# EDGAR Filing Document

**Accession Number:** 0001913510
**File Stem:** 0001185185-25-001664
**Filing Date:** 2025-11
**Character Count:** 197384
**Document Hash:** a80e65c41c0ffd2e21a9769d730778a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001664.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001185185-25-001664

**CONFORMED SUBMISSION TYPE**: F-3

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VinFast Auto Ltd.
- **CENTRAL INDEX KEY:** 0001913510
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** U0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291445
- **FILM NUMBER:** 251468820

**BUSINESS ADDRESS:**
- **STREET 1:** 61 ROBINSON ROAD
- **STREET 2:** #06-01, 61 ROBINSON
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 068893
- **BUSINESS PHONE:** 65-96619709

**MAIL ADDRESS:**
- **STREET 1:** 61 ROBINSON ROAD
- **STREET 2:** #06-01, 61 ROBINSON
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 068893

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VinFast Auto Pte. Ltd.
- **DATE OF NAME CHANGE:** 20230508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vinfast Trading & Investment Pte. Ltd.
- **DATE OF NAME CHANGE:** 20220224

**As filed with the Securities and Exchange Commission on November 12, 2025**

**Registration No. 333-** 

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM F-3**

**REGISTRATION STATEMENT**

***UNDER THE SECURITIES ACT OF 1933***

 ****

 ****

**VinFast Auto Ltd. (Exact name of Registrant as specified in its charter)** 

**Not Applicable (Translation of Registrant's name into English)**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;**Not Applicable** |
| &nbsp;&nbsp;(State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;(I.R.S. Employer<br> Identification No.) |

---

**Dinh Vu – Cat Hai Economic Zone**

**Cat Hai Island, Cat Hai Special Zone, Hai Phong City, Vietnam**

**+84 225 3969999 (Address and telephone number of Registrant's principal executive offices)**

**Cogency Global Inc.** 

**122 East 42nd Street, 18th Floor** 

**New York, NY 10168** 

**+1 (212) 947-7200 (Name, address and telephone number of agent for service)**

***Copies of all correspondence to:***

**Sharon Lau** **Stacey Wong** **Latham & Watkins LLP** **9 Raffles Place** **#42-02 Republic Plaza** **Singapore 048619** **+65 6536 1161**

Approximate date of commencement of proposed sale to the public: From time to time after the effectiveness of this registration statement.

If only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED NOVEMBER 12, 2025**

**PRELIMINARY PROSPECTUS**

**VinFast Auto Ltd.**

**133,320,822 Ordinary Shares**

This prospectus relates to the offer and sale, from time to time, by the selling securityholders named herein (the "Selling Securityholders"), or their pledgees, donees, transferees, or other successors in interest, of an aggregate of 130,000,000 ordinary shares in the capital of VinFast Auto Ltd., a public company incorporated under the laws of Singapore (Company Registration No: 201501874G) ("we," "us," the "Company" or "VinFast"), no par value ("ordinary shares") (the "Affiliate Resale Shares"), which were originally issued to the Selling Securityholders prior to the Company's business combination with Black Spade Acquisition Co, a Cayman Islands exempted company that has since been renamed "SpecCo Ltd" ("Black Spade" or "BSAQ") (the "Business Combination") at prices ranging from $0.0105 per share to $13.05 per share (on an adjusted basis to give effect to a share split and a share consolidation prior to the Business Combination).

This prospectus also relates to the issuance from time to time by VinFast of up to 3,320,822 ordinary shares issuable upon the exercise of 3,320,822 warrants. Each warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per ordinary share. Each warrant was originally issued as a Black Spade public warrant as part of its initial public offering of units at a price of $10.00 per unit, with each unit consisting of one share Black Spade class A ordinary shares and one-half of one redeemable warrant, and each Black Spade warrant was exchanged for one warrant of VinFast in connection with the Business Combination.

The Selling Securityholders may offer all or part of the securities for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. These securities are being registered to permit the Selling Securityholders to sell securities from time to time, in amounts, at prices and on terms determined at the time of offering. The Selling Securityholders may sell these securities through ordinary brokerage transactions, directly to market makers of our shares or through any other means described in the section entitled "*Plan of Distribution*" herein. In connection with any sales of securities offered hereunder, the Selling Securityholders, any underwriters, agents, brokers or dealers participating in such sales may be deemed to be "underwriters" within the meaning of the Securities Act of 1933, as amended, or the "Securities Act."

The Selling Securityholders together are offering an aggregate of up to 130,000,000 ordinary shares which, together with the 95,273,331 ordinary shares offered by the selling securityholders named in the registration statement on Form F-3 (File No.333-275133) (the "Second Resale Registration Statement"), represented 9.6% of our outstanding ordinary shares as of November 10, 2025. The number of ordinary shares being offered pursuant to this registration statement and the Second Resale Registration Statement constitute more than approximately 4.5 times the number of ordinary shares held by persons other than the selling securityholders named herein and therein and our affiliates. Accordingly, the ordinary shares being registered for resale on this registration statement, which this prospectus forms a part, together with the number of shares that have been registered for resale pursuant to Second Resale Registration Statement, are anticipated to be significant, relative to our current public float. While the sale from time to time of ordinary shares pursuant to this registration statement by the Selling Securityholders and pursuant to the Second Resale Registration Statement by the selling securityholders named therein will increase our public float, we are unable to predict the effect that such sales may have on the prevailing market price of our ordinary shares and warrants. Sales of ordinary shares in the public market by Selling Securityholders, or the perception that those sales might occur, could potentially have negative impact on the market price of ordinary shares and warrants, despite the total number of ordinary shares being registered for resale accounting for an insignificant percentage of the total outstanding shares. The market price of our ordinary shares could decline if the Selling Securityholders sell a significant portion of our ordinary shares or are perceived by the market as intending to sell them. Despite such a potential decline in the public trading price, some of the Selling Securityholders may experience a positive rate of return on the securities that they sell due to the differences in the prices at which they acquired the ordinary shares and the market price of our ordinary shares. Public securityholders may not experience a similar rate of return on the securities they purchase due to differences in the purchase prices and the then trading price. See "*Risk Factors — Risks Related to this Offering* — *The sales of a substantial number of our securities in the public market by our existing shareholders could potentially cause the price of our ordinary shares to fall*", and "*Item 3. Key Information — D. Risk Factors — Risks Relating to Ownership of Our Securities — The trading price of our ordinary shares and warrants may be volatile, a market for our securities may not be sustained, and future sales of the securities and the availability of a large number of such securities could depress the price of the securities*" in our most recent annual report on Form 20-F.

We will receive the proceeds from the sales of the 34,929,486 Affiliate Resale Shares when sold pursuant to this registration statement by the Selling Securityholders, net of any sales commissions, fees, brokerages, taxes and other related expenses, to us as a grant. The amount of proceeds that we receive from sales of these ordinary shares by the Selling Securityholders will depend on the number and price of ordinary shares that are sold. Based on the last reported sale price of our ordinary shares on November 10, 2025, the sale of 34,929,486 Affiliate Resale Shares by the Selling Securityholders pursuant to this registration statement would result in proceeds of $123,301,086 to us, without taking into account sales commissions, fees, brokerages, taxes and other related expenses. Excluding the Affiliate Resale Shares, Vingroup Joint Stock Company ("Vingroup"), a public company listed on the Ho Chi Minh Stock Exchange, Vietnam, Vietnam Investment Group Joint Stock Company ("VIG") and Asian Star Trading & Investment Pte. Ltd. ("Asian Star" and, together with Vingroup and VIG, the "Initial Shareholders") own an aggregate of 2,158,636,023 ordinary shares, representing 92.3% of our outstanding ordinary shares as of November 10, 2025.

We will also receive proceeds from the exercise of up to 3,320,822 warrants for cash at an exercise price of $11.50, assuming that all such warrants are exercised for cash, which would result in proceeds of $38,189,453 to us. On November 10, 2025, the last reported sale price of our ordinary shares as reported on Nasdaq Stock Market LLC ("Nasdaq") was $3.53 per ordinary share, which is below the exercise price of our warrants, which is $11.50 per share. If the price of our ordinary shares remains below $11.50 per ordinary share and holders of our warrants choose not to exercise their warrants for cash, it would result in no cash proceeds to us. If warrants are exercised on a cashless basis in accordance with the terms of the Warrant Agreement, we will not receive any cash from such exercises. We will not receive any proceeds from the resale of the ordinary shares that are to be issued upon such exercise of warrants. See "*Use of Proceeds.*" We will pay certain expenses associated with the registration of the securities covered by this prospectus, as described in the section entitled "*Plan of Distribution.*"

Our ordinary shares and warrants are listed on the Nasdaq under the symbols "VFS" and "VFSWW." We had 2,339,512,676 ordinary shares and 3,320,822 warrants outstanding as of November 10, 2025. On November 10, 2025, the last reported sale price of our ordinary shares and warrants as reported on Nasdaq were $3.53 per ordinary share and $0.20 per warrant.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

We are a "foreign private issuer" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company disclosure and reporting requirements. See "*Prospectus Summary—Implications of Being a Foreign Private Issuer*."

**Investing in our securities involves risks. You should carefully consider the risks described under "Risk Factors" beginning on page 6 of this prospectus, as well as in the applicable prospectus supplement, any related free writing prospectus and other information contained or incorporated by reference in this prospectus and the applicable prospectus supplement, before making a decision to invest in our securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is 2025.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | iv |
| [PROSPECTUS SUMMARY](#a_003) | 1 |
| [THE OFFERING](#a_004) | 5 |
| [RISK FACTORS](#a_005) | 6 |
| [CAPITALIZATION](#a_006) | 7 |
| [USE OF PROCEEDS](#a_007) | 8 |
| [SELLING SECURITYHOLDERS](#a_008) | 9 |
| [TAXATION](#a_009) | 10 |
| [PLAN OF DISTRIBUTION](#a_010) | 18 |
| [ENFORCEABILITY OF CIVIL LIABILITIES UNDER U.S. SECURITIES LAWS](#a_011) | 20 |
| [LEGAL MATTERS](#a_012) | 21 |
| [EXPERTS](#a_013) | 21 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_014) | 21 |
| [INCORPORATION OF INFORMATION BY REFERENCE](#a_015) | 22 |
| [AUTHORIZED REPRESENTATIVE](#a_016) | 23 |
| [EXPENSES RELATED TO THE OFFERING](#a_017) | 23 |

---

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**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement on Form F-3 that we filed with the U.S. Securities and Exchange Commission (the "SEC") using a "shelf" registration process. Under this shelf registration process, the Selling Securityholders may, from time to time, sell the Affiliate Resale Shares described in this prospectus in one or more offerings through any means described in the section entitled "Plan of Distribution." Additional or more specific terms of transactions in which a Selling Securityholder offers and sells Affiliate Resale Shares may be provided in a prospectus supplement that describes, among other things, the specific amounts and prices of the Affiliate Resale Shares being offered and the terms of the offering.

A prospectus supplement may also add to, update or change information included in this prospectus. Any statement contained in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus supplement modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus.

Neither we nor the Selling Securityholders have authorized anyone to provide you with any information other than the information contained or incorporated by reference in this prospectus, any applicable prospectus supplement, or any free writing prospectus prepared by or on behalf of us to which we have referred you. We and the Selling Securityholders take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you.

The information contained or incorporated by reference in this prospectus, any applicable prospectus supplement or any such free writing prospectus is accurate only as of the date thereof, regardless of the time of delivery of such document or of any sale of Affiliate Resale Shares. Our business, financial condition and results of operations may have changed since those dates. It is important for you to read and consider all the information contained in this prospectus and any applicable prospectus supplement, including the documents incorporated by reference herein and therein, or any free writing prospectus prepared by or on behalf of us to which we have referred you, in making your investment decision.

This prospectus and the information incorporated herein by reference contain summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under "Where You Can Find More Information."

Except where the context otherwise requires or where otherwise indicated, the terms "VinFast," the "Company," the "Group," "we," "us," "our," "our Company," and "our business" refer to VinFast Auto Ltd. and, where appropriate, its consolidated subsidiaries.

References to "VND" are to Vietnamese Dong, the legal currency of Vietnam. Certain amounts shown in this registration statement or derived from the U.S. GAAP financial statements have been rounded or truncated as deemed appropriate by the management of VinFast. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

**For investors outside the United States: The Selling Securityholders are not offering to sell, or seeking offers to buy, our ordinary shares, in any jurisdictions where offers and sales are not permitted. Neither we nor the Selling Securityholders have done anything that would permit the offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. The distribution of this prospectus and the offering of the Affiliate Resale Shares in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Affiliate Resale Shares described herein and the distribution of this prospectus outside the United States. This prospectus does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.**

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**Notice to Prospective Investors in Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of ordinary shares may not be circulated or distributed, nor may the ordinary shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act 2001 of Singapore as modified or amended from time to time (the "**SFA**")) under Section 274 of the SFA, including by any subsidiary legislation as may be applicable at the relevant time, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Sections 275 and 276 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with the conditions set forth in the SFA.

Where the ordinary shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments
and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a
trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is
an individual who is an accredited investor,

securities and securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable within six months after that corporation or that trust has acquired the ordinary shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
an institutional investor or to a relevant person (as defined under Section 275(2) of the SFA), or (in the case of such corporation)
where the transfer arises from an offer referred to in Section 275(1A) of the SFA, or (in the case of such trust) where the transfer
arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or
its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities
or other assets);

&nbsp;&nbsp;&nbsp;&nbsp;(b) where
no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) as
 specified in Section 276(7) of the SFA.

 

*Notification under Section 309B(1)(c) of the SFA*

The ordinary shares are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in the MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Purchasers are advised to seek legal advice prior to any resale of the securities.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results of operations or financial condition and therefore are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this prospectus and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, the markets in which we operate as well as any information concerning possible or assumed future results of our operations. Such forward-looking statements are based on available current market material and our management's expectations, beliefs and forecasts concerning future events impacting us. Factors that may impact such forward-looking statements include, among others, the following:

● We are a growth stage company in the EV industry and face challenges associated with the marketing and sale of products in different markets;

● The unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers;

● Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries thereto;

● Our brand, reputation, and consumer confidence in our business could be harmed by negative publicity;

● The automotive market is highly competitive, which presents challenges in maintaining our market leadership in Vietnam and establishing our position in the global automotive industry;

● We might face challenges if our customers are resistant to adopting EVs or do not have adequate access to Electric Vehicle Supply Equipment ("EVSE"), which includes charging stations, and related infrastructure;

● We have experienced in the past and in the future may experience delays and cost overruns when implementing our business plans and growth strategy;

● We obtain component parts and raw materials from third-party suppliers who may fail to deliver components and raw materials according to our schedule and at prices, quality and volumes acceptable to us;

● We are a growth stage company with a history of losses, negative cash flows from operating activities and negative working capital. We require additional funding to support our ongoing operations;

● We have identified material weaknesses in our internal control over financial reporting that could, if not remediated, impair our ability to produce timely and accurate financial statements;

● We have restated our financial statements for the fiscal year ended December 31, 2023, which could expose us to additional risks;

● We have received financial support from Mr. Pham and our Vingroup affiliates, and we maintain business relationships with our Vingroup affiliates. We may be affected by adverse business conditions, developments or matters affecting our Vingroup affiliates;

● A considerable portion of our EV deliveries to date has been to certain affiliates;

● Our corporate actions that require shareholders' approval will be substantially controlled by our controlling shareholders, which may prevent you and other shareholders from influencing significant decisions; and

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● The other matters described in the section titled "*Risk Factors*" elsewhere in this prospectus or the risk factors described in our most recent annual report on Form 20-F, which is incorporated herein by reference.

