Opening the trading session on August 16, investors' excitement after the news that VinFast (a subsidiary of Vingroup) was successfully listed on the US Nasdaq stock exchange with a valuation of up to 85 billion USD caused Vingroup shares (VIC) to increase to the ceiling with a huge overbought period.
As of 10:09, Vingroup shares increased by 4,900 VND to 75,600 VND/share with a ceiling price buy order of nearly 5.9 million units. This is unprecedented for this stock.
Previously, since the beginning of August, after information about the plan to list VinFast on the US stock exchange with a high valuation, Vingroup shares had sessions with record volume and value of orders. For example, on August 4, 21.2 million VIC shares were transferred, the highest level since listing in 2007.
It is likely that in today's trading session, August 16, Vingroup will also set a record for trading. In the first hour of the morning, more than 11 million VIC shares were transferred on the HOSE stock exchange.
Besides, Vinhomes (VHM) of billionaire Pham Nhat Vuong also increased sharply by 1,400 VND to 63,100 VND/share. Vincom Retail (VRE) also increased quite impressively.
The sudden increase in the three stocks of billionaire Pham Nhat Vuong has helped the stock market become more active, with the VN-Index increasing by more than 6 points to more than 1,240 points as of 10:15.
The group of "Vin family" stocks continued to increase dramatically on the morning of August 16 after VinFast shares increased sharply on the US Nasdaq stock exchange, thereby causing the capitalization of the Vietnamese electric car company to skyrocket.
At the end of the August 15 trading session on the US Nasdaq, VinFast shares jumped above the $37 threshold. With more than 2.3 billion shares in circulation, the estimated capitalization of electric vehicle manufacturer VinFast reached $85 billion. This is also the Vietnamese enterprise with the largest capitalization value to date.
As of August 15 in Vietnam, Vingroup's market capitalization was about 11.2 billion USD. Vinhomes was 11.4 billion USD and Vincom Retail was 3 billion USD.
Ms. Le Thi Thu Thuy, General Director of VinFast, said that the US stock market's valuation of VinFast at 85 billion USD was beyond her imagination, even though she and VinFast's leaders believed that the valuation of 23 billion USD was very normal and that VinFast's value would continue to increase.
However, according to Ms. Thuy, the valuation of 85 billion USD has affirmed the market's confidence in the business.
Ms. Thuy also said that the high valuation is good news. VinFast has a lot of potential, but further development depends entirely on the business itself. And everything is not as rosy as today (August 15).
Vingroup currently holds more than 51% of VinFast shares. And if calculated by this ratio, billionaire Pham Nhat Vuong's group owns more than 43 billion USD in assets in the Vietnamese electric car company listed on the US stock market. This figure is nearly 4 times higher than Vingroup's current capitalization.
In recent weeks, Vingroup's VIC stock has increased sharply, adding about 30% and currently above VND70,000/share, but its capitalization has only reached VND270 trillion (equivalent to about more than USD11 billion).
With a capitalization of over 85 billion USD, VinFast has officially surpassed giants such as Mercedes-Benz, BMW, Honda, Ford, General Motors and many other famous car brands. This is also a historic turning point for VinFast to become a publicly listed company in the US, entering the global capital mobilization race with thousands of large enterprises.
According to Forbes' update, as of August 16, Mr. Pham Nhat Vuong had assets of 5.9 billion USD, an increase of 200 million USD compared to the previous session and ranked 458th on the list of the richest people on the planet.
With VinFast shares rising sharply and its capitalization reaching $85 billion, the value of Vingroup’s assets (currently owning more than 51% of VinFast) may also increase. Mr. Vuong’s assets may skyrocket.
Previously, according to Bloomberg's assessment, billionaire Pham Nhat Vuong's net worth could increase by $11 billion thanks to VinFast, from $5 billion to $16 billion. If Mr. Vuong's assets reach $16 billion, the richest billionaire in Vietnam will be in the top 4 richest billionaires in Southeast Asia.
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