Opening the session on September 5 on the US Nasdaq stock exchange (September 5 evening Vietnam time), VinFast Auto shares of billionaire Pham Nhat Vuong fell sharply right before the main trading hours, losing about 15% to the threshold of 25 USD/share.
Previously, VinFast shares had 4 consecutive sessions of decline, from a peak of 93 USD/share to the current level.
If calculated according to VFS stock price today, September 5, VinFast's capitalization is about 58 billion USD.
With this capitalization, VinFast ranks 9th in the world's car company community, right above Italy's Ferrari.
On September 4, VinFast Le Thi Thu Thuy shared quite frankly about the story of the strong fluctuations in the stock price of VinFast electric car company in recent times at the ASEAN Business and Investment Summit (ASEAN BIS) in Jakarta.
CEO Le Thi Thu Thuy said that VinFast's stock price fluctuates unpredictably but is not worrisome and believes in the company's potential, especially after considering the rapid expansion of the electric vehicle ecosystem in Southeast Asia.
VinFast is a car company founded in 2017 and will officially switch to electric vehicles from 2022. VinFast estimates that it will sell 50,000 electric cars in 2023. Tesla estimates that it can sell 2 million cars this year, while BYD can reach sales of 2.5 million cars.
VinFast is the first electric car company in Vietnam and the ASEAN region to list its shares on the US stock exchange. On August 15, VinFast made history when it listed 2.3 billion VinFast shares on Nasdaq, with the code VFS and a valuation of 23 billion USD. The shares opened their first session at 22 USD/share and quickly peaked at 93 USD/share (equivalent to a capitalization of about 210 billion USD), then cooled down.
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