EV Maker VinFast’s Shares Surged 255% On Market Debut, Boosted Owners Wealth By $39 Billion

EV maker VinFast Auto’s shares surged 255 per cent on market debut, boosting owners wealth By $39 billion.

Vietnam’s richest man, Chairman of Vinfast, Pham Nhat Vuong, sees assets rise by $39 billion to $44.5 billion.

With $44.5 billion, Vietnamese billionaire Pham Nhat Vuong is now the fourth richest person in Asia. 

On its first day of trading, VinFast Auto stock closed at $37.06 after reaching a high of $38.77 earlier in the day.

Increased the value of Vinfast’s market to $85 billion, surpassing that of General Motors ($46 billion) and Ford ($48 billion).

The wealth of Vietnam’s richest man Pham Nhat Vuong rose by an impressive $39 billion after the shares of his electric vehicle company, VinFast Auto, surged 255 per cent on its market debut on Tuesday.

Pham Nhat Vuong controls 99% of the company through direct and indirect shareholdings. This achievement boosted his net worth to $44.5 billion, making him the fourth richest person in Asia, according to the Bloomberg Billionaires Index.

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On its first day of trading, VinFast Auto stock closed at $37.06 after reaching a high of $38.77 earlier in the day. VinFast’s stock market value now stands at $85 billion, surpassing that of industry giants Volkswagen ($69.7 billion), General Motors ($46 billion) and Ford ($48 billion).

“With this listing, we now have more access to capital to accelerate our mission as we undertake an international expansion and continue to introduce new products to make EVs more accessible to everyone,” said Le Thi Thu Thuy, global CEO of VinFast.

VinFast, founded in 2017, is in the market with four Electric Vehicle (EV) models, VF e34, VF 8, VF 9 and VF 5. At the end of April, the Vietnamese company had exported almost 3,000 electric cars to the United States and Canada.

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