Vietnam EV maker Vinfast sees shares double on Wall Street
Vietnam EV maker Vinfast sees shares double on Wall Street
Robert Besser
25 Aug 2023, 13:57 GMT+10
- After Reuters reported that SGI plans to open a factory in Vietnam, the value of shares of Vietnamese EV maker VinFast more than doubled this week to the highest since their Wall Street debut
- After the latest trading session, VinFast’s stock was up 127 percent at $40.24, a total market capitalization of $95 billion
- Following its tie-up with SPAC partner Black Spade Acquisition, the company began trading on the US stock market with an opening price of $22 last week
NEW YORK CITY, New York: After Reuters reported that South Korean magnet supplier Star Group Industrial (SGI) plans to open a factory in Vietnam, the value of shares of Vietnamese electric vehicle (EV) maker VinFast more than doubled this week to the highest since their Wall Street debut last week.
After the latest trading session, VinFast’s stock was up 127 percent at $40.24, a total market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session.
Following its tie-up with SPAC partner Black Spade Acquisition, the company began trading on the US stock market with an opening price of $22 last week.
The stocks of the EV firm, controlled by founder Pham Nhat Vuong, surged or slumped 14 percent or more every day over the past six sessions.
The stock was the second highest on trading website Stocktwits “Trending” list this week, suggesting it has attracted the interest of individual investors.
Meanwhile, Reuters reported that SGI, which supplies magnets to VinFast and South Korea’s Hyundai Motor, plans to invest $80 million in a new factory in Vietnam, with production starting in 2024.
According to SGI, the investment is part of “countermeasures” against possible Chinese trade restrictions.
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