The foregoing list of factors is not exhaustive. The forward-looking statements contained in this prospectus are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "*Risk Factors*." Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respect from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We will not and do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

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**PROSPECTUS SUMMARY**

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our securities. Before making an investment decision, you should read this entire prospectus carefully, especially the "Risk Factors" section, the financial statements and related notes thereto, and any other documents to which this prospectus refers. Some of the statements in this prospectus constitute forward-looking statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements" for more information.

Unless otherwise stated or the context otherwise requires, all references in this subsection to the "Company", "we," "us" or "our" refer to the business of VinFast Auto Ltd. and its subsidiaries.

**Who We Are**

We are VinFast, and our goal is to be a leader in **the future of Smart Mobility** through our intelligent, thoughtful and inclusive EV platform. We aim to foster a cleaner and more sustainable approach to 21<sup>st</sup> century mobility that is evolutionary and revolutionary.

We are **bold, decisive** and **eager to advance** our product and platform.

We aim to **constantly push boundaries** in our approach to technology, service innovation, customer engagement and manufacturing excellence, all for the sake of delivering an exceptional customer experience.

Our mission is **to help create a more sustainable future for all.** We aim to help sustain our planet by accelerating the switch to electric vehicles with an inclusive, comprehensive product line and unique service platform. We envision a world where a top-tier electric vehicle-driving experience is accessible to all. We have already begun delivering on that vision today with our line of all-electric sports utility vehicles ("SUVs"), readying us for the new era of VinFast, one focused on global expansion and creating a sustainable future.

At VinFast, our motto is "**boundless together**." It is representative of the adventurous and inspired feeling we want our drivers to experience every time they take the wheel, a precept of our approach to manufacturing, an affirmation of our limitless desire to reach new heights with the products we create, our effort to build a sustainable future and our enthusiastic re-shaping of the electric vehicle driver experience. In that spirit, we are breaking boundaries by focusing on the future, setting out on new journeys as one team (maker, driver, partners) and sharing the VinFast vision along the way. We are constantly innovating from a technology and driver experience perspective and are ready to push forward towards a sustainable future. With that said, we recognize that we cannot do this alone, and we urge those who share this desire to unite with us on our journey to a brighter and greener future.

Come join the charge with us.

**Overview**

We are an innovative, full-scale mobility platform focused primarily on designing and manufacturing high-quality EVs, electric scooters ("e-scooters") and electric buses ("e-buses"). Our EV product line is a range of fully-electric mini- through E-segment SUVs, the first of which began production in December 2021. In January 2025, we introduced a separate product line under the "Green" series, tailored for commercial purpose, and further expanded into the electric minivan segment with the introduction of our compact electric van, the EC Van, in May 2025. We focus strategically and exclusively on EVs and fully phased out production of internal combustion engine ("ICE") vehicles in 2022 in order to execute on our vision of creating an e-mobility ecosystem built around customers, community and connectivity alongside our new vehicle roll-out. We deliver on this strategy by leveraging our manufacturing expertise and strong track record of producing ICE vehicles and e-scooters. We started producing e-scooters in 2018, passenger cars (ICE vehicles) in 2019 and e-buses in 2020. We delivered 334,332 four-wheeled vehicles (including 86,051 ICE vehicles and 248,281 EVs) and 537,813 two-wheeled vehicles (including 535,457 e-scooters and 2,356 e-bikes) from inception through September 30, 2025. Innovation is at the heart of everything we do. We focus on achieving operational efficiency and technological integration, and we seek to continuously improve our processes to deliver world-class products.

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Our target international markets include select countries in North America, such as the U.S. and Canada; Asia, covering India and Southeast Asia, including Indonesia and the Philippines; and the EMEA (Europe, the Middle East and Africa) region. We also continue to strengthen our position in our market in Vietnam. We believe our vehicles are differentiated, especially in the emerging EV landscape, through our high-quality product offering. This differentiation is built on advanced technology and new-mobility features for our drivers, fashionable designs, and our comprehensive smart services solution. We expect to remain competitive by focusing on SUVs, the most popular consumer vehicle segment. We strongly believe in the future of Smart Mobility and strive to provide the VinFast platform as an access point to that future.

We have achieved a great deal in our short history. Following the founding of our Company in 2017, we achieved start of production of our first ICE vehicle in only 21 months. As a new entrant and the first Vietnamese OEM, we have partnered with top-tier global companies, including Magna Steyr Fahrzeugtechnik AG & Co KG ("Magna") and Pininfarina S.p.A. ("Pininfarina") to accelerate the integration of industry best practices into our processes. Deliveries of our first fully-electric SUV, the VF e34, began in Vietnam in December 2021. Deliveries of the VF 8 began in Vietnam in September 2022 and in the U.S. in March 2023. Deliveries of the VF 9, VF 5 and VF 6 began in Vietnam in March, April and December 2023, respectively. Deliveries of VF 7 and VF 3 began in Vietnam in March and July 2024. Deliveries in Europe began in January 2024 with the VF 8. We have also started the deliveries of our EVs in Indonesia, Philippines and India in August, September 2024, and August 2025, respectively. From the start of our EV production until September 30, 2025, we delivered 248,281 EVs (consisting of 71,379 VF 5s, 58,754 VF 3s, 37,199 VF e34s, 26,391 VF 8s, other models, and e-buses) mostly in Vietnam. Driven by demand for affordable models and strength in the domestic Vietnam market, we set new delivery records in Vietnam for four consecutive months from September to December 2024, culminating in total deliveries of 97,399 EVs globally for the full year 2024, consisting of 33,140 VF 5s, 25,583 VF 3s, 14,306 VF e34s, 9,864 VF 8s, 9,069 VF 6s, and other models and e-buses. This represents a 192% increase year-over-year, exceeding management's revised delivery guidance of 80,000 vehicles globally for the full year 2024. According to the Company's preliminary data, in the first nine months of 2025, VinFast delivered 110,362 EVs to customers globally, of which 103,884 EVs were delivered in Vietnam. This milestone marks the first time an automaker in Vietnam has delivered more than 100,000 vehicles in the first three quarters of a year, underscoring VinFast's market leadership and continued growth momentum. See "*Item 3. Key Information — D. Risk Factors — Risks Relating to Our Business and Industry — We are a growth stage company in the EV industry and face challenges associated with the marketing and sale of products in different markets*" in our most recent annual report on Form 20-F.

We quickly established significant brand recognition in Vietnam and within 18 months from product launch, we gained the leading market share in Vietnam for each of our product segments, based on management's analysis of publicly available data. This share was acquired from the incumbent global vehicle brands from Asia, Europe and North America that have historically dominated the Vietnamese market prior to our arrival. Since our establishment, we have gained significant experience in manufacturing at scale, which has helped us swiftly incorporate EVs into our existing assembly lines. Like other entities within the Vingroup family of companies, turning early-stage businesses into market leaders through top-tier execution and leadership is a hallmark of our approach to business.

We are a majority-owned affiliate of Vingroup Joint Stock Company, a public company listed on the Ho Chi Minh Stock Exchange, Vietnam and one of Vietnam's largest conglomerates ("Vingroup"). Led by Mr. Pham, who is our Managing Director and CEO, Vingroup operates market-leading, fast-growing businesses that span the industrials, technology, real estate and social services sectors in Vietnam. Vingroup has an operating history of over 30 years and a strong track record of improving the daily lives of consumers through applied technology. As of June 30, 2025, approximately $15.9 billion has been deployed to fund operating expenses and capital expenditures of VinFast since 2017 by Vingroup, its affiliates and external lenders. We believe our ongoing relationship with Vingroup is a significant competitive advantage, most notably through shared expertise and software co-development among nearly 1,800 engineers in the Vingroup ecosystem who collectively help produce differentiated technology for VinFast vehicles.

We are led by a keenly focused management team that is highly motivated to deliver on our mission of making EVs smarter and more inclusive. Our Managing Director and CEO, Mr. Pham, and our Chairwoman, Ms. Le, also hold the positions of Chairman and Vice Chairwoman of Vingroup, respectively, and were the key Vingroup executives behind the push into vehicle manufacturing. Both Mr. Pham and Ms. Le were responsible for the formation of VinFast and led the execution of a startup plan from the ground up in 2017, with our first vehicles delivered only 21 months later. They have built a highly experienced team to execute our strategy. Our entrepreneurial and innovative culture from the top down in our organization is driven by our core belief that we are "boundless together."

**Smart Mobility and the VinFast Differentiators**

Our full-service driver and ownership experience is a hallmark of the VinFast brand and built around the concept of Smart Mobility, which we believe differentiates us from our competitors. To us, Smart Mobility encompasses the following:

● **High Quality Product** 

● Thoughtful design for a boundless premium experience — We evoke **EMOTION** and **PASSION** between driver and car

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● Top-of-the-line vehicle lineup — We offer a **STYLISH** product line with skilled craftsmanship in every detail

● "**TECHNOLOGY FOR LIFE**" — We embrace **PERSONALIZATION** and **CONNECTIVITY** with a full suite of standard smart infotainment features, including a heads-up display, virtual personal assistant, in-car commerce and mobile office capabilities, creating a space for lifestyle between home and office

● Sustainability — We aim to deliver our products **RESPONSIBLY** to help promote a greener world for us all

● Steadfast focus on meeting world-class safety standards — We focus unwaveringly on **SAFETY** 

● **Competitive Pricing and Value** 

● **ACCESSIBILITY —** We seek to offer our products in a more approachable and accessible way relative to closest EV peers to help increase opportunities for greater EV adoption globally

● We offer high performance, luxurious features, high quality, an advanced suite of enhanced technology and cutting-edge engineering execution at a **COMPETITIVE** price point

● **FLEXIBLE** purchase options, including own, lease, where available, to suit any customer's preference

● **Peace-of-Mind Ownership Experience** 

● **Our goal is to provide BEST-IN-CLASS** after-sale policy with up to 10-year / 125,000-mile warranty and 24/7 roadside assistance

● **WORRY-FREE** experience through our "**VINFAST SERVICE"** model with remote and mobile service offerings

● **EASE-OF-ACCESS** to our network of showrooms and service centers and integrated suite of EV charging solutions through VinFast Power Solutions and partners such as V-green, EVgo, Blink, FLO and ChargeHub.

**Corporate Information**

Our Company was incorporated in Singapore on January 19, 2015 as Fiscus Consultancy Pte. Ltd., a private limited company (Company Registration No. 201501874G) under the Companies Act 1967 of Singapore (the "Singapore Companies Act"). Our Company's name was changed to VinFast Trading & Investment Pte. Ltd. on April 8, 2021 and to VinFast Auto Pte. Ltd. on December 22, 2022. On July 31, 2023, VinFast converted from a Singapore private limited company operating under the name "VinFast Auto Pte. Ltd." into a Singapore public limited company operating under the name "VinFast Auto Ltd."

Our principal executive offices are located at Dinh Vu — Cat Hai Economic Zone, Cat Hai Island, Cat Hai Special Zone, Hai Phong City, Vietnam. Our telephone number at this address is +84 225 3969999. Our registered office in Singapore is located at 61 Robinson Road, #06-01, 61 Robinson, Singapore 068893.

Investors should submit any inquiries to the address and telephone number of our principal executive offices. Our main website is www.vinfastauto.us. The information contained on our website is not a part of this prospectus. Our agent for service of process in the U.S. is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the U.S. that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as a company incorporated in Singapore, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq listing standards.

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**Summary of Risk Factors**

Investing in our securities entails risks as more fully described under "*Risk Factors.*" You should carefully consider such risks before deciding to invest in our securities. These risks include, but are not limited to, the following:

● We are a growth stage company in the EV industry and face challenges associated with the marketing and sale of products in different markets;

● The unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers;

● Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries thereto;

● Our brand, reputation, and consumer confidence in our business could be harmed by negative publicity;

● The automotive market is highly competitive, which presents challenges in maintaining our market leadership in Vietnam and establishing our position in the global automotive industry;

● We have experienced in the past and in the future may experience delays and cost overruns when implementing our business plans and growth strategy;

● We might face challenges if our customers are resistant to adopting EVs or do not have adequate access to EVSE, which includes charging stations, and related infrastructure;

● We obtain component parts and raw materials from third-party suppliers who may fail to deliver components and raw materials according to our schedule and at prices, quality and volumes acceptable to us;

● We are a growth stage company with a history of losses, negative cash flows from operating activities and negative working capital. We require additional funding to support our ongoing operations;

● We have identified material weaknesses in our internal control over financial reporting that could, if not remediated, impair our ability to produce timely and accurate financial statements;

● We have restated our financial statements for the fiscal year ended December 31, 2023, which could expose us to additional risks;

● We have received financial support from Mr. Pham and our Vingroup affiliates, and we maintain business relationships with our Vingroup affiliates. We may be affected by adverse business conditions, developments or matters affecting our Vingroup affiliates;

● A considerable portion of our EV deliveries to date has been to certain affiliates;

● Our corporate actions that require shareholders' approval will be substantially controlled by our controlling shareholders, which may prevent you and other shareholders from influencing significant decisions; and

● The other matters described in the section titled "*Risk Factors*" elsewhere in this prospectus or the risk factors described in our most recent annual report on Form 20-F, which is incorporated herein by reference.

