People look at an electric car during the launch of electric models of Vinfast on July 7, 2023 in Hanoi (AFP/Nhac NGUYEN)
Vietnamese electric vehicle manufacturer VinFast, which aims to enter the US market by the end of the year, went public on Tuesday on Nasdaq on Wall Street.
VinFast merged with a SPAC, a listed company whose vocation is to make it easier for a company to enter the stock market.
The value of the title of SPAC had concluded the day before at a price of 11.50 dollars per share, said a press release from the Vietnamese group. This represents an initial value of 23 billion dollars for the manufacturer.
Listed at the opening at 22 dollars, the title VinFast whose stock symbol is VFS, soared 68.45% to 35.06 dollars.
“Today’s successful listing supports VinFast’s commitment to sustainable mobility on a global scale and also opens access to capital markets,” VinFast CEO Thuy Le said in a statement.
The company, owned by conglomerate Vingroup, is owned by Vietnam’s richest man, Pham Nhat Vuong.
The group claims to have already manufactured and delivered some 19,000 electric vehicles as of June 30. He intends to open a factory in North Carolina in the United States by 2025, said the leader on the CNBC financial channel.
Taking on the US market is an ambitious gamble by billionaire president Pham Nhat Vuong, who started his business selling instant noodles in the former USSR, and now has assets in real estate, tourism and hospitality. education in Vietnam.
VinFast has just opened two showrooms in Europe, in Paris and Cologne, and hopes to inaugurate others on the continent.
Other EV makers like Americans Nikola and Lucid that entered the US stock market through a SPAC have since seen their valuations plummet.
© 2023 AFP
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