VinFast soars to $42 billion, surpassing Chinese electric car maker

Opening the official trading session on September 18 on the US Nasdaq stock exchange (September 18 evening Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong unexpectedly increased for the second consecutive session. Thereby, maintaining the capitalization above the threshold of 42 billion USD.

Specifically, as of 8:40 p.m. on September 18 (Vietnam time), VFS shares increased by 2.7% compared to the previous session to 18 USD/share.

This price is still much lower than the initial public offering price of more than 37 USD/share on August 15. However, VinFast's capitalization has increased again to nearly 42 billion USD, rising to 13th place in the world's automobile industry, surpassing Chinese car company Li Auto.

Previously, VinFast shares had reached a price of 93 USD/share in the trading session on August 28. VinFast's capitalization at that time reached nearly 210 billion USD.

The world's largest electric car company with the largest capitalization is still billionaire Elon Musk's Tesla ($838 billion), followed by China's largest electric car company BYD ($96.8 billion).

VinFast shares have been quite stable over the past 7 sessions.

Chinese car company Li Auto (headquartered in Beijing) has a capitalization of 39.6 billion USD.

In the past 7 sessions, VinFast shares have been quite stable around the price of 16-18 USD/share.

In documents submitted to the US Securities and Exchange Commission, VinFast said it plans to expand to many markets, including India, Malaysia, the Middle East, Africa and Latin America as well as European countries.

Records show that VFS has identified about 50 markets with potential for expansion.

VinFast's capitalization returns to 13th place in the world's automobile industry.

An account named VinFast on LinkedIn in India recently posted a job posting in India with many high requirements, working in Gurugram, a satellite city on the outskirts of the Indian capital New Delhi.

The company has not yet updated information on the number of cars shipped to Canada, nor has it updated the progress of the factory construction in North Carolina.

VinFast worth nearly 39 billion USD, sold 7,100 cars to billionaire Pham Nhat Vuong's taxi company . VinFast shares fell in price at the beginning of the trading session on September 14 on the Nasdaq stock exchange. Capitalization fell below 38.8 billion USD, ranking 14th in the world's car industry.

Source: https://vietnamnet.vn/vinfast-tang-vot-len-42-ty-usd-vuot-hang-xe-dien-trung-quoc-2191298.html