VinFast shares slightly decreased after being gifted an electric vehicle battery company worth 6,500 billion

Opening the official trading session on October 12 on the US Nasdaq stock exchange (October 12 evening Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong decreased slightly.

Specifically, as of 9:00 p.m. on October 12 (Vietnam time), VFS shares decreased by more than 3.2% compared to the previous session, to 7.87 USD/share. VFS's capitalization was at 18.2 billion USD.

In the list of car manufacturers in the world , VinFast is in 23rd place. Excluding the big brands, VFS is currently behind the American electric car brand Rivian and above some small electric car manufacturers from China and the US.

If only counting electric car companies, VinFast is in 4th place after billionaire Elon Musk's Tesla (as of October 12, capitalization was 831 billion USD); China's Li Auto (34.69 billion USD) and America's Rivian (18.65 billion USD).

In recent sessions, VFS liquidity on the Nasdaq floor has been at 3-4 million units/session. VinFast currently has more than 80 million shares in free circulation, out of a total of more than 2.3 billion shares in circulation.

Vinfast stock 1.png — List of electric car manufacturers.

According to newly announced information, billionaire Pham Nhat Vuong will donate all 49% of shares at VinES to VinFast.

On October 11, the Board of Directors of Vingroup Corporation (VIC) issued a resolution related to this transaction. Accordingly, Vingroup will transfer all 50.8% of its shares in VinES to Mr. Pham Nhat Vuong, then Mr. Vuong will donate 99.8% of VinES shares to VinFast. VinES will become a direct subsidiary of VinFast and still belong to the group of subsidiaries of Vingroup Corporation.

VinES is a member company of the Vingroup ecosystem, with capital of 6,500 billion VND (270 million USD).

Recently, VinFast announced that Ms. Ho Thanh Huong has been appointed as Director of VinFast in the Vietnamese market. Before holding this position, Ms. Huong was the CEO of VinFast in Europe.

In Europe, under Ms. Huong's leadership, VinFast has opened many stores in countries such as France, Germany and the Netherlands.

Before joining VinFast, Ms. Ho Thanh Huong was CEO of Subaru in Vietnam. This is a Japanese car brand that is quite successful in the Vietnamese market in the luxury car segment. Subaru entered the Vietnamese market in 2009 but does not have a domestic car assembly plant like Japanese car brands such as Toyota, Honda, Mazda.

In addition, VinFast has just signed a strategic cooperation agreement with Cake by VPBank Digital Bank under VPBank and Viettel Digital Services Corporation (VDS), the unit that researches and deploys the entire Viettel Money digital financial ecosystem.

Through this cooperation, the parties commit to optimizing resources, technology, and leveraging each other's strengths as well as saving costs. The cooperation also aims to promote competitive advantages and minimize negative impacts on the environment.

Mr. Pham Nhat Vuong donated the battery company to VinFast, VFS increased, capitalization nearly 18 billion USD . VinFast shares recovered for the second consecutive session after 3 weeks of deep decline. Billionaire Pham Nhat Vuong's car company announced new ambitions despite facing a competitive global electric vehicle market.

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