Despite selling just 24,000 cars last year, Vietnam’s VinFast this month soared into the ranks of the world’s most valuable automakers — far surpassing rivals such as Volkswagen, Ford and General Motors, whose sales are in the millions.
A trading frenzy pushed the electric vehicle company’s market capitalisation to a peak of $190bn after its August 15 listing in the US Nasdaq stock exchange through a special purpose acquisition company. Even after a 50 per cent fall in its share price since Monday, VinFast — which is lossmaking — was valued at $95bn.
VinFast’s wild ride has shone a spotlight on its billionaire founder Pham Nhat Vuong, who was Vietnam’s richest man even before the listing and whose control of 99 per cent of the company means he is now worth more than $60bn, on paper at least.