Vietnamese EV Maker VinFast Soars in Market Debut, Surpassing Valuations of Automotive Giants

VinFast, Vietnam's electric vehicle maker, completed its merger with a SPAC and began trading on the Nasdaq, with shares surging over 250% on the first day.
The strong debut gave VinFast a market capitalization exceeding major automakers including Ford, GM, Volkswagen, and BMW.
VinFast's founder Pham Nhat Vuong saw his net worth skyrocket to over $40 billion, making him one of Asia's richest people.
The company aims to expand globally and construct a manufacturing plant in North Carolina, competing with Tesla and traditional automakers.
Despite the successful listing, VinFast faces challenges in sales, pricing, operations, and sustaining its high valuation given limited float.