Vietnamese EV maker’s market cap hits 85.5 billion USD in Nasdaq debut

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 85 billion USD in its Nasdaq debut on August 15 with nearly 6.8 million shares changing hands.

Listed on Nasdaq Global Select Market as “VFS”, VinFast became the second Vietnamese company listed on the exchange.

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 the highest capitalisation thanks to the soaring capitalisation value. The company's market value even exceeds that of renowned automakers, including Mercedes-Benz, BMW, Volkswagen, Honda, and Ford.

It also surpassed Tesla to become the second-largest electric vehicle manufacturer by market capitalisation.

VinFast officially joined the biggest stock market on August 15 night (local time) after completing the merger deal with Black Spade.

The listing on Nasdaq brings VinFast into the Vingroup ecosystem's list of billion-dollar members by market capitalisation.

On the domestic market, Vingroup's market capitalisation was around 11.2 billion USD at the close of August 15’s session. Real estate developer Vinhomes was valued at approximately 11.4 billion USD, while retailer Vincom Retail was at 3 billion USD./.

VNA