Hanoi (VNA) – Vietnamese auto maker VinFast on July 28 held a groundbreaking ceremony of its electric vehicle factory in Nort😼h Carolina, markingan important step in the company's strategy to expand its market, develop itsglobal electric vehicle brand and become self-sufficient in its supply in NorthAmerica.

VinFast’s factoryproject is the first of its kind in North Carolina, and is said to be thebiggest-ever economic development project in the state. The factory hasa total investment of 2 billion USD in its first phase, covering an area of 733ha. In the first phase, the factory will focus on producing electric vehiclemodels VF 7, VF 8 and VF 9 to meet market demand with an expected capacity of150,000 vehicles per year. Regarding components for production, priority willbe given for suppliers from the US, Vietnam and some countries in the region. Speaking at groundbreaking ceremony, LeThi Thu Thuy, CEO of VinFast Auto said that the manufacturing facility in NorthCarolina is one of VinFast's key projects. When it begins operations, thefactory will be VinFast's primary supplier of electric vehicles to the NorthAmerican market, allowing the maker to optimize production and business activities. VinFast hopes the construction of thefactory in Chatham County will contribute to advancing the clean energy economyin the US and help to support North Carolina’s green mobility strategy, shesaid. The factory is expected to start production in 2025.Last year, VinFast was awarded a 1.2 billion USD incentive package from the Stateof North Carolina for this project, along with critical financial support fromthe City of Sanford, Chatham County and the Golden Leaf Foundation. Also on July 28, VinFast Auto Pte. Ltd. and Black Spade Acquisition Co (NYSE: BSAQ) announcedthat the US Securities and Exchange Commission has declared effective theregistration statement on Form F-4 of VinFast in connection with its proposedbusiness combination with Black Spade. Black Spade has scheduled the Extraordinary General Meeting ofShareholders ("EGM") to approve the proposed business combinationwith VinFast to be held on August10, 2023. The business combination values VinFast at an enterprise valueof 27 billion USD and an equity value of 23 billion USD. Thetransaction is expected to close followed by the listing of VinFast in August 2023,subject to shareholder approvals and other customary closing conditions.

Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, saidthat the declaration of the SEC effectiveness is a significant step towards thesuccessful completion of the business combination between Black Spade andVinFast.

He said they have diligen♔tly sought out a partner that alignswith their vision, and they are confidꦡent that this merger will position themfor long-term success.

VinFast, a member of Vingroup Jsc, was founded in 2017. It manufactures and exports a portfolio of e-SUVs, e-scooters and e-busesacross Vietnam, North America, and, soon, Europe. The company operates a state-of-the-art automotive manufacturingcomplex in Hai Phong that boasts up to 90% manufacturing automation and anannual production capacity of up to 300,000 units per year in phase 1. Black Spade, listed on the NYSE American, was founded byBlack Spade Capital, which runs a global portfolio consisting of a widespectrum of cross-border investments, and consistently seeks to add newinvestment projects and opportunities to its portfolio./.