Walkers acted as Cayman Islands counsel to VinFast Auto Ltd. (VinFast), a Vietnamese electric-vehicle (EV) manufacturer, on its business combination with U.S.-listed special purpose acquisition company (SPAC), Black Spade Acquisition Co. (NYSE: BSAQ) (Black Spade), followed by its public listing on Nasdaq. VinFast completed its merger with Black Spade, and commenced trading of its ordinary shares and warrants on Nasdaq under the ticker symbol “VFS” and “VFSWW” respectively, on August 15, 2023. Following the listing, VinFast's market capitalisation topped US$85bn.

VinFast, a member of Vingroup JSC and a leading brand in Vietnam, was founded in 2017. VinFast manufacturers and exports a full portfolio of e-SUVs, e-scooters, and e-buses across Vietnam, North America, and, soon, Europe. VinFast converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9, and VF 5 to customers in Vietnam to date, in addition to its first VF 8 EVs exported to North America earlier this year. In July, VinFast broke ground for the construction of its electric vehicle manufacturing site in North Carolina, marking a significant step in its global expansion and the company's supply chain development in North America.

The Walkers team was led by Asia-based partners James Twigg and William Lee who were supported by counsel Kevin Ho. Latham & Watkins acted as lead counsel to VinFast.