VinFast soared in its debut as a public company, vaulting its market capitalization beyond that of General Motors and Ford Motor, as traders flipped shares of the electric-vehicle maker.
VinFast debuted on the Nasdaq Global Select Market under the symbol VFS to a flurry of trading and volatility halts after completing a merger with special-purpose acquisition company Black Spade Acquisition. The massive valuation makes VinFast worth more than BMW, and more than Ford and Rivian combined on paper in terms of market capitalization but lagging BYD’s market value.
Regulatory filings show Pham Nhat Vuong, Vietnam’s wealthiest man and VinFast’s founder, controls about 99 per cent of the entity, partly via shares held by his wife and Vingroup JSC.
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