Vietnamese electric vehicle maker VinFast debuts on Nasdaq, shares soar

Key Points

  • Shares Vietnamese electric vehicle maker VinFast soared on their first day of trading on the Nasdaq.
  • The company delivered its first cars to the United States in March and built a factory in North Carolina .
  • VinFast plans to expand globally and will seek investors to raise more capital.

The shares of the Vietnamese manufacturer of electric vehicles (EV ) VinFast Auto Ltd. soared more than 68% on their first day of trading on the Nasdaq after going public through a special purpose acquisition company (SPAC). 

The stock began trading at $22 per share, bringing the company's value to around $50 billion. That's more than double the $10 per share, or $23 billion, agreed with SPAC partner Black Spade Acquisition. Even at the lowest valuation, VinFast reported having the largest market capitalization of any Vietnamese company trading in the United States. And by the last hour of trading, its stock price was over $37 per share.

VinFast noted that it delivered nearly 19,000 electric vehicles by the end of June, almost all of them in Vietnam. The company sent its first vehicles to customers in California in March, its first sales outside the home country. VinFast explained that it is gearing up for the launch of three new models as it expands beyond Vietnam.

CEO Le Thi Thu Thuy helped inaugurate last month a US plant in North Carolina, designed to produce 150,000 a year in the first phase of operation. The company called the move “an important step toward its global expansion and the development of its supply chain in North America.”

CFO David Mansfield has stated in an interview that VinFast has been in contact with investors and intends to raise additional capital over the next 18 months.

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