VinFast Surpasses $100 Billion Market Capitalization

VinFast’s market capitalization has skyrocketed to $113 billion, positioning it as the second-largest global electric vehicle manufacturer, trailing only Tesla.

On Thursday, its shares on the Nasdaq stock market closed at $49, experiencing a remarkable 32% surge and reaching a new record high since its listing on August 15th at $22. VinFast’s market cap surpasses that of Chinese companies BYD ($90.8 billion) and Li Auto ($38.67 billion). However, Tesla remains the world’s largest EV manufacturer with a market cap of $730 billion.

This surge has propelled Pham Nhat Vuong, the chairman of Vingroup and VinFast’s parent company, to a net worth of $41.4 billion, securing him the 28th position among the world’s wealthiest individuals. Nonetheless, some investors express concerns that the sudden surge may not accurately reflect the company’s true value, considering VinFast’s reported accumulated losses of nearly $6 billion as of the end of the first quarter.