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**THE OFFERING**

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| | |
|:---|:---|
| Ordinary shares offered by the Selling Securityholders  | An aggregate of 130,000,000 Affiliate Resale Shares held in aggregate by the Selling Securityholders that were originally issued prior to the Business Combination at prices ranging from $0.0105 per share to $13.05 per share (on an adjusted basis to give effect to a share split and a share consolidation prior to the Business Combination), which represents 5.6% of our total outstanding ordinary shares. |
| Ordinary shares issuable by us upon exercise of the warrants | 3,320,822 ordinary shares |
| Terms of warrants | Each warrant entitles the registered holder to purchase one ordinary share at a price of $11.50 per share. Our warrants expire on August 11, 2028 at 5:00 p.m., New York City time. We will receive proceeds from the exercise of up to 3,320,822 warrants for cash at an exercise price of $11.50, assuming that all such warrants are exercised for cash, which would result in proceeds of $38,189,453 to us. On November 10, 2025, the last reported sale price of our ordinary shares as reported on Nasdaq was $3.53 per ordinary share, which is below the exercise price of our warrants, which is $11.50 per share. If the price of our ordinary shares remains below $11.50 per ordinary share and warrant holders choose not to exercise their warrants for cash, it would result in no cash proceeds to us. If warrants are exercised on a cashless basis in accordance with the terms of the Warrant Agreement, we will not receive any cash from such exercises. We will not receive any proceeds from the resale of the ordinary shares that are to be issued upon such exercise of warrants. |
| Last reported sale price of our ordinary shares and warrants | On November 10, 2025, the last reported sale price of our ordinary shares and warrants as reported on Nasdaq were $3.53 per ordinary share and $0.20 per warrant. |
| Ordinary shares issued and outstanding prior to this offering and assuming no exercise of warrants | 2,339,512,676 ordinary shares, as of November 10, 2025.<br>The number of our ordinary shares outstanding prior to this offering and any exercise of warrants is based on 3,320,822 warrants that were unexercised and outstanding as of November 10, 2025. |
| Use of proceeds | We will receive the proceeds from the sales of the 34,929,486 Affiliate Resale Shares when sold pursuant to this registration statement by the Selling Securityholders, net of any sales commissions, fees, brokerages, taxes and other related expenses, as a grant.<br>We will also receive proceeds from the exercise of the warrants for cash, but not from the resale of the ordinary shares issuable upon such exercise of warrants. Each warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per ordinary share. Assuming the exercise of 3,320,822 warrants for cash, outstanding as of November 10, 2025, we will receive an aggregate of $38,189,453. We will pay certain expenses associated with the registration of the securities covered by this prospectus, as described in the section entitled "*Plan of Distribution*."<br>We plan to use the proceeds of this offering that we receive from the Selling Securityholders and from the exercise of warrants for cash for investments in research and development of products, services and technology sales, investments in sales and marketing and expansion of sales channels and investments in the development of our manufacturing facilities, and any remainder for working capital and general corporate purposes, which may include potential strategic investments and acquisitions, although we have not identified any specific investments or acquisition opportunities at this time.<br>For more information, see "*Use of Proceeds*." |
| Risk factors | Investing in the ordinary shares and warrants of the Company involves risks. See "*Risk Factors*", the other information included in this prospectus, and the other risk factors contained in the documents incorporated by reference herein, including our annual report on Form 20-F, for a discussion of factors you should carefully consider before deciding to invest in the ordinary shares and warrants of the Company. |
| Market for our ordinary shares and warrants | Our ordinary shares and warrants are listed on Nasdaq under the symbols, "VFS" and "VFSWW," respectively. |

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**RISK FACTORS**

 

*You should carefully consider the risk factors described in our most recent annual report on Form 20-F, which is incorporated herein by reference, the risk factor set forth below and the risk factors that are described in any accompanying prospectus supplement and any applicable free writing prospectus and in other documents incorporated by reference into this prospectus before acquiring any of such securities. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities.*

 

**Risks Related to this Offering**

***The sales of a substantial number of our securities in the public market by our existing shareholders could potentially cause the price of our ordinary shares to fall.***

 ****

The 130,000,000 ordinary shares offered pursuant to this registration statement by the Selling Securityholders, together with the 95,273,331 ordinary shares offered by Yorkville in the Second Resale Registration Statement, represent 9.6% of our outstanding ordinary shares as of November 10, 2025.

The aggregate 130,000,000 ordinary shares registered for resale pursuant to this registration statement and the 95,273,331 ordinary shares offered by Yorkville in the Second Resale Registration Statement will constitute approximately 4.5 times the number of ordinary shares held by persons other than our affiliates and the selling securityholders named herein and therein. Accordingly, sales of our ordinary shares pursuant to these registration statements could be significant, relative to our current public float.

While the sale from time to time of ordinary shares pursuant to this registration statement and the Second Resale Registration Statement by the selling securityholders named herein and therein will increase our public float, we are unable to predict the effect that such sales may have on the prevailing market price of our ordinary shares and warrants. Sales of ordinary shares in the public market by the selling securityholders named therein, or the perception that those sales might occur, could potentially have a negative impact on the market price of ordinary shares and warrants. The sale of any or all the securities being offered pursuant to any of these registration statements could result potentially in a decline in the public trading price of our securities.

In addition, certain of our ordinary shares have been pledged or charged by the Initial Shareholders in order to secure certain obligations to third parties. We are not a party to these share pledges or share charges or related agreements. The sale of ordinary shares that have been pledged by the Initial Shareholders (including as a result of foreclosure) could reduce the Initial Shareholders' and Mr. Pham's ownership in us and adversely affect the public trading price of our securities.

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**CAPITALIZATION**

The following table sets forth our capitalization as of June 30, 2025.

The information in this table should be read in conjunction with the financial statements and notes thereto and other financial information included in this prospectus, any prospectus supplement or incorporated by reference in this prospectus. Our historical results do not necessarily indicate our expected results for any future periods.

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| | |
|:---|:---|
|  | **As of June 30, 2025** |
|  | **Actual (unaudited)** |
|  | **VND<br> (in billions)** |
| **Cash and cash equivalents** | |
| **Deficit:** | |
| Ordinary shares, no par value – VinFast Auto (2338812676) shares issued and outstanding as of June 30, 2025) | 9867220 |
| Accumulated losses | (305780046) |
| Additional paid-in capital | 116648995 |
| Other comprehensive loss | (727557) |
| **Deficit attributable to equity holders of the parent** | **(179991388)** |
| Non-controlling interests<sup>(1)</sup> | 79759446 |
| Total deficit (A) | **(100231942)** |
| **Long-term debt:** |  |
| Long-term interest-bearing loans and borrowings | 43440663 |
| Long-term derivative and financial liabilities | 24018 |
| Total-long term debt (B) | **43464681** |
| **Long-term amount due to related parties:** |  |
| Long-term amounts due to related parties | 32586172 |
| **Total capitalization (A) + (B)**<sup>(2)</sup> | **(56767261)** |

---

Notes:

(1) Non-controlling
interests reflect certain dividend preference shares issued by VinFast Vietnam to Vingroup (i) in March 2022 in return for an advance
capital contribution of VND6.0 trillion ("DPS1"), (ii) in December 2022 in exchange for VND45,733.7 billion in borrowings
from Vingroup to VinFast Vietnam ("DPS3", previously referred to as "DPS4") and (iii) as part of our Reorganization
in December 2022, in return for the assignment of the Share Acquisition P-Note previously held by Vingroup amounting to VND25.8 trillion
("DPS4", previously referred to as "DPS3"), and (iv) in exchange for VND 30,000 billion in borrowings from Vingroup
to VinFast Vietnam ("DPS5"). For details on the terms of DPS1, DPS3, DPS4 and DPS5, see "*Item 7. Major Shareholders and Related Party Transactions — B. Related Party Transactions — Transactions with Vingroup Affiliates ⸺ Capital Contributions into VinFast Vietnam*" in our most recent annual report on Form 20-F and *"Note 14. Dividend Preference Shares"* in the Unaudited Interim Condensed Consolidated financial statements on Form 6-K dated September 30, 2025.

(2) Calculated
as total deficit plus long-term interest-bearing loans and borrowings and long-term derivative and financial liabilities.

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**USE OF PROCEEDS**

We will receive proceeds from the sales of the 34,929,486 Affiliate Resale Shares when sold pursuant to this registration statement, by the Selling Securityholders, net of any sales commissions, fees, brokerages, taxes and other related expenses, to us as a grant. The amount of proceeds that we receive from sales of these ordinary shares by the Selling Securityholders will depend on the number and price of ordinary shares that are sold.

We will also receive proceeds from the exercise of up to 3,320,822 warrants for cash, but not from the resale of the ordinary shares issuable upon such exercise of warrants. Each warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per share. Assuming the exercise of 3,320,822 warrants for cash, we will receive an aggregate of $38,189,453. On November 10, 2025, the last reported sale price of our ordinary shares as reported on Nasdaq was $3.53 per ordinary share, which is below the exercise price of our warrants, which is $11.50 per share. If the price of our ordinary shares remains below $11.50 per ordinary share and holders of our warrants choose not to exercise their warrants for cash, it would result in no cash proceeds to us. If warrants are exercised on a cashless basis in accordance with the terms of the Warrant Agreement, we will not receive any cash from such exercises. We will not receive any proceeds from the resale of the ordinary shares that are to be issued upon such exercise of warrants.

See "*Risk Factors — Risk Related to this Offering — The sales of a substantial number of our securities in the public market by our existing shareholders could potentially cause the price of our ordinary shares to fall.*"

We plan to use the proceeds of this offering that we receive from the Selling Securityholders and from the exercise of warrants for cash for investments in research and development of products, services and technology sales, investments in sales and marketing and expansion of sales channels and investments in the development of our manufacturing facilities, and any remainder for working capital and general corporate purposes, which may include potential strategic investments and acquisitions, although we have not identified any specific investments or acquisition opportunities at this time.

The Selling Securityholders will pay any underwriting fees, discounts and commissions and expenses incurred by the Selling Securityholders for brokerage, accounting, tax or legal services or any other expenses incurred by the Selling Securityholders in disposing of the securities. We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered by this prospectus, including all registration and filing fees, Nasdaq listing fees and fees and expenses of our counsel and our independent registered public accounting firm.

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**SELLING SECURITYHOLDERS**

The Selling Securityholders listed in the table below may from time to time offer and sell any or all of the ordinary shares set forth below pursuant to this registration statement. When we refer to the "*Selling Securityholders*" in this prospectus, we refer to the persons listed in the table below, as may be amended from time to time, and the pledgees, donees, transferees, assignees, successors and other permitted transferees that hold any of the Selling Securityholders' interest in the ordinary shares after the date of this prospectus.

The following table sets forth certain information provided by or on behalf of the Selling Securityholders concerning the ordinary shares that may be offered from time to time by each Selling Securityholder pursuant to this prospectus. The Selling Securityholders identified below may have sold, transferred or otherwise disposed of all or a portion of their securities after the date on which they provided us with information regarding their securities. Any changed or new information given to us by the Selling Securityholders, including regarding the identity of, and the securities held by, each Selling Securityholder, will be set forth in a prospectus supplement or amendments to the registration statement of which this prospectus is a part, if and when necessary. Each Selling Securityholder may sell all, some or none of such securities in this offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Securities Owned Before <br> the Offering** | **Securities Owned Before <br> the Offering** | **Securities to<br> be Sold** | **Securities Owned After<br> the Offering** | **Securities Owned After<br> the Offering** |
| <br>**Name of Selling Securityholder** | **Ordinary<br> Shares** | **%** | **Ordinary<br> Shares** | **Ordinary<br> Shares** | **%** |
| VIG<sup>(1)</sup> | 769584044 | 32.9 | 7800000 | 761784044 | 32.6% |
| Asian Star<sup>(2)</sup> | 334041555 | 14.3 | 122200000 | 211841555 | 9.1% |
| **Total** | **1103625599** | **47.2** | **130000000** | 973625599 | 41.6% |

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(1) Mr.
Pham Nhat Vuong is the majority shareholder of VIG and, as a result, may be deemed to share beneficial ownership of the securities held
of record by VIG. As such, Mr. Pham Nhat Vuong may be deemed to have voting and investment control over the shares held by VIG. The address
of VIG is No. 7, Bang Lang 1 Street, Phuc Loi Ward, Hanoi, Vietnam.

(2) Mr.
Pham Nhat Vuong has sole voting and investment control over all the shares in Asian Star and, as a result, may be deemed to share beneficial
ownership of the securities held of record by Asian Star. The address of Asian Star is 120 Lower Delta Road, #02-05 Cendex Centre, Singapore
169208. 9

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**TAXATION**

 

*The following summary of Singapore and U.S. federal income tax considerations of an investment in the ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax considerations relating to an investment in our ordinary shares, such as the tax considerations under U.S. state and local tax laws or under the tax laws of jurisdictions other than Singapore and the U.S.*

**Certain Singapore Taxation Considerations**

 ****

***Dividend Distributions***

All Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.

Under the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence status, shareholding level or legal form of the shareholder.

Accordingly, dividends received in respect of the ordinary shares by either a resident or non-resident of Singapore are not subject to Singapore income tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.

Foreign shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.

 ****

***Gains on Disposal of Shares***

Any gains considered to be in the nature of capital made from the sale of our shares will not be taxable in Singapore to the extent that they do not fall within the ambit of the new Section 10L of the Income Tax Act 1947 of Singapore (the "SITA"), which came into effect on January 1, 2024.

Gains arising from the disposal of the shares may be construed to be of an income nature and subject to Singapore income tax, especially if they arise from activities which may be regarded as the carrying on of a trade or business in Singapore. Such gains may also be considered income in nature, even if they do not arise from an activity in the ordinary course of trade or business or an ordinary incident of some other business activity, if the shares were purchased with the intention or purpose of making a profit by sale rather than holding for long-term investment purposes in Singapore.

There are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. The characterization of gains arising from the sale of our shares will depend primarily on the facts and circumstances (commonly referred to as the "badges of trade") of each shareholder.

Subject to specified exceptions and Section 10L of the SITA, Section 13W of the SITA provides for certainty on the non-taxability of gains derived by a corporate taxpayer from the disposal of ordinary shares during the period from June 1, 2012 to December 31, 2027 (both dates inclusive) where:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
divesting company had legally and beneficially held a minimum shareholding of 20% of the ordinary shares of the company whose shares
are being disposed; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
divesting company had maintained the minimum 20% shareholding for a continuous period of at least 24 months immediately prior to
the disposal.

The above-mentioned "safe harbor rules" prescribed under Section 13W of the SITA will not apply to a divesting company under the following scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
divesting company whose gains or profits from the disposal of shares are included as part of its income based on the provisions of section
26 of the SITA;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
disposal of shares by a partnership, limited partnership and limited liability partnership one or more of the partners of which is a
company or are companies; or

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&nbsp;&nbsp;&nbsp;&nbsp;(c) the
disposal of shares on or after June 1, 2022 not listed on a stock exchange in Singapore or elsewhere, being shares in a company
that the Singapore Comptroller of Income Tax is satisfied —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
in the business of trading immovable properties situated in Singapore or elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) principally
carries on the activity of holding immovable properties situated (whether in Singapore or elsewhere), whereby passive or no income is
derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) has
undertaken property development (whether in Singapore or elsewhere), except where —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
immovable property developed is used by the company to carry on its trade or business (including the business of letting immovable properties),
not being a business mentioned in sub-paragraph (i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
company did not undertake any property development in Singapore or elsewhere for a period of at least 60 consecutive months
before the disposal of shares.

Under Section 10L of the SITA, gains received in Singapore by an entity of a relevant group from the sale or disposal of any movable or immovable property outside Singapore will be treated as income chargeable to tax under Section 10(1)(g) of the SITA under certain circumstances. Any registered shares, equity securities or securities will be deemed to be located outside Singapore if the register or principal register (if there is more than one register) is located outside Singapore regardless of where the company is incorporated. If our shares are deemed to be foreign assets, gains from their disposal will be subject to tax if an entity of a relevant group (other than an excluded entity) disposed of our shares on or after January 1, 2024. An entity is a member of a group of entities if its assets, liabilities, income, expenses and cash flows are (a) included in the consolidated financial statements of the parent entity of the group; or (b) excluded from the consolidated financial statements of the parent entity of the group solely on size or materiality grounds or on the grounds that the entity is held for sale. A group is a relevant group if (i) the entities of the group are not all incorporated, registered or established in Singapore; or (ii) any entity of the group has a place of business outside Singapore. An excluded entity is defined in Section 10L of the SITA to include a pure equity-holding company or any other entity with adequate economic substance in Singapore taking into account factors enumerated in Section 10L of the SITA.

