VinFast shares fell for the 7th consecutive session, capitalization down to 52 billion USD

Before the opening of the session on September 7 on the US Nasdaq stock exchange (September 7 evening Vietnam time), VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong continued to decrease in price. Previously, VinFast shares had decreased for 6 consecutive sessions.

As of 6:50 p.m. on September 7 (Vietnam time), VFS shares fell 7.1% to $22.76/share. Previously, this stock had fallen to $22.5, equivalent to a capitalization of $52 billion.

Previously, VinFast shares hit a peak of 93 USD/share. VinFast's capitalization peaked at nearly 210 billion USD on August 28.

*VinFast stock price decreased for the 7th consecutive session.*

With a capitalization of 52 billion USD, VinFast ranks 11th in the capitalization ranking of car manufacturers in the world, behind German car manufacturer BMW and Honda, and above Ford and General Motors.

Specifically, VinFast is currently behind the following car companies: Tesla (800 billion USD, as of September 6) of billionaire Elon Musk, Toyota of Japan (243 billion USD), German supercar company Porsche (99.6 billion USD), China's largest electric car company BYD (97 billion USD), Mercedes-Benz (76 billion USD), BMW (68 billion USD), Volkswagen (62.57 billion USD), Stellantis (56 billion USD), Italian car company Ferrari (55.7 billion USD) and Honda (55 billion USD).

Previously, in the 2 sessions of September 25-28, VinFast had the 3rd largest capitalization, only after Tesla and Toyota.

VFS stock trading is at about 5-6 million units/session, half of the busiest sessions.

*VinFast's capitalization fell to 52 billion USD, down to 11th in the world.*

Previously, VinFast CEO Le Thi Thu Thuy also admitted to being "surprised" when the stock rose to 37 USD in the initial public offering and was not prepared for the scenario of VFS stock rising to this price. Ms. Thuy also said that when asking investment banks, most of them said that the stock would turn red, meaning VFS would fall below 10 USD/share in the first session (August 15).

VinFast is a car company founded in 2017 and will officially switch to electric cars from 2022. VinFast estimates that it will sell 50,000 electric cars in 2023.

This is the first electric vehicle company in Vietnam and the ASEAN region to list its shares on the US stock exchange.

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