Vinfast, a Vietnamese car brand, is now the third most valuable automotive brand in the world according to Bloomberg’s observations. This is based on the movement of VinFast stock which is currently experiencing an extraordinary increase.
According to Bloomberg, VinFast first entered the NASDAQ stock exchange on August 15, 2023. At that time, VinFast’s shares were only valued at USD 22 or around IDR 335,226 per share.
Now the share price per share of VinFast has skyrocketed to USD 82 or reaching IDR 1.2 million. “There has been an increase of 688 percent since the debut of VinFast on August 15, 2023,” wrote Bloomberg, Tuesday (29/8/2023).
The increase in the share price has made VinFast’s value now skyrocket. Bloomberg analyzes that VinFast’s value has now reached USD 190 billion or the equivalent of IDR 2,895 trillion.
This value beats that of Goldman Sachs at USD 111 billion (Rp. 1,691 trillion) and Boeing at USD 137 billion (Rp. 2,087 trillion).
This achievement also made VinFast the third most valuable automotive brand. The Vietnamese car is only behind Tesla and Toyota at the moment.
Forbes stated that Tesla’s current value reached USD 756.4 billion or reached IDR 11,525 trillion. Toyota is behind Tesla with a value reaching USD 225 billion or the equivalent of IDR 3,427 trillion.
Meanwhile, Carscoops said that the rapid success of VinFast actually made people suspicious. VinFast shares are considered untested so they can be compared with other top brands that have a reliable share value.
Another reason is that the founder of VinFast, Pham Nhat Vuong, still controls 99.7 percent of the company’s shares. This means that only a small proportion of shares are available to investors, so they tend to cause volatility as is happening now.
In addition, there are serious questions about the automaker’s ability to compete in a big market like the United States. “Even though VinFast has proven they can actually produce electric vehicles in large numbers (something that sounds easier), they have only managed to sell 137 vehicles in America this year,” Carscoops said.
