17 Aug 2023

VinFast Auto Ltd.’s business combination with Black Spade Acquisition Co.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, advised VinFast Auto Ltd. in respect of its business combination with Black Spade Acquisition Co. (NYSE: BSAQ), a special purpose acquisition company (SPAC) which valued VinFast Auto Ltd. at approximately US$23.0 billion, and the listing of VinFast Auto Ltd. on The Nasdaq Stock Exchange following completion of the business combination. The transaction is the biggest Vietnamese M&A transaction since records began in 1980, and the largest M&A in Asia in 2023 so far. Evelyn Wee (Deputy Head, Corporate and Transactional Practice; Head, Capital Markets) led the transaction, assisted by Hoon Chi Tern (Deputy Head, Capital Markets). Vikna Rajah (Head, Tax and Trust & Private Client) led the tax aspects of the transaction and Desmond Wee (Head, Employment & Benefits) advised on the employment related matters.