VinFast still has 39 billion USD, billionaire Pham Nhat Vuong calculates problems in Asia

Opening the official trading session on September 13 on the US Nasdaq stock exchange, VinFast Auto (VFS) shares of billionaire Pham Nhat Vuong decreased in price.

As of 9:55 p.m. on September 13 (Vietnam time), VFS shares fell nearly 2.5% compared to the previous session to 16.78 USD/share, much lower than the initial price of more than 37 USD/share on August 15. VinFast's capitalization fell to nearly 39 billion USD.

*VinFast shares fell to their lowest level since listing on Nasdaq on August 15.*

With a capitalization of 39 billion USD, VinFast ranks 14th in the capitalization ranking of car manufacturers in the world , behind most famous car manufacturers in the world such as BMW of Germany or Honda of Japan and only above some long-standing car manufacturers in the world, including Hyundai and Kia.

VinFast shares have been less volatile after three weeks of strong volatility since being listed on Nasdaq. VFS shares are now showing signs of stabilizing around the $16-17 mark.

According to Reuters, VinFast intends to invest in building a $200 million electric car factory in Indonesia by 2026. This is part of a plan to expand further in the Asian market.

*VinFast's capitalization ranks 14th in the world's automobile industry.*

Indonesia is a market of 270 million people and is trying to attract global electric vehicle manufacturers. Yet only 1% of cars in the country are electric.

If VinFast builds a factory in Indonesia, this will be the company's third factory besides the main factory in Hai Phong city and the factory in North Carolina, USA, expected to be operational from 2025.

Earlier, during his visit to Vietnam on September 10, US President Joe Biden mentioned a $4 billion investment by a Vietnamese company in the US. This is a positive signal for Mr. Vuong’s car company.

VinFast rebounds after 9 sessions of decline VinFast shares rebounded in the trading session on September 12 on the Nasdaq stock exchange after 9 sessions of decline.

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