Vietnamese EV maker VinFast is now worth almost as much as Ford, GM combined

Michelle De Pacina
·2 min read
6

[Source]

Vietnamese electric vehicle (EV) maker VinFast is now valued at $85 billion as the company's shares skyrocketed with its Nasdaq Global Select Market debut.

VinFast’s Nasdaq debut: On Tuesday, VinFast became the largest Vietnamese company listed on the U.S. stock market by market capitalization, according to a press release. VinFast's public listing was done via the Hong Kong-based blank-check firm Black Spade Acquisition.

Soaring stock: The stock opened at $22 before reportedly jumping 255% to close at $37.06 on Nasdaq, leaving the EV maker worth $85 billion — more than companies such as Ford ($48 billion), General Motors ($45 billion) and Chrysler Stellantis ($31 billion).

“Today's successful listing not only supports VinFast's commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development,” said VinFast Auto Ltd. Global CEO Le Thi Thu Thuy.

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“Further, it is our hope that VinFast's listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market,” she added.

About VinFast: The company has delivered close to 19,000 EVs, as of June 30. It also opened its new EV manufacturing facility in North Carolina on July 28, marking a significant step toward its global expansion.

The company posted a loss of $2.1 billion in 2022.

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VinFast’s founder and chairman, Pham Nhat Vuong, is reportedly the richest person in Vietnam. Vuong, who owns about 99% of the company, is now worth $44.3 billion after the Nasdaq market debut, reportedly making him the fifth richest person in Asia.

 

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