The first time a large Vietnamese enterprise is listed on the US stock exchange
At 8 p.m. on August 15 (Vietnam time), more than 2.3 billion common shares of billionaire Pham Nhat Vuong's VinFast car company were officially listed on the US stock exchange Nasdaq with the trading code VFS.
This is the first time a large Vietnamese enterprise has listed shares on a US stock exchange.
At the close of its first trading session on the Nasdaq, billionaire Pham Nhat Vuong's VinFast Auto shares soared above the $37 threshold. VinFast's capitalization reached $85 billion, surpassing Ford, General Motors and many other famous car manufacturers.
Pham Nhat Vuong's assets also increased by tens of billions of USD and he entered the top 30 richest people on the planet after VinFast's impressive debut on the Nasdaq.
According to Bloomberg, billionaire Pham Nhat Vuong's assets increased by 39 billion USD to 44.3 billion USD after VinFast listed on the Nasdaq stock exchange at a price more than 3 times higher than the initial valuation.
Speaking online to the press on the morning of August 16 after VinFast listed VFS shares on the US Nasdaq stock exchange, Ms. Le Thi Thu Thuy, General Director of VinFast, said that VinFast has a lot of potential and the world electric vehicle market is very large. Whether or not it can be "done" depends on VinFast.
According to VinFast's global CEO, becoming a listed company in the US is an important milestone in VinFast's global development journey. And this is an event that shows that a Vietnamese company has proven its ability to become a global company.
VinFast was founded in 2017 and is a business within the ecosystem of Vingroup corporation, chaired by Vietnam's richest billionaire - Pham Nhat Vuong.
Vietnamese brands spread to the world
VinFast not only impresses the US stock market with its very high valuation, but is also expected to be the company that opens the door to the US for other Vietnamese companies, in the context that many units also have the need to find a larger capital market.
About a year and a half after the first draft registration with the US Securities and Exchange Commission - SEC (March 31, 2022), VinFast shares have appeared on the US Nasdaq stock exchange.
The appearance of VFS shares on the US stock market is considered a milestone on the journey of Vietnamese enterprises to conquer the international capital market. And it is considered a turning point for VinFast in particular and the Vietnamese capital market in general.
This deal is seen as an inspirational story for businesses reaching out to international capital markets.
In the case of VinFast, with a capital value of up to tens of billions of USD, this is considered the first large Vietnamese enterprise to list shares and access capital on the international market. In a recent report by Vingroup, this group mentioned the plan to raise capital of 1-2 billion USD in the US stock market in the period of 2024-2026.
Ms. Le Thi Thu Thuy said that listing on Nasdaq is not just a transaction on the stock market, but also a strong belief in VinFast's vision and potential.
The female CEO of VinFast also shared that the company is in the process of building a factory in North Carolina, expected to be operational from 2025 with a phase 1 capacity of 250,000 vehicles per year to better compete in the US market.
VinFast's listing on the US stock exchange took place in the context of global capital flows recovering and showing signs of pouring back into the electric car sector.
Not only the main factory in Hai Phong city, Vietnam and the factory under construction in North Carolina, USA, according to Reuters, VinFast intends to invest in building a $200 million electric car factory in Indonesia by 2026. This is part of the plan to expand to more markets in Asia.
VinFast is also considered a typical case in the good economic relations between Vietnam and the US. This is also the enterprise mentioned by US President Joe Biden during his visit to Vietnam on September 10 with the agreement between the two countries to upgrade the relationship to a Comprehensive Strategic Partnership.
Manh Ha
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