The US stock market closed strongly higher on Friday, August 25th (early morning of August 26th in Vietnam time). Specifically, the Dow Jones index rose 247.48 points (equivalent to 0.73%) to 34,346.90 points; the S&P 500 added 0.67% to 4,405.71 points and the Nasdaq Composite advanced 0.94% to 13,590.65 points.
Many stocks surged during this session. Most impressively, shares of VinFast , the Vietnamese electric vehicle brand, reached a new high, jumping 40.35% to $68.77. At one point during trading, the stock even jumped above $72.
VinFast's VFS shares closed the trading session on August 25th at nearly $69.
Compared to its initial listing on the Nasdaq at $22, VFS shares have tripled in value after nearly 10 trading sessions. Over 15 million VFS shares were traded on the last trading day of the week. Liquidity has remained quite good in recent sessions, with some sessions seeing nearly 20 million shares changing hands.
VinFast shares surge to new high, billionaire Pham Nhat Vuong becomes the 23rd richest person in the world.
At this price, VinFast's market capitalization has reached nearly $160 billion. According to Forbes ' update, billionaire Pham Nhat Vuong currently owns assets worth $55.8 billion and is the 23rd richest person in the world . His wealth increased by $14.7 billion in just one day.
In a recent interview with CNN , Ms. Le Thi Thu Thuy, CEO of VinFast, stated that the factory in Vietnam can reach a capacity of 300,000 vehicles per year, and the company plans to expand this to 950,000 vehicles per year. The advantage in labor costs, along with a sustainable supply chain, has created a significant competitive edge for VinFast. In addition, the North Carolina factory will begin operations with a capacity of 150,000 vehicles per year and may also expand production according to market demand.
Currently, the company has approximately 26,000 orders globally and around 10,000 in the US, with two-thirds of those being pre-orders for the VF9 model. Many customers in the US are waiting to receive this vehicle. The US charging station network has been and continues to be widely developed. VinFast can connect to more than 73,000 charging stations in the US.
"The challenge here is to create a product that fits every customer's budget. Therefore, our mission is to make electric vehicles easily accessible to everyone. That's why we've launched a full range of products, from the smallest model like the VF 3 minicar to the VF 9, a full-size, three-row SUV," shared Ms. Le Thi Thu Thuy.
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