VinFast shares increase slightly, electric car of billionaire Pham Nhat Vuong has new plan

At the beginning of the trading session on October 17 on the US Nasdaq stock exchange (8:35 p.m. October 17, Vietnam time), VinFast Auto shares (VFS) reached a price of 6.68 USD/share, up 2.3% compared to the previous session.

Accordingly, VinFast Auto's capitalization is at 15.67 billion USD, billionaire Pham Nhat Vuong's electric car brand ranks 26th in the list of car manufacturers in the world .

If ranked by pure electric vehicles, VinFast Auto continues to be in 4th place, below Tesla, Rivian of the US, Li Auto of China and above some small electric vehicle manufacturers.

VinFast's capitalization ranks 26th in the list of car manufacturers in the world.

At the end of August, VinFast Auto's capitalization exceeded the 200 billion USD threshold, entering the Top 3 most valuable car manufacturers in the world and only behind Tesla of billionaire Elon Musk and Toyota.

However, according to analyst David Blennerhassett at Quiddity Advisors, VinFast's valuation at that time was not sustainable. Because only 1% of VFS shares were in circulation, any transaction would have a major impact on its value.

Recently, CEO of VinFast Auto, Le Thi Thu Thuy shared that VinFast is aiming to expand to 50 markets by the end of 2024, including Indonesia, India, along with previously announced markets such as the US, Canada, the Netherlands, Germany, France and many other regions are under consideration.

In Southeast Asia, Ms. Thuy said this is a very potential market because the rate of electric vehicles is still very low. In addition, the governments of the countries also set very positive goals for the market. VinFast will have many advantages in expanding its business to this region.

Ms. Thuy added that VinFast has set a target of selling 40,000-50,000 cars globally this year.

VinFast will focus on connecting and cooperating with the first group of retailers in the US, from which it can start distributing and selling its products thanks to its existing system and customer base.

VinFast shares fell, Mr. Pham Nhat Vuong's electric taxi has a competitor in Laos . VinFast shares fell in the session of October 16 on the US stock exchange. Mr. Pham Nhat Vuong's electric taxi can compete with a big competitor when entering the Lao market.

Source: https://vietnamnet.vn/co-phieu-vinfast-tang-nhe-xe-dien-cua-ty-phu-pham-nhat-vuong-len-ke-hoach-moi-2203214.html