After switching my keyboard around I noticed that the vs code does not trigger code suggestions after pressing ctrl+space (Image 2, Intellisense not working).

Fix

Go to System Preferences -> Keyboard -> Shortcuts
uncheck the "Select the previous input source" (Image 3, Unselect previous input source).

This will fix the issue.

Other fix

Open up the Visual Studio code and open keybindings (On mac cmd+k + cmd+s) now search for trigger (Image 1). Here you can change the shortcut to your liking.

Image 1
Image 2, Intellisense not working
Image 3, Unselect previous input source.