Vingroup Surges as EV Unit Seeks US Listing Via SPAC Deal
- EV maker Vinfast to combine with Black Spade in second half
- Firm founded by Vietnam’s richest person is expanding globally
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Shares of Vingroup JSC jumped after announcing its electric vehicle maker unit will list in the US by merging with a blank-check company at an equity value of about $23 billion.
Vingroup rose as much as 6.2% Monday in Ho Chi Minh, the biggest gain since April 3. The stock contributed the most to Vietnam’s benchmark VN Index, which climbed as much as 0.9% to outperform most gauges in Asia.