Down 58%, capitalization still ranks 4th in electric vehicle block
Opening the trading session on August 18 on the US Nasdaq stock exchange (night of August 18, Vietnam time), VFS shares of the electric car company VinFast established an opening price of 19.64 USD (reference price of 20 USD/share), then quickly decreased. At one point, VFS shares fell more than 30% to nearly 13 USD.
At the end of the trading session on August 18 (early morning of August 19, Vietnam time), VFS decreased by 23% compared to the previous session, down to 15.4 USD.
Thus, compared to the closing price of the first session on August 15 (over 37 USD), VinFast shares decreased by 58.4%. VinFast's capitalization is now 35.4 billion USD.
With this capitalization, VinFast of billionaire Pham Nhat Vuong ranks 4th among electric car manufacturers in the world, above Rivian (19.5 billion USD), after BYD (84 billion USD) and Li Auto (38.4 billion USD) of China.
Tesla remains in first place with nearly $683 billion as of August 18.
Compared to other car manufacturers in the world in general, VinFast Auto ranks 14th.
Previously, in the August 15th debut session, with a capitalization of 85 billion USD, VinFast Auto of billionaire Pham Nhat Vuong ranked above Mercedes-Benz (80 billion USD), BMW (71 billion USD), Volkswagen (70.8 billion USD), Ferrari (56 billion USD), Honda (48 billion USD), Ford (47.8 billion USD), GM (46 billion USD)...
With more than 35 billion USD as of now, VinFast Auto is still above Hyundai (33 billion USD), Kia (23.6 billion USD), Nissan (16.4 billion USD)... However, this position is expected to fluctuate a lot.
There are many difficulties
In an online press conference right after the first session, VinFast CEO Le Thi Thu Thuy admitted that she was "surprised" when the stock price rose to 37 USD in the opening session and was not prepared for the scenario of VFS shares reaching this price.
Previously, according to Ms. Thuy, when asking investment banks, most of them said that the stock would be red, meaning that VFS would fall below 10 USD/share in the first session. VinFast leaders and associates initially believed that the capitalization would reach over 23 billion USD, "but did not expect 85 billion USD".
As of August 18, according to Forbes, billionaire Pham Nhat Vuong's assets were 21.2 billion USD, ranked 78th in the world.
On August 17, Mr. Pham Nhat Vuong's assets were at 37.5 billion USD, ranking 33rd on the list of the richest people on the planet, above billionaire Jeff Bezos' ex-wife, Ms. MacKenzie Scott (ranked 36th).
In the session on August 16, Forbes at one point estimated billionaire Vuong to have 84 billion USD and ranked him 16th in the world. However, the magazine later adjusted it down to a level quite similar to Bloomberg's assessment at more than 44 billion USD.
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