Investors are advised to consult their own tax advisors on the applicable tax treatment if they receive gains in Singapore from the disposal of our shares.

Shareholders who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 — Financial Instruments: Recognition and Measurement, or FRS 39; the Singapore Financial Reporting Standard 109 — Financial Instruments, or FRS 109; or the Singapore Financial Reporting Standard (International) 9 — Financial Instruments, or SFRS(I) 9 may for the purposes of Singapore income tax be required to recognize gains or losses in respect of financial instruments (not being gains or losses in the nature of capital) in accordance with FRS 39, FRS 109 or SFRS(I) 9 (as the case may be) (as modified by the applicable provisions of Singapore income tax law) even where no sale or disposal of the shares is made.

Section 34A of the SITA provides the tax treatment for financial instruments in accordance with FRS 39 (subject to certain exceptions and "opt-out" provisions) for taxpayers who are required to comply with FRS 39 for financial reporting purposes. The IRAS has also issued a circular titled "Income Tax Implications Arising from the Adoption of FRS 39 — Financial Instruments: Recognition and Measurement."

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FRS 109 or SFRS(I) 9 (as the case may be) is mandatorily effective for annual periods beginning on or after January 1, 2018, replacing FRS 39. Section 34AA of the SITA requires taxpayers who comply or who are required to comply with FRS 109 or SFRS(I) 9 (as the case may be) for financial reporting purposes to calculate their profit, loss or expense for Singapore income tax purposes in respect of financial instruments in accordance with FRS 109 or SFRS(I) 9 (as the case may be), subject to certain exceptions. The IRAS has also issued a circular titled "Income Tax: Income Tax Treatment Arising from Adoption of FRS 109 — Financial Instruments."

Shareholders who may be subject to the above mentioned tax treatments, including under Sections 34A or 34AA of the SITA, should consult their accounting and tax advisers regarding the Singapore income tax consequences of their acquisition, holding and disposal of the shares.

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***Stamp Duty***

There is no stamp duty payable on the subscription and issuance of the shares.

In relation to a transfer of the ordinary shares, no stamp duty is payable if no instrument of transfer is executed or if the instrument of transfer is executed outside Singapore and not received in Singapore. Accordingly, stamp duty is not applicable to electronic transfers of our shares effected solely on a book entry basis outside Singapore. We therefore expect that no Singapore stamp duty will be payable where shares are acquired by U.S. holders solely in book entry form through the facility outside Singapore established by our transfer agent and registrar outside Singapore to the extent that the instruments of transfer (including electronic instruments) are not received in Singapore and all electronic records and any information relating to such transfers are not electronically received by persons in Singapore, stored on any server or device in Singapore or made accessible to any person in Singapore.

Stamp duty will be payable if there is an instrument (including an electronic instrument) for the transfer of our shares which is either executed in Singapore or executed outside Singapore and received in Singapore.

Where the instrument of transfer is executed in Singapore, stamp duty must be paid within 14 days of the execution of the instrument of transfer. Where the instrument of transfer is executed outside Singapore and received in Singapore, stamp duty must be paid within 30 days of receipt of the instrument of transfer in Singapore. An electronic instrument that is executed outside Singapore is treated as received in Singapore in any of the following scenarios: (a) it is retrieved or accessed by a person in Singapore; (b) an electronic copy of it is stored on a device (including a computer) and brought into Singapore; or (c) an electronic copy of it is stored on a computer in Singapore.

As the relevant deeming provisions under Section 60F of the Stamp Duties Act 1929 of Singapore are quite broad, registered holders of our shares may wish to note that an electronic document executed outside Singapore may still be deemed to be received in Singapore if the branch records are retrieved or accessed in Singapore. As it may not be practical to anticipate the circumstances where an instrument may be considered received in Singapore, investors should consult their tax advisors regarding the particular Singapore stamp duty implications for them.

Stamp duty on an instrument of transfer of shares is payable at the rate of 0.2% of the consideration for, or open market value of, the shares, whichever is higher.

Stamp duty is borne by the purchaser unless there is an agreement to the contrary.

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***Estate Duty***

Singapore estate duty was abolished with respect to all deaths occurring on or after February 15, 2008.

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***Tax Treaties Regarding Withholding Taxes***

There is no comprehensive agreement for the avoidance of double taxation between the U.S. and Singapore which applies to withholding taxes (if any) on dividends or capital gains.

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***Goods and Services Tax***

The sale of the shares by a GST-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply not subject to GST. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in connection with the making of an exempt supply is generally not recoverable from the Singapore Comptroller of GST and will become an additional cost to the investor unless the investor satisfies certain conditions prescribed under the Goods and Services Tax Act 1993 of Singapore or satisfies certain GST concessions.

Where the shares are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually to and for the direct benefit of a person belonging outside Singapore, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply subject to GST at 0%. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in making such a supply in the course of or furtherance of a business may be fully recoverable from the Singapore Comptroller of GST. Investors should seek their own tax advice on the recoverability of GST incurred on expenses in connection with the purchase and sale of the shares.

Services consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the shares rendered by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor's purchase, sale or holding of the shares will be subject to GST at the standard rate, which is currently 9.0%. Similar services rendered by a GST-registered person contractually to an investor belonging outside Singapore and for the direct benefit of such an investor or a GST-registered person belonging in Singapore should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%.

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***Global Anti-Base Erosion Model Rules (Pillar Two)***

The Global Anti-Base Erosion Model Rules (Pillar Two) ("BEPS Pillar 2") rules are implemented in Singapore via the Multinational Enterprise (Minimum Tax) Act 2024 ("MMTA"). It introduces (1) the multinational enterprise top-up tax ("MTT"), and (2) the domestic top-up tax ("DTT").

The MMTA applies to a multinational enterprise ("MNE") group for a financial year beginning on or after 1 January 2025 if its annual consolidated group revenue (determined by reference to the consolidated financial statements of its ultimate parent entity) for at least 2 financial years out of the 4 financial years immediately before that financial year is equal to or exceeds EUR 750 million.

MTT applies to a Singapore parent entity's ownership interest in its relevant entities outside Singapore and its stateless entities but does not apply to its ownership interest in its domestic entities. The minimum rate for MTT is 15% and the top-up amount is computed using the effective tax rate ("ETR") that is calculated on a jurisdictional basis for an MNE group. The charging provision for MTT is found in section 12 of the MMTA, which imposes MTT on an entity if (1) the entity is a responsible member of an MNE group at any time in the financial year, (2) the MNE group is an in-scope MNE group for the financial year, (3) the entity holds an ownership interest in another constituent entity ("CE") of the MNE group at any time in the financial year, (4) that other CE is located in a jurisdiction outside Singapore or is a stateless entity, and has a top up amount for the financial year, and (5) the entity is located in Singapore.

The DTT imposes a top-up tax on certain CEs located in Singapore to raise their ETR to at least 15%. The charging provision for the DTT is section 28 of the MMTA, which imposes DTT equivalent to the on an MNE group for a financial year if (1) the MNE group is an in-scope MNE group, (2) at least one of its CEs is located in Singapore or is: (a) a flow through entity established, formed, incorporated or registered under the laws of Singapore, (b) not a responsible member, and (c) a reverse hybrid entity with respect to any of its income, expenditure, profit or loss, and (3) the MNE group has a top up amount for that financial year.

In-scope MNE groups are subject to various administrative requirements. This includes registering under the MMTA, designating a Singapore CE to be a Designated Local DTT Filing Entity ("DFE") / Designated Local GIR Filing Entity ("GFE"), submitting MTT and DTT returns, and making a GloBE Information Return ("GIR") filing.

However, some entities are excluded from the MTT and DTT. While their revenue is still taken into account to determine if the MNE group is in-scope, their attributes such as their profits, losses, taxes accrued, tangible assets, and payroll expenses are excluded from the various computations under MTT and DTT, including the de minimis exclusion. Further, such entities are not subject to any administrative obligations under MTT and DTT, such as the filing of a GIR. Excluded entities include a governmental entity, an international organisation and a non-profit organisation.

Further, the MTT and DTT regimes also provide for safe harbours that help reduce the MNE groups' compliance burden. Where a safe harbour is elected by an MNE group for a jurisdiction, the top-up amounts for qualifying entities of the MNE group in the jurisdiction are treated as nil. Singapore currently has three safe harbours: (1) transitional CbCR Safe Harbour, (2) simplified Calculations Safe Harbour, and (3) QDMTT Safe Harbour.

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Penalties may be imposed under the MMT Act where an in-scope MNE group fails to meet its obligations for MTT and DTT. As MTT and DTT rules are new, MNEs will require time to familiarize themselves with the rules. In view that some MNEs have given feedback that such rules are complex, IRAS will adopt a light touch approach for the first 3 FYs from FY 2025, if an MNE group can demonstrate that it has taken reasonable measures to ensure the correct application of the rules.

**U.S. Federal Income Tax Considerations** 

The following discussion describes material U.S. federal income tax consequences to U.S. Holders (as defined below), of an investment in the ordinary shares sold by Selling Securityholders or issued pursuant to an exercise of warrants. This summary applies only to U.S. Holders that acquire ordinary shares in exchange for cash in the offering or pursuant to a cash exercise or cashless exercise of warrants as described in this prospectus , hold ordinary shares as capital assets within the meaning of Section 1221 of the Code (as defined below) and have the U.S. dollar as their functional currency.

This discussion is based on the tax laws of the U.S. as in effect on the date of this prospectus, including the Internal Revenue Code of 1986, as amended, the "Code," and U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, and any such change could apply retroactively and could affect the U.S. federal income tax consequences described below. We have not sought and do not intend to seek any rulings from the IRS regarding the matters in this discussion. The statements in this prospectus are not binding on the IRS or any court, and thus we can provide no assurance that the U.S. federal income tax consequences discussed below will not be challenged by the IRS or will be sustained by a court if challenged by the IRS. Furthermore, this summary does not address any estate, gift, Medicare or alternative minimum tax consequences, any state, local or non-U.S. tax consequences or any other tax consequences other than U.S. federal income tax consequences.

The following discussion does not describe all the tax consequences that may be relevant to any particular investor or to persons in special tax situations such as:

● banks and certain other financial institutions;

● regulated investment companies;

● real estate investment trusts;

● insurance companies;

● broker-dealers;

● traders that elect to mark to market;

● tax-exempt organizations;

● individual retirement accounts or other tax deferred accounts;

● persons liable for alternative minimum tax or the Medicare contribution tax on net investment income;

● U.S. expatriates;

● persons holding ordinary shares as part of a straddle, hedging, constructive sale, conversion or integrated transaction;

● persons that actually or constructively own 10% or more of our stock by vote or value;

● persons that are resident or ordinarily resident in or have a permanent establishment in a jurisdiction outside the U.S.;

● persons who acquired ordinary shares pursuant to the exercise of any employee share option or otherwise as compensation; or

● partnerships or other pass-through entities or arrangements and persons holding ordinary shares through such partnerships.

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PROSPECTIVE PURCHASERS ARE URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS THE STATE, LOCAL AND NON- U.S. TAX CONSEQUENCES TO THEM OF THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES.

As used herein, the term "U.S. Holder" means a beneficial owner of ordinary shares that, for U.S. federal income tax purposes, is or is treated as:

● an individual who is a citizen or resident of the U.S.;

● a corporation created or organized in or under the laws of the U.S., any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the supervision of a court within the U.S. and the control of one or more U.S. persons or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

The tax treatment of a partner in an entity or arrangement treated as a partnership for U.S. federal income tax purposes that holds ordinary shares generally will depend on such partner's status and the activities of the partnership. A U.S. Holder that is a partner in such partnership should consult its tax advisor.

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***Dividends and Other Distributions on Ordinary Shares***

As described in the section entitled "*Item 8. Financial Information —A. Consolidated Statements and Other Financial Information — Dividend Policy*" in our most recent annual report on Form 20-F, we do not anticipate declaring or paying dividends to holders of our ordinary shares in the foreseeable future. However, if we do make distributions of cash or property on our ordinary shares, and subject to the passive foreign investment company considerations discussed below, the gross amount of distributions made by us with respect to ordinary shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will be includible as dividend income in a U.S. Holder's gross income in the year received, to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, a U.S. Holder should expect all such distributions will be reported as dividends for U.S. federal income tax purposes. Such dividends will not be eligible for the dividends-received deduction allowed to U.S. corporations with respect to dividends received from other U.S. corporations. Dividends received by non-corporate U.S. Holders may be "qualified dividend income," which is taxed at the lower applicable capital gains rate, provided that (1) (i) our ordinary shares are listed on and considered readily tradable on an established securities market in the U.S., or (ii) we are eligible for benefits under a comprehensive U.S. income tax treaty that includes an exchange of information program and which the U.S. Treasury Department has determined is satisfactory for these purposes, (2) we are not a passive foreign investment company (as discussed below) with respect to the U.S. Holder for either the taxable year in which the dividend was paid or the preceding taxable year, and (3) certain other requirements are met. In this regard, our ordinary shares will generally be considered to be readily tradable on an established securities market in the U.S. if they continue to be listed on Nasdaq. U.S. Holders should consult their tax advisors regarding the availability of the lower rate for dividends paid with respect to ordinary shares. As of the date hereof, there is no income tax treaty in effect between the U.S. and Singapore.

Dividends on the ordinary shares generally will constitute foreign source income for foreign tax credit limitation purposes. Subject to certain complex conditions and limitations, foreign taxes withheld on any distributions on the ordinary shares may be eligible for credit against a U.S. Holder's federal income tax liability. If a refund of the tax withheld is available under the laws of the foreign jurisdiction or under a tax treaty, the amount of tax withheld that is refundable will not be eligible for such credit against a U.S. Holder's U.S. federal income tax liability (and will not be eligible for the deduction against U.S. federal taxable income). If the dividends constitute qualified dividend income as discussed above, the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will generally be limited to the gross amount of the dividend, multiplied by the reduced rate applicable to the qualified dividend income, divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to ordinary shares will generally constitute "passive category income." A U.S. Holder who does not elect to claim a foreign tax credit for foreign taxes withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such holder elects to do so for all creditable foreign income taxes. U.S. Treasury regulations may restrict the availability of any such credit (or deduction in lieu thereof) based on the nature of the withholding tax imposed by the foreign jurisdiction, though under current IRS guidance taxpayers generally may elect to determine the creditability of foreign taxes without regard to such restrictions for taxable years ending prior to the year further relevant guidance is issued. The rules relating to the determination of the U.S. foreign tax credit are complex, and U.S. Holders should consult their tax advisors regarding the availability of a foreign tax credit in their particular circumstances and the possibility of claiming a deduction (in lieu of the foreign tax credit) for any foreign taxes paid or withheld.

