Only on Tuesday did the VinFast share have a brilliant first day of trading on the stock exchange floor. However, the price gains are already melting away again.
On Tuesday, VinFast entered the NASDAQ trading floor via the SPAC IPO. The issue price was previously set at $10. With an initial price of 22 US dollars, this was visibly exceeded, and the daily high even went up to 37.06 US dollars. The company thus reached a market value of around 85 billion dollars on Tuesday. Ford and General Motors were worth significantly less at the time.
VinFast shares have been plummeting since the SPAC IPO
But the next day things went south again and the VinFast share price was just above the 30 US dollar mark. The next hurdle was then reached in NASDAQ trading on Thursday: the paper closed for the day with a discount of 33.58 percent to 20 US dollars.
And the downward movement continued on Friday as well: At times, the NASDAQ showed minus 20.59 percent to 15.88 US dollars.
As a Vietnamese e-car manufacturer, VinFast is rather unknown in Europe. Two VinFast stores were opened in Europe: in the French capital Paris and in Cologne. For a short time, VinFast was traded as a new Tesla competitor. In the first half of the year, the Vietnamese delivered 19,000 vehicles, in comparison, Elon Musk’s group was able to deliver 466,000 cars in the second quarter of 2023 alone.
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