Vietnamese electric car maker VinFast goes public in the United States: its share price soars by more than 250% on its first day, with a market capitalization of $65 billion

Thanks to CTOnews.com netizen Brother Black fly's left hand clue delivery! CTOnews.com August 16 news, the Vietnamese electric car maker VinFast officially listed on Nasdaq in the United States on August 15, local time. On the day of its listing, VinFast shares soared, hitting as high as $38.78 in intraday trading to close at $37.06, up 254.64%.

▲ Touyuan VinFast website, with an intraday market capitalization of $65 billion, surpassed Ferrari, Honda, and traditional American automakers Ford and General Motors, and lagged behind Germany's Volkswagen ($71.6 billion), equivalent to the combined market capitalization of Chinese automakers ideal Motor and Xilai Motor.

CTOnews.com learned from public sources that VinFast, founded in 2017, is one of the subsidiaries of the Vingroup Group founded by Pham Nhat Vuong, Vietnam's richest man. As of June 30, VinFast had delivered nearly 19000 electric vehicles, including VF E34, VF 5, VF 8 and VF 9 models. The company has exported about 2100 electric vehicles from Vietnam to the United States and nearly 800 to Canada.

According to the Daily Business News, VinFast's share price has soared because the number of outstanding shares that can be traded is extremely small, accounting for less than 1% of the total equity, making it more vulnerable to market hype. Fan Riwang directly and indirectly holds 99% of the company's outstanding shares, mostly through its conglomerate Vin group. In addition, VinFast's plans to build a plant in the United States and its global layout also provide the company with more room for imagination.