VinFast Shares Hit US$85.5 billion, Surpassing Mercedes, Honda, Ford & Tesla

• Sommana Yan
• 24 August 2023
• International News
• 3156 Views

In a resounding debut on the prestigious NASDAQ stock exchange, VinFast Auto Pte Ltd. (VinFast) orchestrated a dazzling display of market prowess, propelling its market capitalization to an astounding US$85.5 billion. This remarkable achievement on the very first trading day, marks a staggering ascent from its initial valuation of US$23 billion, underscoring the profound investor confidence in the brand’s trajectory, according to vietnamnews.vn on 16 August 2023.

The automotive arena bore witness to an electrifying spectacle as VinFast’s stock, under the ticker symbol VFS, concluded its maiden trading session at an impressive US$37.06 per share, reflecting a momentous 68.4% surge from its initial offering price of US$22. This striking ascent in valuation is further underscored by the substantial trading volume of approximately 6.8 million shares, amplifying the company’s market impact.

As a result of this remarkable performance, VinFast ascended to the upper echelons of global automakers, cementing its position among the top five by market capitalization. An accomplishment rendered all the more significant as the company’s market value transcends revered automotive giants such as Mercedes-Benz, BMW, Volkswagen, Honda, and Ford. This ascendancy also extends to the electric vehicle segment, as VinFast surges ahead of industry titan Tesla to claim the second-largest electric vehicle manufacturer title by market capitalization.

This spectacular rise materialized following VinFast’s successful merger with Black Spade, a strategic move that positioned the company to commandeer the global stock market stage with unbridled determination. The colossal US$85.5 billion market capitalization achieved after just a solitary trading session stands as a testament to the company’s potential, eclipsing its initial valuation by a staggering 3.7 times and solidifying its triumphant stance in the industry.

Within the local market, Vingroup’s market capitalization stood at about US$11.2 billion by the end of Tuesday’s session, with Vinhomes valued at roughly US$11.4 billion and Vincom Retail at US$3 billion.

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