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VinFast, the automotive member of Vingroup, wrote history on August 15, 2023, as it celebrated its official listing on the Nasdaq Stock Market, a momentous achievement marking the culmination of its merger with Black Spade Acquisition Co., a special purpose acquisition company (SPAC). The stock is trading under the ticker, VFS.
The event marked a historic juncture not only for VinFast, but for Vietnamese business in general. While not the first Vietnamese entity to be listed on a foreign exchange, its stock ignited immediate fervour even before the market opened.
The stock opened at $22 per share, representing more than twice the $10 agreed with VinFast's SPAC partner Black Spade Acquisition, who had valued VinFast at $23 billion. By close of trading, the share price had surged to just over $37, meaning the EV maker ended the day with a market capitalisation of $85 billion.
Commenting on this momentous transaction, Bob McCooey, senior vice president and head of Global Capital Markets at Nasdaq, remarked, "Today is a truly remarkable day as we welcome VinFast to the Nasdaq family, officially trading under the ticker symbol VFS. Congratulations to all involved."
Bob McCooey, senior vice president and head of Global Capital Markets at Nasdaq
McCooey spoke about how Vingroup has been transforming the lives of Vietnamese citizens for the past three decades and the cutting-edge EV production complex in Haiphong, which has achieved an impressive 90 per cent automation rate within its manufacturing processes, with an annual production capacity of 300,000 vehicles.
"I am truly proud to have visited Haiphong during my trip to Vietnam last year and witnessed this first-hand. Last month, VinFast broke ground on a new production plant in North Carolina, with an initial production capacity of 150,000 vehicles, marking a significant step forward in global expansion and supply chain development in North America," said McCooey.
Le Thi Thu Thuy, Global CEO of VinFast and vice chairwoman of Vingroup, also revealed that the company has been working towards this objective for several years.
“Despite enduring challenges in the broader market, VinFast takes pride in the historical significance of today's achievement, underscoring a new milestone in VinFast's legacy,” Thuy said.
Vingroup secured its position as a majority stakeholder with an over 51 per cent share of VinFast stock. According to Bloomberg, Vingroup chairman Pham Nhat Vuong’s investment entities now oversee approximately 1.115 billion VFS shares, which translates to roughly 48 per cent ownership in VinFast. Considering the indirect holdings through these investment entities, Vuong’s net worth could grow to an impressive $47 billion.
The remaining fraction of remaining shares were dispersed among various stakeholders.
With this estimated increase in net worth, Vuong now joins the ranks of Bloomberg's global list of the top 30 billionaires. This development reflects the growth in his financial standing and underscores the significance of VinFast's Nasdaq debut.
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By Tri Lam
