VinFast Auto soared in its first day of trading on U.S. markets as the Vietnamese manufacturer of electric vehicles looks to raise its profile and take on established carmakers.
The company’s shares gained an eye-popping 255% on Tuesday in New York, giving it a market value in excess of $85 billion. That’s well above U.S. auto giants such as Ford Motor and General Motors.
VinFast debuted on the Nasdaq Global Select Market under the symbol VFS after completing a merger with blank-check company Black Spade Acquisition that valued it at $23 billion. The company is backed by Vietnam’s richest man, who added tens of billions of dollars to his net worth with VinFast’s first-day gains.