Vietnam: Investors in VinFast's SPAC cash out most shares

HANOI (Reuters): Shareholders of Black Spade Acquisition, a special purpose acquisition company (SPAC) that has plans to merge with Vietnam's electric automaker VinFast to allow a US listing, have redeemed over 80% of their shares, the SPAC has announced.

It was a setback for VinFast, which had initially planned a US listing on its own and has struggled to start production and ramp up sales outside Vietnam.