[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.