Opening the official trading session on September 13 on the US Nasdaq stock exchange, VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong decreased in price.
As of 9:55 p.m. on September 13 (Vietnam time), VFS shares fell nearly 2.5% compared to the previous session to 16.78 USD/share, much lower than the opening price of more than 37 USD/share on August 15. VinFast's capitalization fell to nearly 39 billion USD.
With a capitalization of 39 billion USD, VinFast ranks 14th in the capitalization ranking of car manufacturers in the world, behind most of the world's famous car manufacturers such as BMW of Germany or Honda of Japan and only above some long-standing car manufacturers in the world, including Hyundai and Kia.
VinFast shares have been less volatile after 3 weeks of strong fluctuations since being listed on Nasdaq. VFS shares are now showing signs of stability around the threshold of 16-17 USD/share.
According to Reuters, VinFast intends to invest in building a $200 million electric car factory in Indonesia by 2026. This is part of a plan to expand further in the Asian market.
Indonesia is a market of 270 million people that is trying to attract global electric vehicle manufacturers, but only 1% of cars in the country are electric.
If VinFast builds a factory in Indonesia, this will be the company's third factory besides the main factory in Hai Phong city and the factory in North Carolina, USA, expected to be operational from 2025.
Earlier, during his visit to Vietnam on September 10, US President Joe Biden mentioned a $4 billion investment by a Vietnamese company in the US. This is a positive signal for Mr. Vuong's car company.
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