Billionaire Vuong fulfills his promise after one year of VinFast listing on US stock exchange

Exactly one year after VinFast was listed on the Nasdaq (USA), car owners who received VFS shares can now convert the gifts into "cash and real money".

In a recent announcement to members of the global VinFast community, the car company said that after one year of owning a gift equivalent to 30 VFS shares awarded by Vingroup , members of this community can now redeem the gift. VFS share owners who want to redeem will have to fill in information and submit an application. The first redemption application submission portal is open from today (August 16) to August 25. Based on the closing price of VFS shares on August 15 at 3.78 USD/unit, the gift of 30 shares is worth 113.4 USD and the foreign exchange rate is 25,450 VND, the value of the gift in local currency is approximately 2.9 million VND.

Mr. Pham Nhat Vuong - Global CEO of VinFast (Photo: Bloomberg/Vingroup).

Members who receive gifts do not directly own shares listed on the Nasdaq Exchange because the Vietnamese stock market does not trade with the US stock market. However, the ownership of gifts equivalent to shares of members is tracked by Vingroup on the internal management system for members. VinFast listed on the US stock market in August last year, VFS's share price increased by 700% in the first 2 weeks. Although the share price has decreased so far and the float ratio is only about 2%, in a rare appearance answering international media, Mr. Pham Nhat Vuong - VinFast's global CEO - said that he is in no hurry to increase the float ratio. "We are not concerned about the share price at this time and are not in a hurry to put more shares on the market. The float ratio does not affect large and long-term investors," Mr. Vuong explained. After one year of listing on Nasdaq, since VinFast listed its shares on Nasdaq, VinFast's market capitalization reached 8.83 billion USD, ranking 33rd in terms of capitalization value in the list of the world's largest automakers. Source: https://dantri.com.vn/kinh-doanh/ty-phu-vuong-thuc-hien-loi-hua-sau-mot-nam-vinfast-len-san-my-20240816180301189.htm