(Tiper Stock Exchange) – VinFasta Vietnamese automaker founded in 2017, registered a brilliant debut on the Nasdaq. The stock finished the first session on Wall Street at a level $37.06well above the $10-per-share merger with SPAC Black Spade Acquisition, which gave it a $23 billion valuation. There capitalization reached is 85 billion dollarsmore than the market capitalization of Ford of 48 billion and of General Motors of 46 billion, despite the limited operations of the Hanoi company.
“VinFast has accelerated the global electric vehicle (EV) revolution by making smart, safe and environmentally friendly electric vehicles accessible to all,” commented the CEO Le Thi Thu Thuy – The listing not only supports VinFast’s commitment to sustainable mobility on a global scale, but also unlocks access to capital markets and important avenues for future development. We also hope that VinFast’s listing inspires and unleash more opportunities for Vietnamese brands to participate in the global market“.
VinFast has delivered nearly 19,000 electric vehicles, including the VF e34, VF 5, VF 8 and VF 9 models, as of June 30, 2023. It is also preparing for the upcoming launch of the VF 3, VF 6 and VF 7 models in the Vietnamese and global markets. The company has established a solid foundation in its Vietnamese domestic market by implementing its own charging network which covers 63 cities and provinces and plans to expand it further in the coming years.
On July 28, 2023, VinFast inaugurated its new production plant of electric vehicles in the United States. The event marked a significant step toward its global expansion and supply chain development in North America.