Vietnamese electric vehicle (EV) maker VinFast is now valued at $85 billion as the company’s shares skyrocketed with its Nasdaq Global Select Market debut.
VinFast’s Nasdaq debut: On Tuesday, VinFast became the largest Vietnamese company listed on the U.S. stock market by market capitalization, according to a press release. VinFast’s public listing was done via the Hong Kong-based blank-check firm Black Spade Acquisition.
Soaring stock: The stock opened at $22 before reportedly jumping 255% to close at $37.06 on Nasdaq, leaving the EV maker worth $85 billion — more than companies such as Ford ($48 billion), General Motors ($45 billion) and Chrysler Stellantis ($31 billion).
“Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development,” said VinFast Auto Ltd. Global CEO Le Thi Thu Thuy.
“Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market,” she added.
About VinFast: The company has delivered close to 19,000 EVs, as of June 30. It also opened its new EV manufacturing facility in North Carolina on July 28, marking a significant step toward its global expansion.
VinFast’s founder and chairman, Pham Nhat Vuong, is reportedly the richest person in Vietnam. Vuong, who owns about 99% of the company, is now worth $44.3 billion after the Nasdaq market debut, reportedly making him the fifth richest person in Asia.