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One of Vietnam’s leading automakers, VinFast, has caused quite a stir on Wall Street. This electric vehicle manufacturing company has managed to surpass the market capitalization of industry titans like Volkswagen and Ford.

Here’s the lowdown on VinFast’s debut:

  1. The Wall Street Debut: VinFast entered the New York Stock Exchange via a merger with a special purpose acquisition company (SPAC), Black Spade Acquisition Co. The resulting shares of the merged company skyrocketed a whopping 270% on their first trading day on the Nasdaq.
  2. The Price Surge: Shares initially priced at $10 opened at a staggering $22 and eventually closed at $37 per share. This surge drove VinFast’s market cap to over $85 billion, dwarfing Volkswagen’s $69.7 billion and Ford’s $48 billion.
  3. Ownership Details: VinFast remains 99% owned by Pham Nhat Vuong, Vietnam’s wealthiest man, through Vingroup, his other company, and several other business entities. As a result, Vuong’s wealth soared by approximately $39 billion, pushing his estimated total assets to about $44.3 billion.
  4. VinFast’s Background: Established in 2017 as a Vingroup subsidiary, VinFast manufactures electric SUVs, scooters, and buses, which are popular in Vietnam and North America. It is now the largest US-listed Vietnamese company by market cap.
  5. Model Releases and Deliveries: The company has launched four electric vehicle models and delivered around 19,000 vehicles so far. However, it has to play catch-up with Volkswagen, which sold 4.4 million vehicles in the first half of 2023 alone.
  6. Brand Reputation: While VinFast enjoys significant popularity and an extensive charging network in Vietnam, it has struggled to replicate this success in the U.S. market.
  7. Financial Status: Despite its recent success, VinFast is currently unprofitable with a loss of $1.4 billion for the nine months through last September and carries about $2.5 billion in debt.
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