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***Sale or Other Taxable Disposition of Ordinary Shares***

Subject to the passive foreign investment company considerations discussed below, upon a sale or other taxable disposition of ordinary shares, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in such ordinary shares. A U.S. Holder who purchases the ordinary shares for cash generally has an initial tax basis in the ordinary shares equal to the cost of such ordinary shares. Except with respect to the cashless exercise of a warrant, a U.S. Holder's tax basis in ordinary shares received upon exercise of the warrant generally should be an amount equal to the sum of the U.S. Holder's tax basis in the warrant and the exercise price paid in cash therefor. In the event of a cashless exercise of a warrant by a U.S. Holder and if such cashless exercise is treated as a tax-deferred event, a U.S. Holder's basis in the ordinary shares received would equal the U.S. Holder's basis in the warrant exercised therefor. If a cashless exercise of a warrant instead were to be treated in part as a taxable exchange, a U.S. Holder's tax basis in the ordinary shares received generally would equal the sum of (i) the U.S. Holder's tax basis in the warrants deemed exercised in the cashless exercise (for the avoidance of doubt, not including any warrants deemed sold in the cashless exercise) and (ii) the exercise price of such warrants deemed exercised.

Any such gain or loss on the sale or other taxable disposition of ordinary shares generally will be treated as long-term capital gain or loss if the U.S. Holder's holding period for the ordinary shares exceeds one year. Except with respect to the cashless exercise of a warrant, the U.S. Holder's holding period for ordinary shares received upon exercise of the warrants will begin on the date following the date of exercise (or possibly the date of exercise) of the warrants and will not include the period during which the U.S. Holder held the warrants. In the event of a cashless exercise of a warrant by U.S. Holder, if the cashless exercise is not treated as a realization event, a U.S. Holder's holding period for the ordinary shares received would be treated as commencing on the date following the date of exercise (or possibly the date of exercise) of the warrants. If the cashless exercise were treated as a recapitalization, the holding period for the ordinary shares received would include the holding period for the warrants exercised therefor. The U.S. federal income tax characterization of a cashless exercise of warrants is unclear. U.S. Holders should consult their tax advisors with respect to the basis and holding period for any ordinary shares received in a cashless exercise.

Non-corporate U.S. Holders (including individuals) generally will be subject to U.S. federal income tax on long-term capital gain at preferential rates. The deductibility of capital losses is subject to significant limitations. Gain or loss, if any, realized by a U.S. Holder on the sale or other disposition of ordinary shares generally will be treated as U.S. source gain or loss for U.S. foreign tax credit limitation purposes, which will generally limit the availability of foreign tax credits.

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***Passive Foreign Investment Company Considerations***

In general, a non-U.S. corporation will be classified as a PFIC for any taxable year if either: (a) at least 75% of its gross income is "passive income" for purposes of the PFIC rules or (b) at least 50% of the value of its assets (generally determined on the basis of a quarterly average) is attributable to assets that produce or are held for the production of passive income. For this purpose, passive income generally includes interest, dividends, royalties and other investment income, with certain exceptions. For purposes of determining whether we are a PFIC, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock.

Under the PFIC rules, if we were considered a PFIC at any time that a U.S. Holder holds the ordinary shares (or under proposed regulations, the warrants for which the shares were received), we would continue to be treated as a PFIC with respect to such U.S. Holder's investment in those ordinary shares unless (i) we ceased to be a PFIC and (ii) the U.S. Holder made a "deemed sale" election under the PFIC rules.

Based on our current and expected income and assets (taking into account any cash proceeds we receive from the issuance of our ordinary shares offered pursuant to this prospectus, cash proceeds we receive from the exercise of any warrants, and cash proceeds we received from issuances of our ordinary shares pursuant to the Yorkville Subscription Agreement, as well as our current and anticipated market capitalization), we do not believe we were a PFIC for our taxable year ended December 31, 2024 or presently expect to be a PFIC for our current taxable year. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis after the close of each taxable year and that depends, in part, upon the composition of our income and assets. In addition, the application of the PFIC rules to companies with our composition of income and assets is subject to significant uncertainty. Fluctuations in the market price of our ordinary shares may cause us to become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the second part of the test described above may be determined by reference to the market price of our ordinary shares. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and any cash proceeds we receive from the issuance of our ordinary shares offered pursuant to this prospectus, cash proceeds we receive from the exercise of any warrants, and cash raised from issuances of our ordinary shares pursuant to the Yorkville Subscription Agreement. The IRS or a court may disagree with our determinations, including the manner in which we determine the value of our assets and the percentage of our income and assets that are passive under the PFIC rules. Therefore, there can be no assurance that we will not be a PFIC for the current taxable year or for any prior or future taxable year.

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If we are a PFIC at any time that a U.S. Holder holds ordinary shares (or under proposed regulations, the warrants for which the shares were received), any gain recognized by the U.S. Holder on a sale or other disposition of the ordinary shares, as well as the amount of any "excess distribution" (defined below) received by the U.S. Holder, would be allocated ratably over the U.S. Holder's holding period for the ordinary shares. The amounts allocated to the taxable year of the sale or other disposition (or the taxable year of receipt, in the case of an excess distribution) and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed. For the purposes of these rules, an excess distribution is the amount by which any distribution received by a U.S. Holder on ordinary shares exceeds 125% of the average of the annual distributions on the ordinary shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of the ordinary shares if we are considered a PFIC. We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.

If we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares (or under proposed regulations, the warrants for which the shares were received) and any of our non-U.S. subsidiaries or other corporate entities in which we own equity interests are also classified as PFICs (each a "lower-tier PFIC"), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of each such lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any lower-tier PFICs we may own.

If we are considered a PFIC, a U.S. Holder will also be subject to annual information reporting requirements. U.S. Holders should consult their tax advisors about the potential application of the PFIC rules to an investment in ordinary shares.

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***Information Reporting and Backup Withholding***

Dividend payments with respect to ordinary shares and proceeds from the sale, exchange or redemption of ordinary shares may be subject to information reporting to the IRS and U.S. backup withholding. A U.S. Holder may be eligible for an exemption from backup withholding if the U.S. Holder furnishes a correct taxpayer identification number and makes any other required certification or is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status may be required to provide such certification on IRS Form W-9. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder's U.S. federal income tax liability, and such U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing an appropriate claim for refund with the IRS and furnishing any required information.

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***Additional Information Reporting Requirements***

Certain U.S. Holders who are individuals (and certain specified entities) that hold an interest in "specified foreign financial assets" (which may include the ordinary shares) are required to report information (on IRS From 8938) relating to such assets, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by certain financial institutions). Penalties can apply if U.S. Holders fail to satisfy such reporting requirements, and, in such circumstances, the statute of limitations for assessment of tax could be suspended, in whole or part. U.S. Holders should consult their tax advisors regarding the applicability of these requirements to their acquisition and ownership of ordinary shares.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN ORDINARY SHARES UNDER THE INVESTOR'S OWN CIRCUMSTANCES.

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**PLAN OF DISTRIBUTION**

We are registering the offer and resale of 130,000,000 ordinary shares by the Selling Securityholders from time to time, which represents 5.6% of our total outstanding ordinary shares as of November 10, 2025.

We will receive the proceeds from the sales of the 34,929,486 Affiliate Resale Shares when sold pursuant to this registration statement by the Selling Securityholders, net of any sales commissions, fees, brokerages, taxes and other related expenses, to us as a grant. The amount of proceeds that we receive from sales of these ordinary shares by the Selling Securityholders will depend on the number and price of ordinary shares that are sold. Based on the last reported sale price of our ordinary shares on November 10, 2025, the sale of 34,929,486 Affiliate Resale Shares by the Selling Securityholders pursuant to this registration statement would result in proceeds of $123,301,086 to us, without taking into account sales commissions, fees, brokerages, taxes and other related expenses.

As of November 10, 2025, we have received $59.0 million from the exercise of 5,129,167 warrants for cash at an exercise price of $11.50. Assuming that our remaining 3,320,822 warrants are exercised for cash at an exercise price of $11.50, we would receive proceeds of $38,189,453. On November 10, 2025, the last reported sale price of our ordinary shares as reported on Nasdaq was $3.53 per ordinary share, which is below the exercise price of our warrants, which is $11.50 per share. If the price of our ordinary shares remains below $11.50 per ordinary share and holders of our warrants choose not to exercise their warrants for cash, it would result in no cash proceeds to us. See "*Use of Proceeds*."

We will bear all costs, expenses and fees in connection with the registration of the securities offered by this prospectus, whereas the Selling Securityholders will bear all incremental selling expenses, including commissions, brokerage fees and other similar selling expenses.

The Selling Securityholders, which as used here includes donees, pledgees, transferees or other successors-in-interest selling ordinary shares received after the date of this prospectus from a Selling Securityholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their ordinary shares on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

The Selling Securityholders may use any one or more of the following methods when disposing of shares:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resale by the broker-dealer for their account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● broker-dealers may agree with the Selling Securityholders to sell a specified number of such shares at a stipulated price per share;

● a combination of any such methods of sale; and

● any other method permitted by applicable law.

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The Selling Securityholders may, from time to time, pledge or grant a security interest in some or all of the ordinary shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the ordinary shares, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as Selling Securityholders under this prospectus. The Selling Securityholders also may transfer the ordinary shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

In addition, a Selling Securityholder that is an entity may elect to make a pro rata in-kind distribution of securities to its members, partners or shareholders pursuant to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members, partners or shareholders would thereby receive freely tradeable securities pursuant to the distribution through a registration statement. To the extent a distributee is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus supplement in order to permit the distributees to use the prospectus to resell the securities acquired in the distribution.

In connection with the sale of our ordinary shares, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the ordinary shares in the course of hedging the positions they assume. The Selling Securityholders may also sell our ordinary shares short and deliver these securities to close out their short positions, or loan or pledge the ordinary shares to broker-dealers that in turn may sell these securities. The Selling Securityholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of ordinary shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

Each of the Selling Securityholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of ordinary shares to be made directly or through agents.

The Selling Securityholders and any underwriters, broker-dealers or agents that participate in the sale of the ordinary shares may be "underwriters" within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling Securityholders who are "underwriters" within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.

In addition, a Selling Securityholder that is an entity may elect to make a pro rata in-kind distribution of securities to its members, partners or stockholders pursuant to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members, partners or stockholders would thereby receive freely tradeable securities pursuant to the distribution through a registration statement.

To the extent required, our ordinary shares to be sold, the names of the Selling Securityholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

In order to comply with the securities laws of some states, if applicable, the ordinary shares may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the ordinary shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

We have advised the Selling Securityholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the Selling Securityholders and their affiliates. In addition, to the extent applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the Selling Securityholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The Selling Securityholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

We have agreed to indemnify the Selling Securityholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the ordinary shares offered by this prospectus.

We have agreed with the Selling Securityholders to keep the registration statement of which this prospectus constitutes a part effective until all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or the securities have been withdrawn.

In compliance with the guidelines of the Financial Industry Regulatory Authority ("FINRA"), the aggregate maximum discount, commission, fees or other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed 8% of the gross proceeds of any offering pursuant to this prospectus and any applicable prospectus supplement.

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**ENFORCEABILITY OF CIVIL LIABILITIES UNDER U.S. SECURITIES LAWS**

**Singapore**

We are incorporated under the laws of the Republic of Singapore, and certain of our officers and directors are residents outside the U.S. In addition, a significant portion of our operations and business is conducted, and a substantial portion of our assets are located, outside the U.S.

Although we are incorporated outside the U.S., we have agreed to accept service of process in the U.S. through Cogency Global Inc., our agent designated for that purpose, located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY, 10168. Nevertheless, since a substantial portion of the assets owned by us are located outside the U.S., any judgment obtained in the U.S. against us may not be collectible within the U.S.

An investor may or may not be able to commence an original action against us or our directors or officers, or any person, before the courts outside the U.S. to enforce liabilities under U.S. federal securities laws, depending on the nature of the action.

There is no treaty between the U.S. and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the U.S. based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore. In making a determination as to enforceability of a foreign judgment, the Singapore courts need to be satisfied that the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in Singapore unless procured by fraud, or if the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or if the enforcement thereof would be contrary to the public policy of Singapore, or if the judgment would conflict with earlier judgments from Singapore or earlier foreign judgments recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws.

Civil liability provisions of the federal and state securities law of the U.S. permit the award of punitive damages against us, our directors and officers. The Singapore courts do not allow the enforcement of foreign judgments which amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the U.S. awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such determination has yet to be conclusively made by a Singapore court in a reported decision.

In addition, holders of book entry interests in our ordinary shares will be required to be registered as shareholders in our register of members in order to have standing to bring a shareholder suit and, if successful, to enforce a foreign judgment against us, our directors or our executive officers in the Singapore courts, subject to applicable Singapore laws. A holder of book entry interests in our ordinary shares may become our registered shareholder by exchanging its interest in our ordinary shares for certificated ordinary shares and being registered in our register of members. The administrative process of becoming a registered shareholder could result in delays prejudicial to any legal proceeding or enforcement action.

**Vietnam**

Vietnam is a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "New York Convention"), and a few bilateral treaties relating to the recognition and enforcement of foreign judgments but not to any other multinational treaty in this regard. Foreign arbitral awards can be enforceable in Vietnam under the New York Convention after being recognized by Vietnamese courts in accordance with statutory procedures. However, in principle, Vietnam's Civil Procedure Code provides that a civil judgment or decision of a foreign court is enforceable in Vietnam only if there is a treaty in this regard between Vietnam and such foreign country (including international treaties) or on a reciprocal basis. Vietnam's Civil Procedure Code also sets out several grounds for Vietnamese courts to refuse the recognition and enforcement of foreign judgments and decisions or foreign arbitral awards. Therefore, it may be difficult to enforce in Vietnam any judgment or decision issued by a U.S. court against us or our directors and officers who are citizens of Vietnam.

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**LEGAL MATTERS**

The validity of the ordinary shares offered in this offering has been passed upon for us by Rajah & Tann Singapore LLP.

**EXPERTS**

The consolidated financial statements of the Company appearing in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, and the effectiveness of the Company's internal control over financial reporting as of December 31, 2024, have been audited by Ernst & Young Vietnam Limited, independent registered public accounting firm, as set forth in its reports thereon, which contains an explanatory paragraph describing conditions that raise substantial doubt about the Company's ability to continue as a going concern as described in Note 1 to the consolidated financial statements and conclude, among other things, that the Company did not maintain effective internal control over financial reporting as of December 31, 2024, based on Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), because of the effects of the material weaknesses described therein, included therein, and incorporated herein by reference. Such consolidated financial statements have been incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing. The address of Ernst & Young Vietnam Limited is at 28th Floor, Bitexco Financial Tower, 2 Hai Trieu Street, Ho Chi Minh City, District 1 700000.

**WHERE YOU CAN FIND MORE INFORMATION**

We are subject to the periodic reporting and other information requirements of the Securities Exchange Act of 1934, as amended, which we refer to as the "Exchange Act" in this prospectus, as applicable to a "Foreign Private Issuer," and we will file annual reports and other information from time to time with the SEC in accordance with such requirements. The SEC maintains a website that contains reports, information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is http://www.sec.gov. You may also obtain information about us by visiting our website at www.vinfastauto.us.

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**INCORPORATION OF INFORMATION BY REFERENCE**

This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC's website, as provided above.

The SEC's rules allow us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed document incorporated by reference modifies or replaces that statement. This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously incorporated by reference have been modified or superseded.

