Vietnamese EV maker’s market cap hits 85.5 billion USD in Nasdaq debut
The market capitalisation of VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup reached 85 billion USD in its Nasdaq debut on August 15 with nearly 6.8 million shares changing hands.
VinFast cars on display in front of the Nasdaq headquarters at Times Square in New York (Photo: VNA)
Hanoi (VNA) - The market capitalisation of VinFast,the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup reached 85billion USD in its Nasdaq debut on August 15 with nearly 6.8 million shareschanging hands.
Listed on Nasdaq Global SelectMarket as “VFS”, VinFast became the second Vietnamese company listed on theexchange.
The stock’s prices skyrocketed 68.4%from 22 USD per share at the open to 37.06 USD at the close.
VinFast is now among the top five global automakers with thehighest capitalisation thanks to the soaring capitalisation value. Thecompany's market value even exceeds that of renowned automakers, includingMercedes-Benz, BMW, Volkswagen, Honda, and Ford.
It also surpassed Tesla to become the second-largest electricvehicle manufacturer by market capitalisation.
VinFast officially joined the biggest stock market on August 15night (local time) after completing the merger deal with Black Spade.
The listing on Nasdaq brings VinFast into the Vingroup ecosystem'slist of billion-dollar members by market capitalisation.
On the domestic market, Vingroup's market capitalisation wasaround 11.2 billion USD at the close of August 15’s session. Real estatedeveloper Vinhomes was valued at approximately 11.4 billion USD, while retailerVincom Retail was at 3 billion USD./.
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VinFast cars on display in front of the Nasdaq headquarters at Times Square in New York (Photo: VNA) 
