Vietnamese carmaker VinFast drops for fourth straight session after peak on Nasdaq
VinFast's VFS shares on the Nasdaq declined for a fourth consecutive session on Friday to $29.5 per share after hitting their peak at $82.35 on August 28.
The stock closed at $34.71 per share on Thursday, $41.27 on Wednesday, $46.25 on Tuesday, and $82.35 on Monday - a record high since its Nasdaq debut on August 15 ($37.06).
Nearly 7.35 million shares changed hands on Friday, up from over 6.5 million in the previous day.
The Vietnamese electric vehicle startup's market capitalization has reached nearly $68.49 billion, dropping to the sixth position among world's top car manufacturing companies. The figures for Tesla and Toyota were $777.66 billion and $233.48 billion, respectively.
On the Forbes billionaires list, Pham Nhat Vuong, chairman of Vingroup, now has a total asset of $5.9 billion, ranking 460th in the world.
Currently, out of the 2.3 billion VinFast (VFS) shares, only 4.5 million can be traded. Regulatory filings in the U.S. show Vietnamese tycoon Vuong directly and indirectly controls 99% of VinFast’s outstanding shares, mostly through his conglomerate Vingroup.
VinFast’s public listing followed the completion of a deal with Black Spade Acquisition, a SPAC. SPACs are shell companies that raise capital in an initial public offering (IPO) and use the cash to merge with a private company in order to take it public, usually within two years.
The company had delivered almost 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models to the U.S. market as of June 30, 2023. It is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets.
VinFast is looking forward to building upon its rapid expansion as the company rolls out next-generation EVs and solutions, and carries out its strategy of expanding its footprint globally.
It has established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces, and plans to expand it further in the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.
VinFast, part of Vietnamese private conglomerate Vingroup JSC, is working to strengthen its position in the global EV market by leveraging new partnerships with distributors and dealers in select markets, including North America, Europe, Vietnam, and Southeast Asia.
On July 28, VinFast broke ground at its new EV manufacturing facility in the U.S. The event marked a significant step toward its global expansion and supply chain development in North America. A total investment of $4 billion is expected to go into the project, with half for the first phase.
The carmaker was founded in 2017 with a vision to drive the global smart electric vehicle revolution. It operates a manufacturing complex in northern Vietnam’s Hai Phong that boasts up to 90% of manufacturing automation and an annual production capacity of up to 300,000 units per year in phase one.
VinFast is the second Vietnamese company to be listed on the Nasdaq. The first was Cavico which was delisted in 2011 due to violations regarding information disclosure.
- Read More
Indonesia targets comprehensive fuel subsidy scheme reform
Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.
Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7
Tech companies invest in data centers in Thailand
Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).
Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7
Indonesia upgrades sea wall system to protect Jakarta
Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.
Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7
Where real estate and urban development meet
The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.
Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7
AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer
When sellers carry out promotions on e-commerce platforms, artificial intelligence can help ensure their prices remain competitive, says Nguyen Tran Tin, a seller and trainer at Lazada Academy.
Companies - Mon, November 4, 2024 | 8:07 pm GMT+7
Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China
Vietnam Railway Authority under the Ministry of Transport has proposed a 448-km long, VND183,856 billion ($7.26 billion) route running between the northern provinces of Lao Cai and Quang Ninh, both sharing a border with China.
Infrastructure - Mon, November 4, 2024 | 7:14 pm GMT+7
Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart
Vietnamese agri major Hoang Anh Gia Lai JSC (HAGL) is looking to tap domestic market potential afresh by distributing its products through the Kingfoodmart supermarket chain.
Companies - Mon, November 4, 2024 | 7:08 pm GMT+7
Mixed performance by Vietnam commercial banks in Q3
Vietnamese commercial banks have had a mixed third quarter, with some reporting substantial profit gains while others seeing steep declines or even losses.
Banking - Mon, November 4, 2024 | 4:52 pm GMT+7
Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power
Vietnam’s leading conglomerate Vingroup and the UAE-based NMDC Group will collaborate in offshore wind power, the latter said in a recent filing sent to the Abu Dhabi Securities Exchange (ADX).
Energy - Mon, November 4, 2024 | 4:20 pm GMT+7
Military-run Viettel Group has 2 more deputy general directors
General Phan Van Giang, Minister of National Defence, has appointed Cao Anh Son and Nguyen Dat as deputy general directors of Military Industry and Telecommunications Group (Viettel Group), starting last Friday.
Companies - Mon, November 4, 2024 | 3:14 pm GMT+7
Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official
Relevant agencies should prepare to complete the first phase of the $14-billion Long Thanh International Airport project on September 2, 2026, as soon as the Vietnamese National Assembly approves changes to the project, said a senior parliament member.
Infrastructure - Mon, November 4, 2024 | 12:44 pm GMT+7
Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital
The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.
Finance - Mon, November 4, 2024 | 11:42 am GMT+7
Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits
Shunsin Technology (Bac Giang, Vietnam) Limited, a subsidiary of Taiwanese giant Foxconn, will invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).
Industries - Mon, November 4, 2024 | 10:44 am GMT+7
Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup
Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.
Finance - Mon, November 4, 2024 | 9:31 am GMT+7
Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept
Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.
Companies - Mon, November 4, 2024 | 8:00 am GMT+7
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province
Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.
Politics - Sun, November 3, 2024 | 7:45 pm GMT+7