This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:

● the description of the Company's ordinary shares contained in the Company's registration statement on [Form F-1](http://www.sec.gov/Archives/edgar/data/1913510/000119312523260332/d621047df1.htm) (Registration No. 333-275133), filed with the SEC on October 23, 2023, including any amendments or reports filed for the purpose of updating such description;

● the Company's [Annual Report](http://www.sec.gov/Archives/edgar/data/1913510/000141057825000943/vfs-20241231x20f.htm) on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 28, 2025; and

● the Company's Report of Foreign Private Issuer on Form 6-K, furnished to the SEC on [June 9, 2025](http://www.sec.gov/Archives/edgar/data/1913510/000118518525000596/vinfast6k060225.htm) , [August 14, 2025](http://www.sec.gov/Archives/edgar/data/1913510/000118518525000974/vfs6k081125.htm) , [September 4, 2025](http://www.sec.gov/Archives/edgar/data/1913510/000118518525001114/vfs6k090425.htm) , [September 30, 2025](http://www.sec.gov/Archives/edgar/data/1913510/000110465925094688/vfs-20250930x6k.htm) and [October 22, 2025](http://www.sec.gov/Archives/edgar/data/1913510/000118518525001516/vfs6k102225.htm) .

All reports and other documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of this offering, including all such documents we may file with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement, including any reports on Form 6-K that we specifically identify in such forms as being incorporated by reference, but excluding any information furnished to, rather than filed with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents.

We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of any or all the reports or documents incorporated by reference in this prospectus, at no cost to the requester, upon written or oral request to us at the following address:

VinFast Auto Ltd.

61 Robinson Road

#06-01, 61 Robinson

Singapore 068893

Office telephone: +65 6022 2530

Email: vinfast.sg@vinfastauto.com

Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus supplement.

You should rely only on the information that we incorporate by reference or provide in this prospectus or any accompanying prospectus supplement. We have not authorized anyone else to provide you with different information.

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**AUTHORIZED REPRESENTATIVE**

Our authorized representative in the United States for this offering as required pursuant to Section 6(a) of the Securities Act is Cogency Global Inc., 122 East 42nd Street, 18th Floor, New York, NY, 10168.

**EXPENSES RELATED TO THE OFFERING**

We estimate that our expenses in connection with the offer and sale of ordinary shares by the Selling Securityholders will be as follows. With the exception of the SEC registration fee, all amounts are estimates.

---

| | |
|:---|:---|
| **Expenses** | **Amount** |
| SEC registration fee | $61646.38 |
| FINRA filing fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Miscellaneous expenses | \* |
| &nbsp;&nbsp;&nbsp;**Total** | $61646.38 |

---

\* These expenses are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this time.

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**PART II INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 8. Indemnification of Directors and Officers.**

Under Section 172 of the Singapore Companies Act, any provision (whether in the constitution, a contract with the company or otherwise) that purports to exempt or provides an indemnity for exempting or indemnifying an officer of a company (including a director) (to any extent) against any liability that would otherwise attach to him or her in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void. However, we are not prohibited from: (a) as provided in Section 172A of the Singapore Companies Act, purchasing and maintaining for any officer insurance against any liability which by law would otherwise attach to such officer in respect of any negligence, default, breach of duty or breach of trust in relation to us; (b) as provided in Section 172B of the Singapore Companies Act, indemnifying an officer against liability incurred by such officer to a person other than the company, except when the indemnity is against any liability: (i) incurred by the officer to pay a fine in criminal proceedings; (ii) incurred by the officer to pay a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); (iii) incurred by the officer in defending criminal proceedings in which the officer is convicted; (iv) incurred by the officer in defending civil proceedings brought by the company or a related company in which judgment is given against such officer; or (v) incurred by the officer in connection with an application for relief under Section 76A(13) or Section 391 of the Singapore Companies Act in which the court refuses to grant such officer relief.

VinFast's constitution provides that, subject to the provisions of and so far as may be permitted by the Singapore Companies Act and every other legislation for the time being in force concerning companies and affecting our Company, every director or other officer of our Company shall be entitled to be indemnified by our Company against all costs, charges, losses, expenses and liabilities incurred or to be incurred by him in the execution and discharge of his duties or in relation thereto. Without prejudice to the generality of the foregoing, no director or other officer of our Company shall be liable for the acts, receipts, neglects or defaults of any other director or officer or for joining in any receipt or other act for conformity or for any loss or expense happening to our Company through the insufficiency or deficiency of title to any property acquired by order of the directors for or on behalf of our Company or for the insufficiency or deficiency of any security in or upon which any of the moneys of our Company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any moneys, securities or effects shall be deposited or left or for any other loss, damage or misfortune whatsoever which shall happen in the execution of the duties of his office or in relation thereto unless the same shall happen through his own negligence, willful default, breach of duty or breach of trust.

We have also entered into indemnification agreements with our directors and officers, pursuant to which we have agreed to indemnify each such person and hold him harmless against all reasonable expenses, including counsel's and experts' fees, court fees, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges and all other costs and expenses incurred in connection with any threatened, pending or completed action, proceeding or alternative dispute resolution mechanism, or any inquiry, hearing or investigation that might lead to the institution of any such action, proceeding or alternative dispute resolution mechanism, to which he has been made a party or in which he became involved by reason of the fact that he is or was our director or officer. Except with respect to expenses to be reimbursed by us in the event that the indemnified person has been successful on the merits or otherwise in defense of the action, suit or proceeding, our obligations under the indemnification agreements will be subject to certain customary restrictions and exceptions.

In cases where a director is sued by the company, the Singapore Companies Act gives the court the power to relieve directors either wholly or partially from their liability for their negligence, default, breach of duty or breach of trust.

The indemnification provisions in our constitution may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against directors and officers, even though an action, if successful, might benefit us and our shareholders. A shareholder's investment may be harmed to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.

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**Item 9. Exhibits and Financial Statements.**

**(a) Exhibits**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 2.1 | [Business Combination Agreement, dated as of May 12, 2023, by and among VinFast, Black Spade and Merger Sub (incorporated by reference to Exhibit 2.1 to the Registration Statement on Form F-4, as amended (File No. 333-272663) initially filed with the SEC on June 15, 2023)](http://www.sec.gov/Archives/edgar/data/1913510/000119312523167483/d398992df4.htm#ii398992_1). |
| 2.2 | [First Amendment to Business Combination Agreement, dated as of June 14, 2023 by and among VinFast, Black Spade and Merger Sub (incorporated by reference to Exhibit 2.2 to the Registration Statement on Form F-4, as amended (File No. 333-272663) initially filed with the SEC on June 15, 2023)](http://www.sec.gov/Archives/edgar/data/1913510/000119312523167483/d398992df4.htm#rom398992_42aa). |
| 4.1 | [Specimen Ordinary Share Certificate of VinFast (incorporated by reference to Exhibit 2.1 to the Shell Company Report on Form 20-F filed with the SEC on August 18, 2023)](http://www.sec.gov/Archives/edgar/data/1913510/000119312523215977/d468546dex21.htm). |
| 4.2 | [Specimen Warrant Certificate of VinFast (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form F-4, as amended (File No. 333-272663) initially filed with the SEC on June 15, 2023)](http://www.sec.gov/Archives/edgar/data/1913510/000119312523167483/d398992dex45.htm). |
| 5.1# | [Opinion of Rajah & Tann Singapore LLP as to the validity of the VinFast ordinary shares.](vfsex5-1.htm) |
| 23.1# | [Consent of Rajah & Tann Singapore LLP (included in Exhibit 5.1)](vfsex5-1.htm) |
| 23.2# | [Consent of Ernst & Young Vietnam Limited, an independent registered public accounting firm.](vfsex23-2.htm) |
| 24.1# | [Power of Attorney (included on the signature page to the prospectus)](#p_001) |
| 107# | [Filing Fee Table](vfsex-fee.htm) |

---

# Filed herewith

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

**Item 10. Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration
 statement (or the most recent post-effective amendment thereof) which, individually or in
 the aggregate, represent a fundamental change in the information set forth in the registration
 statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
 offered (if the total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated maximum offering
 range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
 424(b) (§ 230.424(b) of this chapter) if, in the aggregate, the changes in volume and
 price represent no more than 20% change in the maximum aggregate offering price set forth
 in the "Calculation of Registration Fee" table in the effective registration
 statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in the
 registration statement;

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*provided however,* that paragraphs (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form F–3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form F–3, is contained in a form of prospectus filed pursuant to Rule 424(b).

&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act of 1933, each such
 post-effective amendment shall be deemed to be a new registration statement relating to the
 securities offered therein, and the offering of such securities at that time shall be deemed
 to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities being
 registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(4) To
 file a post-effective amendment to the registration statement to include any financial statements
 required by Item 8.A of Form 20–F at the start of any delayed offering or throughout
 a continuous offering. Financial statements and information otherwise required by Section
 10(a)(3) of the Securities Act of 1933 need not be furnished, provided that the registrant
 includes in the prospectus, by means of a post-effective amendment, financial statements
 required pursuant to this paragraph (4) and other information necessary to ensure that all
 other information in the prospectus is at least as current as the date of those financial
 statements. Notwithstanding the foregoing, with respect to registration statements on Form
 F-3, a post-effective amendment need not be filed to include financial statements and information
 required by Section 10(a)(3) of the Securities Act of 1933 or Item 8.A of Form 20–F
 if such financial statements and information are contained in periodic reports filed with
 or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the
 Exchange Act that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;(5) That,
 for the purpose of determining liability of the registrant under the Securities Act of 1933
 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
 of the registration statement as of the date the filed prospectus was deemed part of and
 included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of
 a registration statement in reliance on Rule 430B relating to an offering made pursuant to
 Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by
 section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in
 the registration statement as of the earlier of the date such form of prospectus is first
 used after effectiveness or the date of the first contract of sale of securities in the offering
 described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer
 and any person that is at that date an underwriter, such date shall be deemed to be a new
 effective date of the registration statement relating to the securities in the registration
 statement to which that prospectus relates, and the offering of such securities at that time
 shall be deemed to be the initial bona fide offering thereof. Provided, however, that no
 statement made in a registration statement or prospectus that is part of the registration
 statement or made in a document incorporated or deemed incorporated by reference into the
 registration statement or prospectus that is part of the registration statement will, as
 to a purchaser with a time of contract of sale prior to such effective date, supersede or
 modify any statement that was made in the registration statement or prospectus that was part
 of the registration statement or made in any such document immediately prior to such effective
 date; and

&nbsp;&nbsp;&nbsp;&nbsp;(6) That,
 for the purpose of determining liability of the registrant under the Securities Act of 1933
 to any purchaser in the initial distribution of the securities, the undersigned registrant
 undertakes that in a primary offering of securities of the undersigned registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities
 to the purchaser, if the securities are offered or sold to such purchaser by means of any
 of the following communications, the undersigned registrant will be a seller to the purchaser
 and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on November 12, 2025.

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| | |
|:---|:---|
| **VINFAST AUTO LTD.** | **VINFAST AUTO LTD.** |
| By: | /s/ Le Thi Thu Thuy |
| Name: | Le Thi Thu Thuy |
| Title: | Chairwoman and Director |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Le Thi Thu Thuy, singly (with full power to act alone) as attorney-in-fact with full power of substitution for her in any and all capacities to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of ordinary shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-3 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Pham Nhat Vuong | Managing Director and CEO (principal executive officer) |
| Name: Pham Nhat Vuong |  |
| /s/ Le Thi Thu Thuy | Chairwoman and Director |
| Name: Le Thi Thu Thuy |  |
| /s/ Nguyen Thi Lan Anh | Director and Chief Financial Officer (principal financial officer and |
| Name: Nguyen Thi Lan Anh | principal accounting officer) |
| /s/ Ling Chung Yee Roy | Director |
| Name: Ling Chung Yee Roy |  |
| /s/ Tham Chee Soon | Director |
| Name: Tham Chee Soon |  |
| /s/ Nguyen Thi Van Trinh | Director |
| Name: Nguyen Thi Van Trinh |  |

---

[**Table of Contents**](#TableOfContents)

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the U.S. of VinFast Auto Ltd., has signed this registration statement or amendment thereto in New York, New York on November 12, 2025.

---

| | |
|:---|:---|
| **AUTHORIZED U.S. REPRESENTATIVE** | **AUTHORIZED U.S. REPRESENTATIVE** |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | /s/ Colleen A. De Vries |
|  | Name: Colleen A. De Vries |
|  | Title: Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **VINFAST AUTO LTD.** | **BY EMAIL** |
| 61 Robinson Road | **PRIVATE AND CONFIDENTIAL** |
| #06-01, 61 Robinson |  |
| Singapore 068893 |  |
| <br> **Attention: The Board of Directors** | <br> **Attention: The Board of Directors** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SENDER**'**S REF** | &nbsp;&nbsp;**RECIPIENT**'**S REF** | &nbsp;&nbsp;**DATE** | &nbsp;&nbsp;**PAGE** |
| EWK/THM/HRE/362858/00009 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;12 November 2025 | &nbsp;&nbsp;1/12 |

---

Dear Sirs

**VINFAST AUTO LTD. (THE "COMPANY") – REGISTRATION STATEMENT ON FORM F-3 OF THE COMPANY**

1. **Introduction** 

We have acted as Singapore legal counsel to VinFast Auto Ltd. (Company Registration No.: 201501874G), a public company limited by shares incorporated under the laws of the Republic of Singapore in connection with the registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**") on 12 November 2025 (as amended, the "**Registration Statement**") for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale from time to time by Vietnam Investment Group Joint Stock Company ()"**VIG**") and
Asian Star Trading & Investment Pte. Ltd. ()"**Asian Star**") of an aggregate of up to 130,000,000 ordinary shares that
were originally issued prior to the Company's business combination with Black Spade Acquisition Co, a Cayman Islands exempted company
that has since been renamed "SpecCo Ltd" ("Black Spade" or "BSAQ") (the "**Business Combination** ")
at prices ranging from USD0.0105 per share to USD13.05 per share (on an adjusted basis to give effect to a share split and a share consolidation
prior to the Business Combination) (the "**Affiliate Resale Shares** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance, from time to time, by the Company of up to 3,320,822 ordinary shares of the Company (the
" **Public Warrant Shares**") issuable upon the exercise of 3,320,822 warrants of the Company outstanding as of 12 November
2025 ()"**Outstanding Company Warrants**") that were issued in exchange for redeemable warrants previously issued by Black
Spade Acquisition Co ()"**BSAQ**") (the "**BSAQ Public Warrants**") and each BSAQ Public Warrant entitling the
holder thereof to purchase one Class A ordinary share of BSAQ, par value USD0.0001 per share, at an exercise price of USD11.50 per share,
subject to adjustment) in connection with the Business Combination, such exercise of the Outstanding Company Warrants being undertaken
pursuant to the BSAQ Warrant Agreement (as defined below), as amended and supplemented by the Warrant Assumption Agreement (as defined
below),

(collectively, the "**Transactions**")

We have taken instructions solely from the Company. This opinion is being rendered solely to the Company in connection with the filing of the Registration Statement.

