Vietnamese EV maker VinFast soars on U.S. SPAC debut

The stock last traded at $26.73, up from its opening price of $22 and more than double Monday's closing price of its SPAC partner, Black Spade Acquisition.
VinFast merged with Hong Kong-based Black Spade, a SPAC funded by the private investment arm of Melco Resorts & Entertainment (MLCO) chief executive Lawrence Ho. Melco Crown Entertainment Ltd operates casinos and other properties in several cities, including the Chinese casino city of Macau.
The deal, struck earlier this year, valued the combined company at $23 billion. VinFast has long had ambitions to expand in the U.S., having broken ground last month on a new electric vehicle factory in North Carolina.
VinFast said on Tuesday that it had delivered nearly 19,000 electric vehicles as of June 30. The company has also laid out electric vehicle charging networks in 63 provinces and cities in Vietnam.