VinFast shares fell for the ninth consecutive session.

Opening the official trading session on September 11th on the US Nasdaq stock exchange (evening of September 11th in Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong experienced their ninth consecutive day of price decline.

As of 9:00 PM on September 11th (Vietnam time), VFS shares were trading at $15.98 per share, down more than 6.3% from the previous session, and lower than the IPO price of over $37 per share on August 15th. Based on today's share price, VinFast's market capitalization is $36.7 billion.

VinFast shares fell for the ninth consecutive session, from a peak of $93 per share to below $16 per share.

VinFast's stock peaked at $93 per share on August 28th.

With its current market capitalization, VinFast ranks 15th in the world's automotive market capitalization rankings, behind established global brands like BMW from Germany and Honda from Japan, and ahead of some long-standing global brands, including Hyundai and Kia.

VinFast's market capitalization has dropped to 15th place in the global automotive industry.

VinFast is a car manufacturer founded in 2017 that officially transitioned entirely to electric vehicles in 2022. VinFast estimates it will sell 50,000 electric cars in 2023. It is the first electric car company from Vietnam and the ASEAN region to list its shares on the US stock exchange.

Speaking to DealStreetAsia, Bob McCooey, Vice President of the US Nasdaq stock exchange, said that recently, American investors have been focusing their attention on businesses in the ASEAN region, including Vietnam. Recently, companies like Grab and VinFast have listed on Nasdaq, and VNG may follow suit soon.

VinFast shares fell for the eighth consecutive session, market capitalization dropping to $40 billion . VinFast shares declined for the eighth consecutive session on September 8th on the Nasdaq stock exchange.

Source: https://vietnamnet.vn/co-phieu-vinfast-giam-phien-thu-9-2188366.html