VinFast Auto Ltd., commonly known as “VinFast”, made headlines with its recent listing on the Nasdaq Global Select Market.
Now trading under the ticker symbol “VFS”, the company has declared an impressive equity value exceeding US$23 billion. Remarkably, with its current valuation at over $78 billion, VinFast has managed to eclipse the market worth of established automobile giants like Ford, Lucid, Rivian, and General Motors.
The public listing achievement was preceded by a crucial business combination with Black Spade Acquisition Co on August 14, 2023.
To mark this monumental occasion, VinFast took part in the time-honored tradition of ringing the opening bell at the Nasdaq Stock LLC, thereby achieving the distinction of becoming the largest Vietnamese company, by market capitalization, to be listed on the U.S. stock market.
Under its post-combination identity, the company will continue as VinFast Auto Ltd., with Global CEO, Madame Thuy Le, at its helm. Black Spade will play a pivotal role in offering consistent business advisory support and facilitating engagements with keen investors.
Madame Thuy Le, when commenting on this significant milestone, emphasized VinFast’s mission to democratize access to smart, eco-friendly electric vehicles. She views the Nasdaq listing as both an affirmation of VinFast’s commitment to global sustainable mobility and a springboard to further developmental prospects. Furthermore, she expressed hope that VinFast’s success would inspire other Vietnamese brands to stake their claim on the global stage.
As of writing, shares of VFS are trading at $29.30 per share, after opening at $22. VinFast has yet to post a profit as it has delivered about 3,000 cars to North America so far. S&P Global data shows 137 VinFast EVs registered in the U.S. back in June.
As of June 30, 2023, VinFast has delivered nearly 19,000 electric vehicles, which include popular models such as VF e34, VF 5, VF 8, and VF 9. The company also revealed plans for the imminent launch of three new models – VF 3, VF 6, and VF 7 – in both Vietnamese and international markets. Backed by a focus on introducing next-gen electric vehicles, VinFast is primed to propel its global expansion strategy.
In Vietnam, the company’s homeland, VinFast has achieved a significant footprint by deploying its charging network across 63 cities and provinces. Plans for its expansion are also on the horizon. Globally, the company has established over 122 VinFast stores as part of its dedicated retail and service network.
VinFast is keenly exploring partnerships and collaborations in key markets including North America, Europe, Vietnam, and Southeast Asia, aiming to consolidate its position in the global electric vehicle market.
A highlight of their expansion strategy was evident on July 28, 2023, when VinFast commenced the construction of a new electric vehicle manufacturing facility in the U.S., indicating its ambitions for global expansion and a solid supply chain in North America. Now time will tell if VinFast can convince Americans to buy their EVs and if they can make them to scale.
