The share sale on the Nasdaq values VinFast at $85bn compared to Ford's $48bn and GM's $46bn.
Vietnamese electric vehicle maker VinFast's stock market valuation has soared above Ford and General Motors on its first day of trading.
Regulatory filings show he controls 99% of the firm's outstanding shares, mostly through Vietnam's largest conglomerate, Vingroup JSC. "Investors are continuing to believe that the future is in electric and that a low-cost East Asian country will emerge as a competitor in the US," said Bill Russo, Founder and CEO of Shanghai-based Automobility.Instead of a conventional share sale, VinFast went public using a shell company, or special purpose acquisition company .
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VinFast LLC | Financial TimesNews, analysis and comment from the Financial Times, the worldʼs leading global business publication
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