At the ASEAN Business and Investment Summit (ASEAN BIS) in Jakarta on September 4, VinFast CEO Le Thi Thu Thuy shared the story of the stock price of billionaire Pham Nhat Vuong's electric car company VinFast, which has fluctuated strongly in recent times.
“You probably saw how volatile VinFast shares were after they listed on Nasdaq and I think many people were surprised,” Thuy was quoted as saying by Nikkei Asia at ASEAN BIS, the largest annual business forum in Southeast Asia, held during the ASEAN Summit.
This is an event that is of great interest to investors in the region as well as the world and it takes place before the meeting of leaders of the Association of Southeast Asian Nations and partner countries this weekend.
“However, we are not surprised because we believe in the company's potential,” said VinFast CEO Le Thi Thu Thuy.
According to Ms. Thu Thuy, VinFast stock prices fluctuate unpredictably but are not worrisome.
VinFast CEO believes in the company's potential, especially after considering the rapid expansion of the electric vehicle ecosystem in Southeast Asia.
VinFast is the first electric car company in Vietnam and the ASEAN region to list its shares on the US stock exchange. On August 15, VinFast made history by listing 2.3 billion VinFast shares on Nasdaq, with the code VFS and a valuation of 23 billion USD.
The stock opened its first session at $22 per share and quickly peaked at $93 per share (equivalent to a market capitalization of about $210 billion), before cooling down again.
As of September 1, VinFast shares closed at 29.5 USD/share (equivalent to a capitalization of 70 billion USD).
Thus, at its peak, VinFast's valuation reached 210 billion USD (on August 28) and ranked 3rd in the top largest car manufacturers in the world, just behind Tesla of the world's richest billionaire Elon Musk and slightly behind Toyota (about 223 billion USD).
The decline in the following four sessions caused VinFast's capitalization to decrease rapidly and billionaire Pham Nhat Vuong's assets to decrease as well.
However, VinFast CEO dismissed concerns about the erratic performance of VFS stock price and placed his faith in VinFast's potential.
Ms. Thuy said that VinFast has done what many people thought was impossible since it embarked on the path to conquering electric vehicles 6 years ago.
“Cars are very complex and sophisticated. We thought we could never do it, but VinFast did it,” the female CEO of VinFast shared at the forum.
Billionaire Pham Nhat Vuong's female general also informed that VinFast has launched 7 car models in Vietnam and delivered 11,300 electric cars in the first half of 2023, mostly in Vietnam and 999 cars were exported to the US.
VinFast CEO believes the growing electric vehicle ecosystem in Southeast Asia will support VinFast's growth.
Regarding Indonesia, Ms. Thuy expressed optimism about the electric vehicle industry in ASEAN as the country has large nickel reserves and owns a large battery manufacturing industry in Southeast Asia. The VinFast CEO also mentioned electric vehicle manufacturing joint ventures in Malaysia and Thailand and said that VinFast can find most of the electric vehicle manufacturing components in Southeast Asia.
The VinFast captain believes he can make ASEAN's electric vehicle industry big and "export electric vehicles to the rest of the world."
ASEAN BIS is held within the framework of the ASEAN Summit, with the participation of heads of state of ASEAN countries and partner countries; ministers, senior officials, policy makers and leaders of large and prestigious businesses of ASEAN and the world.
This year’s 43rd ASEAN Summit was attended by representatives of more than 2,000 ASEAN and international businesses, including more than 50 Vietnamese businesses registered to attend in person and online. The conference attracted more than 100 international speakers, including leaders of many ASEAN countries and partner countries.
With the theme: "ASEAN at its core: Innovation for greater inclusion", ASEAN BIS 2023 focuses on discussing five main topics including: Digital transformation and sustainable development; food security; healthcare; ensuring business operations; and trade and investment facilitation.
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