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VinFast’s blockbuster listing puts spotlight on Vietnam’s manufacturing capabilities

Jamille Tran

Published Mon, Sep 11, 2023 · 05:00 AM
    • Vietnam's VinFast is the first in South-east Asia to sell its car brand in the US.
    • Vietnam's VinFast is the first in South-east Asia to sell its car brand in the US. PHOTO: AFP

    [HO CHI MINH CITY] Not long after VinFast – Vietnam’s most famous electric-vehicle (EV) maker – made its Nasdaq debut in mid-August, its share price soared to the extent that the company had a valuation greater than legacy US auto giants Ford and General Motors.

    At one point, VinFast became the world’s third most-valuable automaker, with a market capitalisation of nearly US$200 billion – behind only Tesla and Toyota.

    While a minuscule float amplified the unpredictable price volatility – 99 per cent of VinFast’s shares are held by three companies, including parent Vingroup – analysts said the hype was driven mainly by EV-focused retail investors.

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