thursday. The new hybrid sales plan is just another challenge and the luxury carmaker is already talking to dealers. U.S. dealers said there are too many unanswered questions, including how VinFast will distribute parts needed to make repairs. Several dealers said VinFast may need to offer sweetened profit margins to dealers to account for the added risk.

Persons: It's, George Glassman, VinFast, Le, Thuy, Scott Fink, I'm, Tesla, Andrew DiFeo, Augustine, Warren Browne, Rhett Ricart, Dealers, it's, Ricart, Beau Boeckmann, Boeckmann, Ben Klayman, Phuong Nguyen, Matthew Lewis Organizations: Nasdaq, U.S, Reuters, Glassman Automotive, Ford, General Motors, U.S ., Fink Automotive Group, VW, Subaru, GM, Hyundai, Ricart Automotive, Toyota, Honda, Galpin Motors, Thomson Locations: U.S, North America, Detroit, VinFast, Tampa , Florida, St, Jacksonville , Florida, Columbus , Ohio, Los Angeles, VinFast's, Vietnam, Hanoi

☆ Exclusive: H&M probes Myanmar factory abuses as pressure intensifies
▼ + stars: | 2023-08-16 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +5 min

The BHRRC has been tracking allegations of workers' rights abuses in garment factories since the military junta took power in Myanmar, plunging it into political and humanitarian crisis. There have been 21 cases of alleged abuses linked to Inditex suppliers over the two-year period, and 20 linked to H&M suppliers, according to the report. The Myanmar Garment Manufacturing Association did not reply to a request for comment. It expects its final orders from Myanmar suppliers to ship before the end of this year, but has also increased its presence on the ground. H&M and Bestseller are among 18 brands that are part of the European Union-funded MADE project aimed at improving labour conditions in Myanmar's garment factories.

Persons: Inditex, Spencer, Primark, we've, Karina Ufert, Vicky Bowman, Bowman, Helen Reid, Vanessa O'Connell, Marguerita Choy, Emelia Organizations: Reuters, Zara, Human Rights Resource, Myanmar Labour News, Myanmar Garment Manufacturing Association, Ethical Trade, European Union, European Chamber of Commerce, Myanmar Centre, Responsible Business, Thomson Locations: Myanmar, British, MYANMAR Spanish, Danish

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

☆ Vietnamese EV maker VinFast to begin trading on the Nasdaq Tuesday after completing SPAC merger
▼ + stars: | 2023-08-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A VinFast VF7 electric vehicle is seen during the 2023 Canadian International AutoShow in Toronto, Canada on Feb. 17, 2023. Vietnamese electric vehicle maker VinFast is expected to list on the tech-focused Nasdaq on Tuesday morning in New York, following completion of its merger with the U.S.-listed special purpose acquisition company Black Spade Acquisition . On Monday, VinFast said in a joint statement with Black Spade Acquisition that it would commence trading on Aug. 15. The deal values VinFast at approximately $23 billion, according to a June filing with the U.S. Securities and Exchange Commission. Following the merger, Black Spade became a wholly owned subsidiary of VinFast and is expected to delist from the New York Stock Exchange, said the joint statement.

Persons: VinFast, Black Spade, Le Organizations: U.S, Spade, U.S . Securities, Exchange Commission, New York Stock Exchange, Thuy, CNBC Locations: Toronto, Canada, New York, VinFast

☆ CEO of Vietnam's VinFast says go-ahead to list on Nasdaq is a 'big milestone'
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEO of Vietnam's VinFast says go-ahead to list on Nasdaq is a 'big milestone'Le Thi Thu Thuy, CEO of the electric vehicle maker, says the listing will "open access to capital markets for us in the future."

Persons: Vietnam's VinFast Organizations: Nasdaq

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