![](ex5-1_002.jpg)

![](ex5-1_001.jpg)

2. **Documents** 

For the purposes of this opinion, we have examined and relied on the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the business combination agreement dated 12 May 2023 entered into between the Company, BSAQ
and Nuevo Tech Limited ()"**Merger Sub**") (as amended by the First Amendment to Business Combination Agreement dated 14 June
2023 the "**Business Combination Agreement** "), providing for a business combination pursuant to which *inter alia* new ordinary shares in the capital of the Company, credited as fully paid, were allotted and issued to the shareholders of BSAQ pursuant
to the terms of the Business Combination Agreement and as a result of the consummation of the merger of Merger Sub with and into BSAQ
in accordance with Part XVI of the Companies Act (As Revised) of the Cayman Islands (the "**Cayman Islands Companies Act** ")
(the "**Merger** "), with BSAQ being the surviving company, continuing its existence under the Cayman Islands Companies Act
as a direct wholly-owned subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the warrant agreement dated 15 July 2021 between BSAQ and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the "Warrant Agent") (the "**BSAQ Warrant Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the assignment, assumption and amendment agreement dated 11 August 2023 between the Company, BSAQ and
the Warrant Agent, amending the terms of the BSAQ Warrants (the "**Warrant Assumption Agreement**" pursuant to which BSAQ
assigned to the Company all of its rights, interests, and obligations in and under the BSAQ Warrant Agreement and which amends the BSAQ
Warrant Agreement to change all references to Warrants (as such term is defined therein) to warrants of the Company, with each such warrant
representing the right to subscribe for, from the Merger Effective Time (as defined in the Business Combination Agreement), one ordinary
share of the Company at no par value (and all references to Class A ordinary shares (as such term is defined therein) underlying such
warrants is amended to Company Ordinary Shares (as such term is defined therein));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Company's Certificate Confirming Incorporation of Company dated 19 January 2015 issued by
the Accounting and Corporate Regulatory Authority of Singapore ()"**ACRA** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of the Company's Certificate Confirming Incorporation Upon Conversion dated 31 July 2023 issued
by ACRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of the constitution of the Company in effect as at 31 July 2023 (the "**Listing Constitution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) copies of the minutes or as the case may be, resolutions in writing of the board of directors of the Company
dated 19 January 2015, 12 March 2021, 22 November 2021, 30 November 2021, 7 December 2021, 7 December 2022, 16 December 2022, 11 May 2023,
31 July 2023, 1 August 2023, 10 August 2023, 14 August 2023, 30 August 2023 and 7 September 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies of the minutes or as the case may be, resolutions in writing passed by the shareholders of the
Company dated 12 March 2021, 6 December 2021, 28 December 2021, 7 January 2022, 13 December 2022, 11 May 2023, 30 June 2023, 31 July 2023,
1 August 2023, 10 August 2023 and 14 August 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a copy of the constitution of the Company first adopted on 19 January 2015 and as amended on 8 November
2021, as a private company ()"**Private Company Constitution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a copy of the results of the instant information (company) search ()"**ACRA Search**") of
the Company through BizFile, being the business service portal of ACRA (the "**Service**") as at 12 November 2025; and

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) copies of such other documents as we have considered necessary or desirable in order that we may render
this opinion.

Other than the documents expressly referred to above in this paragraph 2 (the "**Documents**"), we have not reviewed any other document or carried out any other enquiries or investigations (including without limitation, any due diligence on the Company) for the purposes of giving this opinion. We have assumed that the Documents contain all information required for the purposes of this opinion and as a basis for the opinions expressed herein, and there is no information contained in any other document which has not been provided to us for our review or any information not disclosed to us and which would, if so provided or disclosed, require us to amend or vary this opinion or make any further inquiry or investigation which would, in our judgment, be necessary or appropriate, for the purposes of expressing the opinions set forth herein. Save as expressly provided in paragraph 5 of this legal opinion, we express no opinion whatsoever with respect to any of the Documents.

3. **Scope** 

This opinion relates only to the laws of general application in Singapore as at the date hereof and as currently applied by the Singapore courts (the "**Applicable Laws**"), and is given on the basis that it will be governed by and construed in accordance with the laws of Singapore. We have made no investigation of, and do not express or imply any views on, the laws of any country other than Singapore. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we express no opinion (i) on public international law or on the rules of or promulgated under any treaty
or by any treaty organisation, or on any taxation laws of any jurisdiction (including Singapore except to the extent expressed in the
opinions set forth herein); (ii) that the future or continued performance of a party's obligations or the consummation of the Transactions
and/or any other documents entered into by it will not contravene any laws of Singapore, its application or interpretation if altered
in the future; and (iii) with regard to the effect of any systems of law (other than the laws of Singapore) even in cases where, under
the laws of Singapore, any foreign law should be applied, and we therefore assume that any applicable law (other than the laws of Singapore)
would not affect or qualify the opinions as set out below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we express no opinion as to the correctness of any representation given by any of the parties (express
or implied) under or by virtue of any Document or of facts (or statements of foreign law) or the reasonableness of any statements of opinion
or intention contained in any Document, save if and insofar as the matters represented are the subject matter of a specific opinion herein;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Singapore legal concepts are expressed in English terms; however, the concepts concerned may not be identical
to the concepts described by the same English terms as they exist in the laws of other jurisdictions, this opinion may, therefore, only
be relied upon the express condition that any issues of the interpretation or liability arising hereunder will be governed by the laws
of Singapore.

In respect of the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement, we have assumed due compliance with all matters concerning the laws of all other relevant jurisdictions (other than Singapore).

This opinion speaks as of the date hereof, and no obligation is assumed to update this opinion or to inform any person of any changes of law or other matters coming to our knowledge and occurring after this date, which may, affect this opinion in any respect.

4. **Assumptions** 

For the purposes of this opinion, we have assumed (without making any investigation) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each party to the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption
Agreement (other than the Company) is duly incorporated and validly existing under the laws of the country of its incorporation and its
place of business, and has the power to carry on its business as provided in its memorandum and articles of association or other constitutional
documents and is capable of suing and being sued in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement
is legal, valid, binding and enforceable in accordance with its terms for all purposes under the laws of the State of New York and the
laws of all other relevant jurisdictions and the Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Merger has become and is effective in accordance with the Business Combination Agreement, the Ancillary
Agreements (as defined in the Business Combination Agreement) and the applicable law and regulations;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement and
the rights and obligations of the parties therein (other than the Company), are within the respective capacities and powers of, and has
been validly authorised, executed, delivered and (if appropriate) authenticated by all the parties thereto (other than the Company) in
accordance with all relevant laws of that party's jurisdiction of incorporation and its constitutional documents and such authorisations
remain in full force and effect and have not been revoked or varied as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that each of the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption
Agreement (i) is in full force and effect, has not been terminated or amended, (ii) has been unconditionally delivered by each of the
parties thereto and is not subject to any escrow or other similar arrangement and has been executed by each of the parties thereto in
its own capacity and not as trustee or agent and (iii) is legal, valid, binding and enforceable in accordance with its terms for all purposes
under all relevant laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the execution and delivery by each of the parties to the Business Combination Agreement, the BSAQ Warrant
Agreement and the Warrant Assumption Agreement and the performance of its obligations thereunder do not contravene (i) any provision of
the laws or public policy of any jurisdiction outside Singapore, (ii) any provision of the constitutive documents of any of the parties
(if a corporation and other than the Company, to the extent expressed in the opinions herein), (iii) any of the other agreements binding
on it or any of its assets or (iv) any judgment, order or decree of any governmental authority or court outside Singapore having jurisdiction
over it or any of its assets and no consent, approval, authorisation or order of or qualification with any governmental authority outside
Singapore is required for the performance by any of the parties of their respective obligations under the Business Combination Agreement,
the BSAQ Warrant Agreement and the Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the genuineness of any description, identity, legal capacity and authority of any signatory and the authenticity
of all seals, chops and signatures and of any duty stamp or marking, the completeness and conformity to original instruments of all copies
submitted to us (including the resolutions and minutes referred to in paragraphs 2(h) and 2(i)), documents referred to in this opinion
and specified as being in draft form will be executed in the form of the draft presented to us with no amendments (other than amendments
approved by us) and that any document submitted to us is true and complete, up to date and continues in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all signatures on the copies of the executed documents reviewed by us which were applied by electronic
means satisfy the requirements set out in the Electronic Transactions Act 2010 of Singapore for the valid and proper use of electronic
signatures in contracts and transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the copies of the Private Company Constitution, Listing Constitution, Certificate Confirming Incorporation
of Company and Certificate Confirming Incorporation Upon Conversion submitted to us for examination are true, complete and up-to-date
copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that the directors' resolutions and the shareholders' resolutions of the Company referred to in paragraphs
2(h) and 2(i) above were duly and properly passed in accordance with the Constitution of the Company for the time being in force and remain
in full force and effect and have not been revoked, rescinded or varied, and such resolutions where required to be filed with ACRA have
been duly filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all factual statements, warranties and representations contained
in the documents referred to herein (including the Documents referred to in paragraph 2 above), including all factual representations,
warranties and undertakings set out in the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement
are true, complete, accurate and correct and not misleading and all opinions expressed therein are *bona fide*, reasonably and honestly
held and were reached after due and careful consideration;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in entering into the Business Combination Agreement, the
BSAQ Warrant Agreement and the Warrant Assumption Agreement and (in respect of the Company) in approving the preparation, execution and
filing of the Registration Statement with the Commission, the entry into the transactions contemplated in the Registration Statement
and the execution of, and entry into, the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement,
(i) each party thereto (as the case may be) has done or will do so (as the case may be) in good faith and in furtherance of its substantive
objects and for the legitimate purpose of carrying on its business, (ii) each director and officer of such party has been duly appointed
in accordance with applicable laws and the constitutive documents of the relevant party in force at that time and has properly performed
his or her duties (including but not limited to fiduciary duties to such party), acted in good faith in and having regard to all relevant
matters, reasonably and honestly believed that the assumption and the performance by such party of its obligations thereunder (as the
case may be) would be in its commercial interests and for its commercial benefit, and without intention to defraud any of the creditors
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Company has not entered into any other agreement, document,
arrangement or transaction which may in any way prohibit or restrict the issue of the Affiliate Resale Shares and/or the Public Warrant
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) each party to the Business Combination Agreement, the BSAQ
Warrant Agreement and the Warrant Assumption Agreement has or will obtain at the appropriate time and will maintain in force all approvals
and authorisations required in connection with its entry into, and performance of its obligations under the Business Combination Agreement,
the BSAQ Warrant Agreement and the Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) each party to the Business Combination Agreement, the BSAQ
Warrant Agreement and the Warrant Assumption Agreement has not entered into any other agreement, document, arrangement or transaction
which may in any way prohibit or restrict its right of entry into the Business Combination Agreement, the BSAQ Warrant Agreement and/or
the Warrant Assumption Agreement or which may vary its rights or obligations under the Business Combination Agreement, the BSAQ Warrant
Agreement and/or the Warrant Assumption Agreement, and the performance, execution or observance by any such party of the Business Combination
Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement is not contrary or in breach of any contractual or other obligations
binding on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) each party to the Business Combination Agreement, the BSAQ
Warrant Agreement and/or the Warrant Assumption Agreement was not insolvent at the time of entering into the Business Combination Agreement,
the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement and did not become insolvent as a consequence of entering into the
Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Affiliate Resale Shares have been issued and delivered by the Company against payment of the full
consideration payable for the Affiliate Resale Shares as set forth in the terms of the subscription(s) for such Affiliate Resale Shares,
and in accordance with the Constitution of the Company for the time being in force and the terms in respect of such subscription(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Outstanding Company Warrants were issued and delivered by the Company in accordance with the terms
of the Constitution of the Company for the time being in force, the Business Combination Agreement, the BSAQ Warrant Agreement and the
Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Public Warrant Shares will only be issued and delivered if and when the Outstanding Company Warrants
are exercised in accordance with their terms and against payment of the full consideration payable for the Public Warrant Shares as set
forth in the BSAQ Warrant Agreement and the Warrant Assumption Agreement;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the information disclosed in the ACRA Search:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is true and complete and reveals all matters which are capable of being revealed and are required to be
notified to ACRA notwithstanding such matters may not in fact have been so notified or that any time limit for any such notification has
not yet expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has not since been materially altered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) does not fail to disclose any material information which had been delivered for filing but did not appear
on the public file at the time of the search;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) no transaction in connection with, or contemplated by, the
Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement constitutes or will constitute a transaction
at an undervalue, an unfair preference, an extortionate credit transaction, fraudulent trading, wrongful trading or a transaction defrauding
creditors within the meaning of Sections 224, 225, 228, 238, 239 and 438 respectively of the Insolvency, Restructuring and Dissolution
Act 2018 of Singapore ()"**IRDA**") and we do not express any opinion as to the applicability or effect of any fraudulent
transfer, preference or similar law on the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement
or any of the transactions contemplated pursuant to the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant
Assumption Agreement in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company was not, at the time of entering into the Business
Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement, insolvent or otherwise unable to pay its debts
within the meaning of Section 125(2) of the IRDA (for which purpose account is to be taken of its contingent and prospective liabilities)
and has not become so insolvent or otherwise unable to pay its debts in consequence of its entry into or its performance of its obligations
under the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) all consents, approvals, permits, licences, exemptions, waivers
or orders required from and all lodgements, filings, notifications, recordings or registrations with any governmental or regulatory body
or agency outside Singapore and all stamping requirements outside Singapore in connection with the execution, delivery, performance,
legality, validity and enforceability of the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption
Agreement, have been or will be duly obtained or fulfilled and are and will remain in full force and effect and that any conditions to
which they are subject have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) none of the parties to the Business Combination Agreement,
the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement are or will be acting through their respective offices in Singapore
in connection with the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement or the transactions
contemplated thereby or to the extent that any of them may so act, all authorisations, approvals, consents, licences, permits, orders,
waivers and exemptions from, and all filings and registrations with, any Singapore governmental, regulatory or public authority or body
under applicable laws have been duly obtained, are in full force and effect and are unconditional. We do not express any opinion as to
the effect on our opinions expressed herein of any compliance or non-compliance with any laws or regulations applicable to any party
to the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement or the legal or regulatory status
or nature of the business of any party (other than with respect to the Company to the extent necessary to render the opinions set forth
herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the parties to the Business Combination Agreement, the BSAQ
Warrant Agreement and the Warrant Assumption Agreement are not, and will not be, engaging in, nor is any such party aware of, misleading
or unconscionable or improper conduct or seeking to conduct any relevant transaction or any associated activity in a manner or for a
purpose not evident on the face of the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement
which might render the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement, or any relevant
transaction or associated activity illegal, void or voidable, irregular or invalid;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) we have not, for the purposes of this opinion, reviewed the terms of the BSAQ Warrant Agreement and/or
the Warrant Assumption Agreement and have assumed that all agreements and obligations entered into by the parties to the BSAQ Warrant
Agreement and the Warrant Assumption Agreement, have been and/or will be complied with, none of the parties to the BSAQ Warrant Agreement
and the Warrant Assumption Agreement are in breach of any of the terms and conditions of the BSAQ Warrant Agreement and the Warrant Assumption
Agreement and no grounds exist or will exist (with the giving of time or notice) for any of the parties to terminate the BSAQ Warrant
Agreement and/or the Warrant Assumption Agreement and that nothing in the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement
would affect or qualify the opinions as set out below; and the execution and delivery by each of the parties to the BSAQ Warrant Agreement
and/or the Warrant Assumption Agreement and the performance of its obligations thereunder do not contravene (i) any provision of the laws
or public policy of any jurisdiction, (ii) any provision of the constitutive documents of any of the parties (if a corporation), (iii)
any of the other agreements binding on it or any of its assets or (iv) any judgment, order or decree of any governmental authority or
court outside Singapore having jurisdiction over it or any of its assets and no consent, approval, authorisation or order of or qualification
with any governmental authority outside Singapore is required for the performance by any of the parties of their respective obligations
under the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the choice of the laws of the State of New York as the governing law of the Business Combination Agreement,
the BSAQ Warrant Agreement and the Warrant Assumption Agreement has been made in good faith and not to avoid any laws which would otherwise
apply, and will be regarded as a valid and binding selection which will be upheld in the courts of any relevant jurisdiction as a matter
of the laws of such jurisdiction and all other relevant laws (other than the laws of Singapore);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) except for what appears in the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant
Assumption Agreement, there are no dealings between the parties that affect the Business Combination Agreement, the BSAQ Warrant Agreement
and the Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) to the extent that any of the obligations undertaken by the
Company under the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement or any of the transactions
contemplated under the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement constitute financial
assistance under Section 76 of the Companies Act 1967 of Singapore ()"**Singapore Companies Act** "), the Company has complied
with the requirements under Section 76(9A), 76(9B), 76(9BA) or 76(10) of the Singapore Companies Act and has properly carried out and
duly completed the procedures prescribed therein, and the requirements under Section 76(9C) and/or 76(CA) (as the case may be) have been
and will be complied with by the Company prior to the giving of any financial assistance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) there are no provisions of the laws or public policy of any
jurisdiction outside Singapore which would have any implication for the opinions we express and, insofar as the laws or public policy
of any jurisdiction outside Singapore may be relevant, such laws have been and will be complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) (i) at the time of the initial public offering of BSAQ, each
unit of securities of BSAQ being offered (consisting of one Class A ordinary share of BSAQ and one-half of a BSAQ Public Warrant) was
USD10.00 per unit, and (ii) each BSAQ Public Warrant has been exchanged for one Company Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) that the Affiliate Resale Shares have been duly registered
in the names of the persons who are issued and allotted the Affiliate Resale Shares in the register of members of the Company, or in
the name of the Depository Trust Company or its nominee, as the case may be, and the certificate(s) for the Affiliate Resale Shares have
been duly issued and delivered in accordance with the provisions of the Singapore Companies Act;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) that the Public Warrant Shares to be issued upon the exercise
of the Outstanding Company Warrants will be duly registered in the names of the persons who are to be issued and allotted the Public
Warrant Shares in the register of members of the Company, or in the name of the Depository Trust Company or its nominee (as the case
may be), and the certificate(s) for the Public Warrant Shares will be duly issued and delivered in accordance with the provisions of
the Singapore Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) that the Outstanding Company Warrants which have been issued are duly registered in the register of warrantholders
of the Company, or in the name of the Depository Trust Company or its nominee, as the case may be and the certificate(s) for the Outstanding
Company Warrants have been duly issued and delivered in accordance with the provisions of the Singapore Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company was not established as a vehicle for fraud or evasion of existing legal obligations, or a
sham to conceal the true state of affairs between the Company and the counterparties to the Business Combination Agreement, the BSAQ Warrant
Agreement and/or the Warrant Assumption Agreement and there is a *bona fide* distinction between the business of the Company and
the counterparties to the Business Combination Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) all agreements and obligations entered into by the Company, including but not limited to the Business
Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement examined by us, have been complied with, all conditions
precedent in any agreements or documents provided to us have been fulfilled, none of the parties to the Business Combination Agreement,
the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement are in breach of any of the terms and conditions of the Business Combination
Agreement, the BSAQ Warrant Agreement and/or the Warrant Assumption Agreement and no grounds exist or will exist (with the giving of time
or notice) for any of the parties to terminate the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption
Agreement and that nothing in the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement would
affect or qualify the opinions as set out below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the Registration Statement and any amendments thereto (including post-effective amendments) will have
become effective and will be in compliance with all applicable laws of relevant jurisdictions at the time the Affiliate Resale Shares
and the Public Warrant Shares are offered as contemplated by the Registration Statement, and all the Affiliate Resale Shares and the Public
Warrant Shares will be duly offered or issued, sold, registered and delivered in accordance with the terms of the applicable laws of the
relevant jurisdictions in the manner stated in the Registration Statement and the Business Combination Agreement, the BSAQ Warrant Agreement
and the Warrant Assumption Agreement ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) that the directors' resolutions and the shareholders' resolutions
of the Company referred to in paragraphs 2(h) and 2(i) above were duly and properly passed in accordance with the Constitution of the
Company for the time being in force and remain in full force and effect and have not been revoked, rescinded or varied as at the date
of this opinion, and such resolutions where required to be filed with ACRA have been duly filed, and that all signatures of the persons
named in each of the resolutions in writing are authentic and genuine, and no resolution or other action has been taken that may affect
the validity of the resolutions referred to in this opinion and, with respect to directors' resolutions, the interests of each director
required to be disclosed and the exercise of powers by such interested directors, in each case pursuant to applicable laws and the Constitution
of the Company for the time being in force were duly disclosed and observed; no action has been taken or will be taken and none of the
parties to the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant Assumption Agreement nor any of their respective
officers or employees has any notice of any matter which would affect the validity and regularity of such resolutions; all factual statements,
warranties and representations made or implied in the documents referred to herein (including the Documents referred to in paragraph
2 above), including all representations, warranties and undertakings set out in the Business Combination Agreement, the BSAQ Warrant
Agreement and the Warrant Assumption Agreement are or will at the time of execution of the Business Combination Agreement, the BSAQ Warrant
Agreement and the Warrant Assumption Agreement be true, complete, accurate and correct and all opinions expressed therein are *bona fide*, reasonably and honestly held and were reached after due and careful consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) none of the parties to the Business Combination Agreement,
the BSAQ Warrant Agreement and the Warrant Assumption Agreement is entitled to claim immunity from suit, execution, attachment or legal
process in any proceedings taken in Singapore in relation to the Business Combination Agreement, the BSAQ Warrant Agreement and the Warrant
Assumption Agreement;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) insofar as the opinions expressed herein relate to matters governed by laws other than the Applicable
Laws, we have assumed, without having made any independent investigation, that such laws do not affect any of the opinions set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) the Company will have obtained, at the time of each allotment and issue of the Public Warrant Shares,
satisfaction or waiver of all applicable pre-emption rights, and receipt of all necessary directors' resolutions and the shareholders'
resolutions of the Company for such allotment and issue of the Public Warrant Shares, including a mandate from the shareholders of the
Company to allot and issue such Public Warrant Shares pursuant to Section 161 of the Singapore Companies Act (the "**Share Issue Mandate**") which Share Issue Mandate will not have expired in accordance with its terms or been previously revoked by the Company
in a general meeting, such resolutions being duly and properly passed in accordance with the Constitution of the Company for the time
being in force and the Singapore Companies Act, remaining in full force and effect and having not been revoked, rescinded or varied, and
such resolutions where required to be filed with ACRA have been duly filed; and.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) each of the Documents is not amended in a manner which would have the effect of rendering any of our opinions
in paragraph 5 below inaccurate.

