At the opening of trading on August 16th on the US Nasdaq stock exchange, shares of VinFast electric vehicle company VFS fell by approximately 30%, to $26 per share.
Then VFS reversed course and surged.
At the close of trading on the US stock market on August 16 (early morning of August 17 in Vietnam time), compared to the opening session, VFS shares had only fallen by about 19%, trading at $30.1 per share.
At this level, VinFast's market capitalization remains very high, exceeding $69 billion.
This is quite common for many newly listed stocks on the US stock market, especially for technology stocks.
In its first trading session on the US stock market, VinFast shares closed above $37. 6.7 million VFS shares were traded, exceeding the total free float of 4.5 million shares.
With a market capitalization of $85 billion, VinFast surpasses Ford, General Motors, and many other renowned automakers.
VinFast has also become the Vietnamese company with the largest market capitalization to date and the world's third-largest electric vehicle manufacturer, behind only Tesla and BYD.
VinFast's market capitalization of $85 billion is greater than the combined value of the eight largest companies on the Vietnamese stock exchange and exceeds the total capital of the entire Vietnamese banking industry combined.
Domestically, Vingroup (VIC) shares – the parent company of VinFast – surged by 4,900 VND to 75,600 VND per share on August 16th. According to Forbes, billionaire Pham Nhat Vuong, Chairman of Vingroup, saw his net worth increase by $200 million to $5.9 billion.
Many Vietnamese investors are paying close attention to the fluctuations in VinFast's stock price.
During the day, investors monitor the fluctuations of Vingroup shares in Vietnam, and at night they follow the fluctuations of VinFast shares on the Nasdaq exchange in the US.
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