The young Vietnamese company, founded just six years ago and commencing U.S. sales earlier this year, trails only Tesla, with a market capitalization of $756 billion, and Toyota at $225 billion. However, it has surpassed automotive behemoths like Volkswagen ($62 billion), Ford ($47 billion), and General Motors ($45 billion).
As pointed out by Reuters, the limited number of VinFast's publicly traded shares—just 1.3 million—makes the stock highly susceptible to price fluctuations. It has seen swings of over 14% in 11 of the last 12 trading days.
VinFast made its public debut on the Nasdaq on August 15, trading under the symbols “VFS” and “VFSWW,” after finalizing a SPAC merger with Black Spade Acquisition Company. The company's shares closed at $37.06 on the first trading day in New York and escalated to $82.35 by yesterday's close.
Based on regulatory documents, the lion's share of the company—approximately 99%—is owned by Pham Nhat Vuong, the founder and the wealthiest individual in Vietnam. His ownership also includes shares held by his wife and Vingroup JSC. In simple terms, very few shares are available for public trading, making Vuong the biggest beneficiary of the recent stock price increase.
VinFast VF 9
Headquartered in Singapore, VinFast is currently offering its five-seater VF 8 all-electric crossover in the U.S. market and intends to initiate deliveries of its VF 9 three-row SUV later this year. The company faced several setbacks and delays in deliveries earlier this year, some due to recalls, but has since commenced shipping vehicles to the U.S.
According to data from Experian, the company managed to deliver only 151 electric vehicles in the U.S. during the first half of this year.
Additionally, VinFast has plans to establish a manufacturing plant in North Carolina. The groundbreaking ceremony was held last month, and production is slated to begin in 2025.
Source: Reuters
