What a way to kick off on the NASDAQ. Vietnam’s VinFast made waves with its initial close at a whopping $37.06 per share—a bold 68.4% leap from its starting price of $22. Investors were all ears, with a bustling first session. But as they say, what goes up must come down.
Fast forward to Tuesday, and we’ve hit some turbulence. VinFast’s shares have slumped for a 5th consecutive session, with the latest closing at $17.58 — a significant dip from its opening act.
The Vietnamese electric automaker’s market value took a substantial hit, plunging from its debut’s glowing $85 billion to a more sobering $35 billion. With 99% of the company in the firm grasp of founder Pham Nhat Vuong, the limited public shares are a wild ride, prone to dramatic swings.
But VinFast isn’t pumping the brakes just yet. Despite internal challenges and a lofty goal of selling 50,000 electric vehicles this year, the company is steering towards a new “hybrid model” for sales. This involves enlisting distributors and dealers for overseas markets—a move that has piqued interest among several U.S. dealers, though analysts are treading cautiously.
As VinFast sets its sights on raising capital from global investors in the coming 18 months, we’re buckled in to see where this journey takes them.