The making of the above assumptions does not imply that we have made any enquiry to verify any assumption (other than as expressly stated in this opinion). No assumption specified above is limited by reference to any other assumption.

5. **Opinion** 

Based on our review of the Documents and subject to the assumptions, qualifications and limitations set forth herein and having regard to such legal considerations as we have deemed relevant and subject to any matters not disclosed to us, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Affiliate Resale Shares are validly issued, fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Public Warrant Shares to be subscribed and issued in accordance with the BSAQ Warrant Agreement and
the Warrant Assumption Agreement following the exercise of the Outstanding Company Warrants (if and when exercised in accordance with
their terms and against payment of the full consideration payable for the Public Warrant Shares as set forth in the BSAQ Warrant Agreement
and the Warrant Assumption Agreement), when issued and delivered by the Company in accordance with the Listing Constitution will be validly
issued, fully paid and non-assessable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Outstanding Company Warrants are validly issued.

For the purposes of this opinion, we have assumed that the term "non-assessable" in relation to the Affiliate Resale Shares and the Public Warrant Shares means under Singapore law that holders of such shares, having fully paid up all amounts due on such shares as to the issue price thereon, are under no further personal liability to contribute to the assets or liabilities of the Company in their capacities purely as holders of such shares.

6. **Qualifications** 

Our opinions expressed in this opinion are subject to the following further qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we express no opinion as to any laws other than the Applicable Laws as in force as at the date of this
opinion and insofar as any law other than the Applicable Laws may be relevant to this opinion, we have taken no account of, and have made
no investigation of, such laws and have assumed that no such laws would affect the opinions stated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we have not undertaken any independent investigation or verified the accuracy or completeness of the facts
and information (including any statements of foreign law) of the information which we have obtained (including the Documents or documents
incorporated by reference in any of the Documents) and we are not responsible for investigating or verifying the correctness of any such
facts or information or whether any material fact has been omitted from such documents (including the Documents or documents incorporated
by reference in any of the Documents). We do not express any opinions as to any matters of fact generally, including statements of foreign
law, or the reasonableness of any statements of opinion;

![](ex5-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the information that we obtained from the Service may not, however, be complete or up-to-date and may
in fact contain errors or omissions because the requisite notices or resolutions may either not have been filed by the relevant persons
with the Service in a timely manner or having been filed with the Service, have not been processed (or been delayed in its processing)
by the Service and will thus not appear on public record at the date on which the information was obtained, or errors and omissions may
have occurred when data is processed by the Service or as a result of incomplete or inaccurate information contained in the filings made
with the Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under Singapore law, holders of book-entry interests in the shares of the Company deposited with the Depository
Trust Company will not be recognised as shareholders of the Company unless registered as such in the register of members of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) we express no opinion as to any of the documents that may be referred to in the Business Combination Agreement,
the BSAQ Warrant Agreement and the Warrant Assumption Agreement nor information or documents incorporated by reference in any of the Documents
nor to documents executed or transactions effected ancillary to the Business Combination Agreement, the BSAQ Warrant Agreement and/or
the Warrant Assumption Agreement or any other matters, except such Documents as have been set forth in paragraph 2 herein (excluding documents
incorporated by reference in any of the Documents).

No qualification specified above or any other part of this opinion is limited by reference to any other qualification.

7. We hold ourselves out as only having legal expertise and our statements in this opinion are made only
to the extent that a law firm practising Singapore law in the Republic of Singapore, having our role in connection with the Transactions,
would reasonably be expected to have become aware of relevant facts and/or to have identified the implications of those facts.

8. We hereby consent to the use of our opinion as herein set forth as an exhibit to the Registration Statement
and to the use of our name under the caption "Legal Matters" in the Registration Statement. In giving this consent, we do not
hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules
and regulations promulgated thereunder.

9. This opinion is only for the benefit of the person to whom it is addressed, subject to the condition that
such person accepts and acknowledges that this opinion may not be appropriate or sufficient for such person's purposes, and is strictly
limited to the matters expressly stated herein and is not to be read as extending by implication to any other matter in connection with
the Registration Statement, the Business Combination Agreement, the BSAQ Warrant Agreement, the Warrant Assumption Agreement or otherwise,
including without limitation any other documents which may be executed and delivered in connection with any transaction contemplated thereunder.
Further, except for the purposes of filing this opinion with the Commission as an exhibit to the Registration Statement, this opinion
is not to be circulated to, or relied upon by, any other person (other than persons entitled to rely on it pursuant to applicable provisions
of federal securities law in the United States, if applicable), or quoted or referred to in any public document or filed with any governmental
body or agency without our prior written consent.

Yours faithfully

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| |
|:---|
| /s/ Rajah & Tann Singapore LLP |
| Rajah & Tann Singapore LLP |

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## Exhibit 23.2

**Exhibit 23.2**

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| | | |
|:---|:---|:---|
| ![](ex23-2_001.jpg) | Ernst & Young Vietnam Limited<br> 2 Hai Trieu Street, Sai Gon Ward<br> Ho Chi Minh City, Vietnam | Tel: +84 28 3824 5252<br> Email: eyhcmc@vn.ey.com<br> Website (EN): ey.com/en_vn<br> Website (VN): ey.com/vi_vn |

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**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" in the Registration Statement to Form F-3 and to the incorporation by reference therein of our reports dated April 28, 2025, with respect to the consolidated financial statements and the effectiveness of internal control over financial reporting of VinFast Auto Ltd. included in its Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Vietnam Limited

Ho Chi Minh City, Vietnam

November 12, 2025

A member firm of Ernst & Young Global Limited

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-3**

**VinFast Auto Ltd.**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, no par value | (1) | Other | 130000000 | $3.14 | $408200000.00 | 0.0001381 | $56372.42 |
| Fees to be Paid | Equity | Ordinary shares underlying warrants | (2) | Other | 3320822 | $11.50 | $38189453.00 | 0.0001381 | $5273.96 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $446389453.00 |  | 61646.38 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 61646.38 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Represents up to 130,000,000 ordinary shares held in aggregate by Vietnam Investment Group Joint Stock Company and Asian Star Trading & Investment Pte. Ltd. that were originally issued prior to the business combination. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act. The proposed maximum offering price per security and proposed maximum aggregate offering price are based on the average of the high and low prices of the Company's ordinary shares on The Nasdaq Stock Market LLC on November 4, 2025, which was $3.14.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 416(a) under the Securities Act Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Represents 3,320,822 ordinary shares of the Company that are issuable upon the exercise of 3,320,822 warrants on a cash basis, at a price of $11.50 per ordinary share. Pursuant to Rule 457(g) promulgated under the Securities Act, calculated based on the warrant cash exercise price of $11.50 per ordinary share.

**Table 2: Fee Offset Claims and Sources**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Registrant or Filer Name** | **Notes** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | **Security Type Associated with Fee Offset Claimed** | **Security Title Associated with Fee Offset Claimed** | **Unsold Securities Associated with Fee Offset Claimed** | **Unsold Aggregate Offering Amount Associated with Fee Offset Claimed** | **Fee Paid with Fee Offset Source** |
| *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* |
| Fee Offset Claims | VinFast Auto Ltd. |  | F-1 | 333-274475 | 09/12/2023 | 09/21/2023 | $4208.48 | Equity | Ordinary shares underlying warrants | 3320822 | $38189453.00 | $4208.48 |
| Fee Offset Claims | VinFast Auto Ltd. |  | F-1 | 333-274475 | 09/12/2023 | 09/21/2023 | 65013.48 | Equity | Ordinary shares | 34929486 | 589959018.54 | 53914.98 |
| Fee Offset Claims | VinFast Auto Ltd. |  | F-1 | 333-278293 | 03/28/2024 | 03/28/2024 | 3522.92 | Equity | Ordinary shares | 5100000 | 23868000.00 | 3522.92 |

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